Sensex jumps 471 pts, PSU bank shares in demand.

The benchmark indices continued to trade with strong gains in morning trade, as investors found solace in the U.S. Federal Reserve's decision to maintain its benchmark interest rate unaltered. The Nifty traded above the 19,100 level. PSU bank stocks extended gains for the fifth consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 471.42 points or 0.74% to 64,062.75. The Nifty 50 index added 140.95 points or 0.74% to 19,130.10.

In the broader market, the S&P BSE Mid-Cap index gained 1.14% while the S&P BSE Small-Cap index rose 0.85%.

The market breadth is strong, On the BSE, 2,384 shares rose and 922 shares fell. A total of 150 shares were unchanged.

The US Federal Reserve held interest rates at a 22-year high, with the benchmark rate remaining between 5.25% and 5.50%, for the second meeting in a row.

Results Today:

Adani Enterprises (up 1.92%), Tata Motors (up 0.68%), Adani Power (up 0.96%), Cholamandalam Investment and Finance Company (up 0.58%), Dabur India (up 0.27%), Indian Railway Finance Corporation (up 0.26%), Berger Paints India (down 0.12%), Godrej Properties (up 1.95%), Container Corporation (up 0.95%), Gujarat Gas (up 1%), Dr. Lal PathLabs (up 0.53%), Ratnamani Metals & Tubes (down 0.03%), 360 One WAM (up 1.81%), Indian Energy Exchange (up 0.60%), Sapphire Foods India (down 0.26%), Deepak Fertilisers & Petrochemicals Corporation (up 0.09%), Minda Corporation (down 0.37%), Kirloskar Oil Engines (up 0.28%), Karnataka Bank (up 0.45%), Surya Roshni (up 0.38%), Infibeam Avenues (down 0.05%), NOCIL (up 1.48%), Datamatics Global Services (up 3.03%), Tatva Chintan Pharma Chemicals (down 0.34%) and Hikal (up 0.04%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty PSU Bank index rose 1.86% to 5,041.90. The index jumped 6.68% in five trading sessions.

Bank of India (up 3.47%), Bank of Maharashtra (up 3.02%), Indian Overseas Bank (up 2.81%), Central Bank of India (up 2.78%), Union Bank of India (up 2.76%), Punjab National Bank (up 2.47%), UCO Bank (up 2.4%), Punjab & Sind Bank (up 2.27%), Bank of Baroda (up 1.92%) and Canara Bank (up 1.72%) edged higher.

State Bank of India (SBI) advanced 1.37%. SBI raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for the current financial year. The bonds are issued for 15 years tenor, with the first call option after 10 years.

Stocks in Spotlight:

Kotak Mahindra Bank gained 1.14% after the company announced the signing of definitive agreements with Zurich Insurance Company for divesting majority stake in Kotak Mahindra General Insurance.

The private sector lender said that the bank, Kotak Mahindra General Insurance Company and Zurich Insurance Company have entered into definitive agreements for a transaction whereby Zurich will invest (approximately) Rs 4,051 crore to acquire a 51% stake in Kotak General Insurance through a combination of fresh growth capital and share purchase.

Bajaj Finance rose 1.05%. The preferential issue special committee of the board of directors of the company has approved the issue of 15,50,000 warrants to Bajaj Finserv , promoter and holding company, at an issue price of Rs 7,670 per warrant, for an amount aggregating to Rs 1,188.85 crore.

Eicher Motors added 0.40%. Eicher Motors' motorcycles sales rose 3% to 84,435 units in October 2023 over October 2022.

Hero Motocorp added 0.25%. The two wheeler major reported a net profit of Rs 1,053.81 crore in Q2 FY24, registering a growth of 47.17% as compared with Rs 716.07 crore in Q2 FY23. Revenue from operations increased 4.08% YoY to Rs 9,445.42 crore in Q2 FY24.

Tata Steel declined 0.39%. The steel major reported consolidated net loss of Rs 6511 crore in Q2 FY24 as compared with net profit of Rs 1297 crore in Q2 FY23. Turnover fell to Rs 59,490 crore in Q2 FY24 from Rs 59,878 crore in Q2 FY23.

Britannia Industries rallied 3.32%. The company reported consolidated net profit of Rs 586.50 crore in Q2 FY24 as compared with net profit of Rs 490.58 crore in Q2 FY23. Total income rose to Rs 4,485.23 crore in Q2 FY24 from Rs 4,432.85 crore in Q2 FY23.

State Bank of India (SBI) gained 1.02%. SBI raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for the current financial year. The bonds are issued for 15 years tenor, with the first call option after 10 years.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.45% to 7.325 from its previous close of 7.358.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1950, compared with its close of 83.2850 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.18% to Rs 60,881.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.48% to 106.37.

The United States 10-year bond yield slippped 1.40% to 4.722.

In the commodities market, Brent crude for January 2023 settlement gained 80 cents or 0.95% to $85.43 a barrel.

Global Markets:

Asian stocks were trading higher as investors took comfort from the U.S. Federal Reserve?s decision to leave its benchmark interest rates unchanged, while parsing inflation and trade data from across the region.

US stocks advanced on Wednesday after the Federal Reserve kept interest rates unchanged for a second consecutive time ? leading investors to think the central bank would stay put for the rest of the year.

The Federal Reserve on Wednesday held rates steady at a range of 5.25%-5.5%. amid signs of economic growth, while labor market conditions and inflation remain above the central bank?s target. The decision also included an upgrade to the Fed?s general assessment of the economy.

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