Sensex breaches 70K, Nifty above 21,000, PSU banks rally.

Domestic equity barometers traded with decent gains in morning trade, attaining record high levels. The Sensex climbed above the 70,000 level while the Nifty traded above the 21,000 mark. PSU bank extended gains for the seventh consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 202.20 points or 0.29% to 70,027.80. The Nifty 50 index added 51.40 points or 0.25% to 21,020.80.

The Nifty and the Sensex hit all-time highs in mid-afternoon trade at 21,026.10 and 70,057.83, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index gained 0.66%.

The market breadth was strong. On the BSE, 2,373 shares rose and 1,172 shares fell. A total of 200 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.94% to 5,585.55. The index surged 10.8% in seven trading sessions.

Bank of Maharashtra (up 3.46%), Central Bank of India (up 3.19%), Punjab & Sind Bank (up 2.89%), Punjab National Bank (up 2.72%), Union Bank of India (up 2.3%), Bank of India (up 2.19%), Canara Bank (up 2.08%), Indian Overseas Bank (up 1.99%), Bank of Baroda (up 1.98%) and UCO Bank (up 1.88%) edged higher.

Stocks in Spotlight:

Tata Motors gained 1.24% after the car maker informed that it will increase the price of its commercial vehicles up to 3% effective from 1 January 2024.

PSP Projects added 0.99% after the company said that it has emerged as lowest (L1) bidder for a project in the state of Gujarat, worth Rs 296.85 crore.

REC shed 0.10%. The company announced that it has signed a loan agreement worth 200 million euro with the German bank KfW. This is REC?s sixth line of credit under Indo-German Development Cooperation, which the firm will utilize to re-finance investments in the distribution infrastructure of DISCOMs in alignment with the Revamped Distribution Sector Scheme (RDSS) of the Government of India.

Mazagon Dock Shipbuidlers rallied 4.09% afte the company announced that it has received an order worth Rs 1,145 crore from Oil and Natural Gas Corporation (ONGC) for the replacement of the pipeline.

Dr. Reddy's Laboratories declined 5.87% after the company informed that the United States Food & Drug Administration (USFDA) issued a Form 483 with three observations after the inspection conducted at R&D centre in Hyderabad.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.23% to 7.283 as compared with previous close 7.266.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3725, compared with its close of 83.4000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.17% to Rs 62,611.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.04.

The United States 10-year bond yield declined 0.14% to 4.241.

In the commodities market, Brent crude for February 2024 settlement rose 48 cents or 0.63% to $76.32 a barrel.

Global Market:

Asian stocks are mostly trading higher on Monday as investors assessed November inflation numbers from China, which declined at a faster-than-expected pace.

November inflation numbers from China showed a faster-than-expected decline in consumer prices. The consumer price index fell 0.5% year-on-year. The producer price index fell 3% year-on-year, compared with October?s 2.6% drop.

US stocks hit a new high for the year on Friday after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft-landing scenario.

November?s nonfarm payrolls report showed an unexpected drop in unemployment. The jobless rate fell 3.7%. The US economy added 199,000 jobs during November, from 150,000 added in October.

Nifty crosses 21,000 mark as RBI keeps rates unchanged; metal stocks advance.

The domestic equity benchmarks edged higher and hit the day's high in morning trade. The Nifty traded near the 21,000 level. Metal stocks witnessed strong buying demand. Investor sentiment received a boost after the RBI maintains its repo rate at 6.50% and raised the GDP forecast for FY24 to 7%.

The barometer index, the S&P BSE Sensex, was up 252.06 points or 0.36% to 69,773.75. The Nifty 50 index added 89.85 points or 0.43% to 20,991.

The Nifty 50 index had hit its record high level of 21,006.10 in trade today. The index took 61 sessions to gain 1,000 points & climb to 21,000 level from 20,000 level.

In the broader market, the S&P BSE Mid-Cap index added 0.30% while the S&P BSE Small-Cap index gained 0.45%.

The market breadth was strong. On the BSE, 2292 shares rose and 1148 shares fell. A total of 164 shares were unchanged.

RBI MPC Meet Outcome:

The Reserve Bank of India's (RBI?s) Monetary Policy Committee (MPC) kept its benchmark repo rate unchanged at 6.50% for fifth consecutive day at the end of its two-day policy meeting. The committee has maintained its stance of ?Withdrawal of Accommodation?.

The Central Bank has raised its FY24 GDP growth forecast to 7% from 6.5% earlier. The retail inflation (CPI) forecast for FY24 has been kept unchanged at 5.4%

Buzzing Index:

The Nifty Metal index added 1.26% to 7,462.35. The index had declined 0.75% to end at 7,369.85 yesterday.

JSW Steel (up 3.22%), Hindustan Copper (up 3.09%), Welspun Corp (up 1.7%), Ratnamani Metals & Tubes (up 1.65%) and NMDC (up 1.55%) were the top gainers.

Among the other gainers were Vedanta (up 1.39%), Jindal Stainless (up 1.28%), Jindal Steel & Power (up 1.21%), Hindalco Industries (up 1.16%) and APL Apollo Tubes (up 0.89%).

On the other hand, National Aluminium Company (down 0.61%) and Hindustan Zinc (down 0.17%) turned lower.

Stocks in Spotlight:

IIFL Securities jumped 8.56%. The Securities Appellate Tribunal has set aside SEBI's order prohibiting the company from onboarding new clients for two years and reduced the monetary penalty from Rs 1 crore to Rs 20 lakh.

Bharat Forge rose 0.73%. The company's unit, Kalyani Strategic Systems, proposed to acquire a majority stake in Zorya Mashproekt India. ZMI is engaged in the development of indigenous capabilities for build-ups, repairs and overhauls of all types of gas-turbine engines.

IRB Infrastructure Developers advanced 3.56%. The company logged November toll collection at Rs 437 crore against Rs 366 crore in the same period last year.

TVS Electronics was up 0.20%. The company received an order from the office of the Commissioner of Customs on Dec. 6 to pay Rs 35.58 crore. It is the process of filing an appeal before the Customs Excise & Service Tax Appellate Tribunal, Chennai.

Banks stocks in action after RBI keeps key rates unchanged.

RBI's MPC at its meeting today, 8 December 2023, decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

All members of the MPC unanimously voted to keep the policy repo rate unchanged. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The real GDP growth for 2023-24 is projected at 7% with Q3 at 6.5%; and Q4 at 6%. Real GDP growth for Q1:2024-25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%. The risks are evenly balanced.

CPI inflation is projected at 5.4% for 2023-24, with Q3 at 5.6%; and Q4 at 5.2%. Assuming a normal monsoon next year, CPI inflation for Q1:2024-25 is projected at 5.2%; Q2 at 4%; and Q3 at 4.7%. The risks are evenly balanced.

The minutes of the MPC?s meeting will be published on 22 December 2023. The next meeting of the MPC is scheduled during February 6-8, 2024.

Following the RBI announcement, the Nifty Bank index was up 0.54% to 47,096.00 while the benchmark Nifty 50 index was up 0.38% to 20,981.35.

HDFC Bank (up 1.21%), IDFC First Bank (up 1.14%), Bank Of Baroda (up 0.92%), Indusind Bank (up 0.74%), Kotak Mahindra Bank (up 0.23%), ICICI Bank (up 0.18%), Federal Bank (up 0.16%), SBI (up 0.12%) and PNB (up 0.12%) advanced.

Key equity indices edge lower as FMCG stocks tumble; market breadth even.

The domestic equity benchmarks tumbled in early trade as significant selling prevailed in key index pivotals. The Nifty managed to trade above the 20,850 level. FMCG, banks and financial shares declined while pharma, healthcare and oil & gas stocks managed to trade in the green.

The barometer index, the S&P BSE Sensex, was down 314.68 points or 0.45% to 69,339.05. The Nifty 50 index lost 83.65 points or 0.4% to 20,854.05.

In the broader market, the S&P BSE Mid-Cap index fell 0.28% while the S&P BSE Small-Cap index declined 0.31%.

The market breadth was almost even. On the BSE, 1,414 shares rose, and 1,325 shares fell. A total of 112 shares were unchanged.

The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) commenced its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting on Friday, 8 December 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.03% to 7.246 as compared with previous close 7.248.

In the foreign exchange market, the rupee edged slightly higher against the dollar. The partially convertible rupee was hovering at 83.3600, compared with its close of 83.3225 during the previous trading session.

MCX Gold futures for 5 February 2023 settlement declined 0.12% to Rs 62,363.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.17.

The United States 10-year bond yield advanced 0.64% to 4.145.

In the commodities market, brent crude for February 2024 settlement rose 38 cents or 0.51% to $74.68 a barrel.

Stocks in Spotlight:

Adani Ports and Special Economic Zone rose 1.95%. The meeting of the board of directors of the company will be held on 12 December 2023 to consider the proposal for issuance of Non-Convertible Debentures and issuance/ renewal of Non-cumulative redeemable preference shares, on private placement basis/ preferential basis, in one or more tranches.

Dr. Reddy?s Laboratories advanced 1.75%. The company's wholly-owned subsidiary Dr. Reddy's Laboratories SA and Coya Therapeutics, Inc., announced that they have entered into a development and license agreement for the development and commercialization of COYA 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis (ALS).

IDFC First Bank fell 3.43%. Cloverdell Investment, an affiliate of global private equity firm Warburg Pincus, is reportedly likely to sell a 1.3% stake in IDFC First Bank through block deal. The deal size may be around $100 million, with a floor price of Rs 85.7 per share, as per reports.

Global Markets:

Asian stocks are trading lower on Thursday, mirroring moves on Wall Street as investors assessed trade data from China and Australia.

US stocks ended lower on Wednesday as investors assessed data indicating falling inflation while awaiting jobs report.

Market opens at fresh record highs; Nifty climbs above 20,900.

The key equity indices traded with minor gains in early trade. The Nifty scaled above the 20,900 level. Oil & gas, media and FMCG shares advanced while realty, banking and financial services stocks declined.

The barometer index, the S&P BSE Sensex, was up 180.18 points or 0.26% to 69,476.32. The Nifty 50 index added 51.10 points or 0.25% to 20,906.20.

The Sensex clocked an all-time high of 69,614.04 while the Nifty hit record high of 20,956.55. Further, the Nifty Bank index also registered its fresh record high of 47,259.85.

In the broader market, the S&P BSE Mid-Cap index advanced 0.34% while the S&P BSE Small-Cap index added 0.12%.

The market breadth was strong. On the BSE, 1,759 shares rose, and 1,120 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,223.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,399.18 crore in the Indian equity market on 5 December, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.15% to 7.251 as compared with previous close 7.262.

In the foreign exchange market, the rupee edged slightly higher against the dollar. The partially convertible rupee was hovering at 83.36, compared with its close of 83.37 during the previous trading session.

MCX Gold futures for 5 February 2023 settlement rose 0.17% to Rs 62,289.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.12% to 103.93.

The United States 10-year bond yield advanced 0.40% to 4.188.

In the commodities market, Brent crude for February 2024 settlement rose 10 cents or 0.10% to $77.30 a barrel.

Buzzing Index:

The Nifty media index advanced 1.26% to 2,352.95. The index declined 1.35% in the past two trading sessions.

Adani Enterprises (up 1.58%), Hindustan Zinc (up 0.35%), Steel Authority of India (up 0.31%), Vedanta (up 0.21%) and JSW Steel (up 0.11%), Ratnamani Metals & Tubes (up 0.02%) advanced.

On the other hand, Jindal Stainless (down 1.96%), Hindustan Copper (down 0.65%) and NMDC (down 0.49%) declined.

Stocks in Spotlight:

Ashok Leyland rose 0.14%. The company had invested a sum of GBP 62869841.54 (approximately Rs. 662.5 crores) in Optare Plc. UK by way of equity shares as first tranche. Consequent to the allotment by the Board of Directors of Optare Plc., the shareholding of the company in Optare Plc. has increased from 91.63% to 92.19%.

NL.C India jumped 2.78% after the company has started bio-mass co-firing in its coal based thermal power station NLC Tamilnadu Power at Tuticorin on 5 December 2023.

State Bank of India (SBI) rose 0.35%. The executive committee of the central board (ECCB) of the bank has accorded final approval for acquiring 20% stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds (SBIPFPL) by SBI. The cost of acquisition is Rs 229.52 crore.

Power Grid Corporation of India added 0.97%. The company has been declared as successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System Project for ?Transmission system for evacuation of additional 7 GW of RE power from Khavda RE park under Phase III Part B? on Build, Own Operate and Transfer (BOOT) basis.

Oberoi Realty advanced 0.38%. The company has registered conveyance deed of the land located at Pokhran Road 2, Thane, admeasuring approximately 25,700 square meters (approx. 6.4 acres) (as per title deeds) in its favour and also taken possession of the property. The total consideration for acquisition of the said property is about Rs. 196 Crore, which has been paid in its entirety.

Global Markets:

Asian stocks traded higher on Wednesday, bolstered by the uptick in US high-tech shares amidst evaluations of US labour market data indicating a slowdown.

Meanwhile, Moody?s Investors Service downgraded its outlook for Chinese sovereign bonds to ?negative,? highlighting global worries over the country?s soaring debt. While maintaining an A1 long-term rating, Moody?s expressed concerns about China?s heavy reliance on fiscal stimulus for local entities and state-owned firms, posing economic risks.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.

Nifty above 20,800; PSU Bank stocks surge.

The domestic equity indices hit a fresh all-time high in morning trade. The Nifty traded above the 20,800 level. PSU Bank shares witnessed strong buying for the third consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 425.88 points or 0.62% to 69,299.65. The Nifty 50 index added 143.15 points or 0.69% to 20,829.95.

The Sensex clocked an all-time high of 69,336.44 while the Nifty hit record high of 20,834 in early trade. Further, the Nifty Bank index also registered its fresh record high of 47,218.20.

In the broader market, the S&P BSE Mid-Cap index gained 0.46% while the S&P BSE Small-Cap index advanced 0.61%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,182.26 and 41,316.16.

The market breadth was strong. On the BSE, 2,058 shares rose, and 819 shares fell. A total of 106 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index advanced 2.8% to 5,459.35. The index jumped 8.3% in three trading sessions.

Indian Overseas Bank (up 3.53%), Punjab & Sind Bank (up 3.16%), Union Bank of India (up 2.93%), State Bank of India (up 2.41%) and Bank of Baroda (up 2.06%) were the top gainers.

Among the other gainers were Bank of India (up 2.01%), Bank of Maharashtra (up 1.96%), UCO Bank (up 1.89%), Punjab National Bank (up 1.61%) and Canara Bank (up 1.59%).

Stocks in Spotlight:

DCB Bank jumped 3.94% after the Company?s board of directors of the bank is scheduled on 08 December 2023 to consider and approve Aga Khan Fund for Economic Development (the Promoter) has expressed its interest to invest up to $10 million by subscribing to additional equity shares of the bank.

Brigade Enterprises added 2.99% after the company has entered into a joint development agreement with land owners to develop a luxury residential project, spread over 4 acres at Kurubarahalli, Mysore. The developable area of the project will be about 0.40 million square feet with a gross development value (GDV) of Rs 300 crore.

HCL Technologies declined 1.59%. HCL Investments UK Limited, (HCL UK) a step-down wholly owned subsidiary of the company has entered into a Memorandum of Understanding with its Joint Venture (JV) partner, State Street International Holdings, a US corporation (State Street), pursuant to which HCL UK is entering into discussions to finalize modalities for State Street to exercise its right of Call Option in the JV and acquire HCL UK?s entire 49% equity stake in the JV that was formed in the year 2012 to provide business operations services.

JSW Infrastructure jumped 3.36% after the JSW Dharamtar Port (wholly owned subsidiary of company) has entered into share purchase and other relevant transaction documents for acquisition of 50% plus 1 shares of PNP Maritime Services from SP Port Maintenance (A Shapoorji Pallonji Group Company).

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.08% to 7.265 as compared with previous close 7.271.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3750, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.43% to Rs 62,635.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 103.65.

The United States 10-year bond yield declined 1.03% to 4.245.

In the commodities market, Brent crude for January 2024 settlement rose 2 cent or 0.03% to $78.05 a barrel.

Global Markets

Asian stocks are trading lower on Tuesday as investors assessed a slew of economic data from across the region. The Caixin China services purchasing managers? index for November climbed to its highest in three months. This private survey reading came in at 51.5 in November, rising from 50.4 in October and 50.2 in September.

US stocks ended lower on Monday as investors turned cautious ahead of employment data due this week that could alter expectations that the Federal Reserve will cut interest rates early next year.

Market at all-time high; Sensex rallies 1000 pts; breadth strong.

The key equity indices traded with major gains in early trade. The Nifty traded above the 20,550 level. Barring the Nifty Media index, all the other sectoral indices on the NSE traded in the green.

The barometer index, the S&P BSE Sensex, was up 1000.71 points or 1.48% to 68,481.90. The Nifty 50 index added 294.85 points or 1.45% to 20,564.75.

The benchmark, Nifty50 and Sensex index hit a fresh all-time high of 20,602.50 and 68,587.82 in early trade respectively.

In the broader market, the S&P BSE Mid-Cap index and S&P BSE Small-Cap index gained 0.91%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,124.23 and 41,221.91.

The market breadth was strong. On the BSE, 2,416 shares rose, and 583 shares fell. A total of 135 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,589.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,448.08 crore in the Indian equity market on 1 December, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.36% to 7.264 as compared with previous close 7.290.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2975, compared with its close of 83.3350 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.69% to Rs 63,550.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 103.22.

The United States 10-year bond yield advanced 0.67% to 4.252.

In the commodities market, Brent crude for January 2024 settlement declined 44 cents or 0.56% to $78.44 a barrel.

Politics:

The BJP is set to form the government in Chhattisgarh, Rajasthan and Madhya Pradesh. The counting of votes in Rajasthan concluded with the BJP securing a landslide victory with 115 seats. Meanwhile, the ruling Congress won 69 seats out of the 199 which had gone to the polls on November 25. In Chhattisgarh, the BJP won 54 seats, the ruling Congress won 35 and the Gondvana Gantantra Party managed to win one seat.

In Telangana, Congress won 64 seats, the ruling Bharat Rashtra Samithi won 39, the BJP got eight seats, and AIMIM won seven. The Communist Party of India won one seat. The BJP has won 163 of the total 230 seats in the Madhya Pradesh Assembly. On the other hand, the Congress has won 66 seats.

Stocks in Spotlight:

Hero MotoCorp rose 1.29% after the two-wheeler major's total sales jumped 25.61% to 491,050 units in November 2023 as compared with 390,932 units sold in November 2022.

Tata Power rallied 2.03% after the company has secured the bid to acquire Bikaner-III Neemrana-II Transmission, a project special purpose vehicle (SPV) established by PFC Consulting. The project's estimated cost is Rs 1,544 crore and will be developed on Build-Own-Operate-Transfer (BOOT) basis.

Multi Commodity Exchange of India (MCX) rose 0.04% after the company said that Mithun Nayak has joined as deputy chief technology officer (CTO) with effect from 1 December 2023.

Alkem Laboratories shed 0.40% after the company said that US Food and Drug Administration (USFDA) had conducted an inspection at its API manufacturing facility located at Mandva, Gujarat.

Global markets:

Asian stocks are trading mixed on Monday, with investors awaiting a slew of key economic data Tuesday and inflation readings later this week.

US stocks ended higher on Friday with the S&P registering its highest close of the year after remarks from US Federal Reserve Chair Jerome Powell boosted the view that key policy rates have peaked.

US Federal Reserve Chair Jerome Powell on Friday reaffirmed the central bank?s intent to remain cautious on interest rates but also said that the hoped-for ?soft landing of the US economy seemed to be falling into place.

Nifty at all-time high; Sensex crosses 67K; breadth strong.

The key equity indices traded with decent gains in early trade. The Nifty marched above the 20,200 level. Barring the Nifty IT index, all the other sectoral indices on the NSE traded in the green.

The barometer index, the S&P BSE Sensex, was up 314.47 points or 0.47% to 67,302.91. The Nifty 50 index added 91.10 points or 0.45% to 20,224.25.

The benchmark, Nifty50 index hit a fresh all-time high in early trade at 20,232.75.

In the broader market, the S&P BSE Mid-Cap index gained 0.59% while the S&P BSE Small-Cap index advanced 0.70%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 34,481.70 and 40,718.81.

The market breadth was strong. On the BSE, 2,139 shares rose, and 595 shares fell. A total of 95 shares were unchanged.

On the macro front, the S&P Global Services PMI for November will be declared today, 1 December 2023.

India's gross domestic product (GDP) for the second quarter of the ongoing financial year accelerated to 7.6% year-on-year, showed data shared by the Ministry of Statistics and Programme Implementation on Thursday. In the same period last year, the GDP growth stood at 6.2%.

Foreign portfolio investors (FPIs) bought shares worth Rs 8,147.85 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 780.32 crore in the Indian equity market on 30 November, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.15% to 7.290 as compared with previous close 7.279.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2800, compared with its close of 83.3775 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement lost 0.09% to Rs 62,500.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 103.32.

The United States 10-year bond yield slipped 0.32% to 4.335.

In the commodities market, Brent crude for January 2024 settlement declined 40 cents or 0.49% to $80.46 a barrel.

Stocks in Spotlight:

LTI Mindtree rose 0.73%. LTIMindtree announced that it has been selected as a strategic partner by Metasphere, a wastewater application specialist, to scale their Smart Sewers management platform. As a part of this engagement, LTIMindtree will transform Metasphere?s next-generation wastewater monitoring solution portfolio, and enable scalable delivery and platform to their customers.

Power Grid Corporation of India added 0.69%. The company has been declared as successful bidder under Tariff Based Competitive Bidding to establish two Inter-State Transmission System Projects under Build, Own Operate and Transfer (BOOT) basis.

Dixon Technologies (India) advanced 0.96%. Padget Electronics, wholly owned subsidiary of Dixon Technologies (India), inaugurated a new smartphone manufacturing plant in the Noida district, Uttar Pradesh on 30 November 2023.

Global markets:

Asian stocks were trading mostly lower on Friday, breaking ranks with Wall Street which mostly advanced on Thursday, amid mixed economic data from across the region.

China?s manufacturing sector unexpectedly expanded in November, according to a survey by Caixin. The Caixin purchasing managers? index climbed to 50.7 last month from 49.5 in October, as a rise in new orders helped lift factory production.

US stocks were mixed on Thursday as investors continued to bet on interest rate cuts after a key reading on consumer inflation. Data released early Thursday showed that the personal consumption expenditures price index rose 3.5% on a year-over-year basis, a slowing from a 3.7% annual gain in prior month.