Indices surge for 5th day; Nifty settles above 24,700; IT shares rally

The key equity indices ended a volatile session with significant gains on Thursday, rising for the fifth day in a row. Investors will look forward for the outcome of the meeting of RBIs monetary policy committee due on Friday. The Nifty settled above the 24,700 level after hitting the day's low of 24,295.55 in mid-morning trade. Trading was volatile due to the weekly F&O series expiry today.

IT, oil & gas and private bank stocks advanced while realty and PSU bank shares declined.

As per provisional closing data, the S&P BSE Sensex surged 809.53 points or 1% to 81,765.86. The Nifty 50 index jumped 240.95 points or 0.98% to 24,708.40.

The broader market underperformed the benchmark indices, the S&P BSE Mid-Cap index rose 0.27% and the S&P BSE Small-Cap index added 0.16%.

The market breadth was positive. On the BSE, 2,137 shares rose and 1,829 shares fell. A total of 117 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.53% to 14.53.

The three-day meeting of the Reserve Bank of Indias (RBI) Monetary Policy Committee (MPC) begins from yesterday, 4 December 2024 and will conclude on 6 December 2024. The outcome of the meeting will be announced by RBI Governor Shaktikanta Das on 6 December 2024.

Buzzing Index:

The Nifty IT index jumped 1.95% to 44,806.40. The index rallied 4.27% in five consecutive trading sessions.

Infosys (up 2.42%), Tata Consultancy Services (up 2.31%), LTIMindtree (up 2.11%), Wipro (up 1.73%), Tech Mahindra (up 1.44%), Mphasis (up 1.34%), Persistent Systems (up 1.31%), HCL Technologies (up 1.18%), L&T Technology Services (up 0.79%) and Coforge (up 0.78%) advanced.

Stocks in Spotlight:

Vodafone Idea dropped 4.04%. The company informed its board is scheduled to meet on Monday, 9 December 2024, to consider proposal for raising of funds on a preferential basis not exceeding Rs 2,000 crore.

Adani Energy Solutions rose 0.67%. The company has received a Letter of Intent (LoI) from REC Power Development and Consultancy for establishing a transmission system to evacuate power from the 20 GW Renewable Energy Zone (REZ) in Rajasthan.

Bharat Forge shed 0.01%. The company announced that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,323.54 per share.

Bondada Engineering rose 0.75%. The company said that it has received a work order worth Rs 108.90 crore from the Bihar Renewable Energy Development Agency under the Mukhyamantri Gramin Solar Street Light Yojana.

RDB Realty & Infrastructure rallied 4.29% after the companys broad approved stocks split of 1 equity share of face value of Rs 1 each into 10 equity shares of face value of Rs 1 each fully paid up.

lndraprastha Gas (IGL) jumped 6.44% after its board scheduled to meet on 10 December 2024, to mull the proposal for issuance of bonus shares to the equity shareholders of the company in the ratio, as may be fixed.

Torrent Pharmaceuticals rose 0.37%. The company announced that it has entered into an agreement to acquire three anti-diabetes brands from Boehringer Ingelheim International GmbH (BI).

The brands include Cospiaq (empagliflozin), Cospiaq Met (empagliflozin + metformin) and Xilingio (empagliflozin + linagliptin), which are used in the treatment of type 2 diabetes.

Technopack Polymers hit an upper limit of 20% at Rs 81.60 after the company's board approved a bonus share issue in 1:1 ratio.

Easy Trip Planners added 1.89% after the company announced that its board of directors will meet on 8 December 2024 to consider and approve the proposal for issuing fully paid-up equity shares through a preferential issue.

RailTel Corporation of India shed 0.91%. The company announced that it has received the work order worth Rs 10.64 crore from Gail (India).

Global Markets:

European stocks rose on Thursday, with French markets in focus after Prime Minister Michel Barniers government was toppled in a vote of no-confidence Wednesday.

Meanwhile, Asian shares ended mixed on Thursday, following Wall Street stock benchmarks that reached record highs despite global political turmoil.

Investors are continuing to monitor the political situation in South Korea and France. Less than a day after he declared martial law, lawmakers in South Korea filed a motion to impeach President Yoon Suk Yeol.

The price of bitcoin soared past the long-awaited $100,000 benchmark for the first time ever late Wednesday evening.

In France, Prime Minister Michel Barnier's government was ousted by lawmakers just three months after its formation, plunging the country into further political uncertainty. This follows President Macron's failed attempt to secure a parliamentary majority in recent elections, leaving him without a clear path forward.

Meanwhile, US stock markets closed at record highs on Wednesday, driven by strong earnings reports, particularly from Salesforce, and continued optimism surrounding tech giants like NVIDIA.

The S&P 500 rose 0.6% to a record high of 6,086.49 points, while the NASDAQ Composite rose 1.3% to a peak of 19,732.87 points. The Dow Jones Industrial Average ended up 0.7% at a record high of 45,014.04 points.

Federal Reserve Chair Jerome Powell's comments on the US economy also boosted investor sentiment. Powell expressed confidence in the economy's strength and indicated that the Fed may adopt a more cautious approach to future rate cuts.

Market participants are now eagerly awaiting the release of the US nonfarm payrolls report on Friday, which is expected to provide insights into the labor market's health and its potential impact on interest rate policy.

Powered by Capital Market - Live News