The domestic benchmarks hit fresh intraday high in mid-morning trade. Realty, pharma and healthcare stocks were in demand. The Nifty was trading near 17,500 level.
At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 290.22 points or 0.50% at 58,631.21. The Nifty 50 index gained 75.95 points or 0.44% at 17,491.
In the broader market, the S&P BSE Mid-Cap index added 0.15% while the S&P BSE Small-Cap index rose 0.62%.
The market breadth was strong. On the BSE, 1,944 shares rose and 1,163 shares fell. A total of 135 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,122.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,809.62 crore in the Indian equity market on 24 November 2021, provisional data showed.
Economy:
A report issued by economists at HDFC Bank, which released on Wednesday, said: "India's GDP will show a 7.8% expansion on a year-on-year basis for the September 2021 quarter. Real GDP will grow 9.4% in FY22 and decelerate to 7.5% for FY23 as the base effects result in the higher growth in the ongoing fiscal wear-off."
In FY21, the GDP had contracted 7.3% due to the pandemic. For FY22, the RBI expects GDP to clock a growth of 9.5%, which will slow to 7.8% in FY23. The GDP had expanded by over 20% for the first quarter on the lower base. The official data for the second quarter is set to be released on 30 November 2021.
Buzzing Index:
The Nifty Pharma index rose 1.01% to 13,543.95. The index fell 0.61% in the last trading session.
Torrent Pharma (up 5.68%), Laurus Labs (up 4.50%), Aurobindo Pharma (up 1.92%), Glenmark Pharmaceuticals (up 1.70%) and Dr Reddy's Laboratories (up 1.70%) were the top gainers in the Pharma segment.
Stocks in Spotlight:
TTK Prestige lost 0.17%. The company will buy 51% stake in Ultrafresh Modular Solutions, which is engaged in the business of modular kitchens and kitchen appliances and has many franchisee outlets across India.
The Ramco Cements rose 0.01%. On Wednesday, the cement manufacturer announced that it commissioned a waste heat recovery system at newly commissioned third line in Jayanthipuram plant in Andhra Pradesh.
Global Markets:
Asian stocks were mixed on Thursday, 25 November 2021, as investors reacted to the Bank of Korea's rate decision. The Bank of Korea raised its policy rate by 25 basis points to 1%, a move that was largely expected.
The prices Japanese companies charge each other for services rose 1.0% in October from a year earlier, their eighth straight month of gains and a sign inflationary pressure was building due to higher global commodity costs.
The services producer price index hit 105.4 in October, the highest since November 2001, Bank of Japan (BOJ) data showed on Thursday.
U.S. stocks pushed modestly higher on Wednesday as the recent jump in bond yields took a breather, allowing tech stocks to recover. The meetings from the latest Fed meeting, released on Wednesday, showed that the central bankers were ready to accelerate the timetable for slowing asset purchases and raising the benchmark funds rate if inflation remains high.
U.S. markets will be closed for the Thanksgiving holiday on Thursday. The stock market closes early on Friday.
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