The domestic equity benchmarks traded in a volatile manner as they fluctuated between gains and losses in early trade. The Nifty traded above the 18,500 level. Oil & gas, auto and realty stocks advanced while metals, banks and financial shares edged lower.
At 09:23 IST, the barometer index, the S&P BSE Sensex, was down 16.43 points or 0.03% to 62,277.21. The Nifty 50 index added 8.45 points or 0.05% to 18,521.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.51% while the S&P BSE Small-Cap index added 0.43%.
The market breadth was strong. On the BSE, 1,859 shares rose, and 844 shares fell. A total of 155 shares were unchanged.
Stocks in Spotlight:
Hero MotoCorp rose 3.42%. The two-wheeler maker will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from 1 December 2022. The price increase will be up to Rs 1500 and the exact quantum of increase will vary by specific models and markets.
Indian Energy Exchange (IEX) fell 1.13%. The board of IEX on Friday, 25 November 2022, approved a share buyback of upto Rs 98 crore at a price not exceeding Rs 200 per share through open market route.
JK Cement added 0.62%. Jaykaycem (Central), the wholly owned subsidiary of the company has successfully commenced cement grinding capacity of 2 MnTPA on 25 November 2022 at its newly set up cement manufacturing facilities situated at Hamirpur, Uttar Pradesh.
Global markets:
Asian stocks are trading lower on Monday amid unrest in China over its continued zero-Covid policy.
Fears about a Covid-led dent to China's economic growth weighed on sentiment in the world's second-largest economy after demonstrators and police clashed in Shanghai on Sunday. Thousands of protesters in major Chinese cities, including Shanghai, called for President Xi Jinping to resign. The unprecedented protests were spurred by frustration with China's strict lockdowns as part of its zero-COVID policy.
Over the weekend, the People's Bank of China announced it would cut the reserve requirement ratio for banks by 25 basis points to 7.8% and inject around 500 billion yuan in long-term liquidity. The National Bureau of Statistics said industrial profits for the first 10 months of the year fell 3% from the same period in 2021.
U.S. stocks ended mixed in a shortened trading session Friday, with markets subdued following Thursday's Thanksgiving holiday.
Black Friday sales kicked off against the backdrop of high inflation and cooling economic growth. US shoppers reportedly spent a record $9.12 billion online this Black Friday, as consumers weathered the squeeze from high inflation and grabbed steep discounts on everything from smartphones to toys.
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