The domestic equity benchmarks hit fresh day's high and traded with strong gains in the mid-afternoon trade. The Nifty traded a tad below the 18,400 level. Trading is expected to be volatile due to expiry of monthly F&O contracts on the NSE.
At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 440.71 points or 0.72% to 61,951.29. The Nifty 50 index added 128.60 points or 0.70% to 18,395.85.
In the broader market, the S&P BSE Mid-Cap index rose 0.35% while the S&P BSE Small-Cap index added 0.38%.
The market breadth was positive. On the BSE, 1,874 shares rose, and 1,566 shares fell. A total of 145 shares were unchanged.
Investors cheered after the minutes from the US Fed's October meeting indicated the possibility of slowing down of rate hikes in the near future. Reports of more monetary stimulus in China, including a likely cut to the reserve requirement ratio for banks, further lifted the investor's spirits.
Buzzing Index:
The Nifty Financial Services index advanced 0.75% to 19,211.85. The index rose 1.39% in past three trading sessions.
Among the components of the Nifty Financial Services index, REC (up 4.12%), HDFC Life Insurance Company (up 4.1%), Power Finance Corporation (up 3.08%), Muthoot Finance (up 1.53%), ICICI Lombard General Insurance Company (up 1.53%), Housing Development Finance Corporation (up 1.29%), HDFC Bank (up 1.07%), ICICI Bank (up 0.88%), Indian Energy Exchange (up 0.6%) and SBI Life Insurance Company (up 0.35%) were the gainers.
On the other hand, Shriram Transport Finance Company (down 1.17%), Kotak Mahindra Bank (down 0.86%) and HDFC Asset Management Company (down 0.49%) edged lower.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined to 7.262 as compared with 7.291 at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.7175, compared with its close of 81.93 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement advanced 0.44% to Rs 52,681.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 105.94.
The United States 10-year bond yield lost 0.54% to 3.689.
In the commodities market, Brent crude for January 2023 settlement declined 54 cents or 0.63% to $84.87 a barrel.
Stocks in Spotlight:
IOL Chemicals and Pharmaceuticals rallied 7.38% after the company said it secured a patent for an improved safe process for the preparation of Sartan drugs of Formula I. The company informed, Controller of Patent, Indian Patent Office, Government of India has granted Patent for invention entitled AN IMPROVED SAFE PROCESS FOR THE PREPARATION OF SARTAN DRUGS OF FORMULA I.
Larsen & Toubro advanced 0.82%. The EPC major said that its heavy civil infrastructure business of L&T Construction has secured an order from Greenko group, one of the world's leading renewable energy companies, for development of an off stream pumped storage project in Madhya Pradesh.
Confidence Petroleum India rose 0.74%. The company said that it has added 10 new auto LPG dispensing stations to its existing fleet, taking the total count to 219 auto LPG dispensing stations. Among the 10 LPG dispensing stations, 6 are in Tamil Nadu, 2 in Maharashtra, 1 in Karnataka and 1 in Telangana.
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