As per provisional closing data, the S&P BSE Sensex was up 110.58 points or 0.14% to 80,956.33. The Nifty 50 index added 10.30 points or 0.04% to 24,467.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rallied 0.83% and the S&P BSE Small-Cap index rose 0.68%.

The market breadth was positive. On the BSE, 2,386 shares rose and 1,582 shares fell. A total of 102 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 14.45.

The three-day meeting of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) begins today, 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.

Economy:

India posted a strong 58.4 services PMI in November 2024, down only a fraction from the prior month's 58.5. During November, services sector employment notably grew at the fastest pace ever recorded since this survey began in 2005. The hiring surge reflected the sector's improving business confidence, growing new orders, and vigorous international demand. At the same time, high food and labour costs drove up input and output prices to their fastest rates in 15 months and nearly 12 years respectively.

Finally, service providers were more confident regarding the year-ahead outlook for business activity. Confidence reached its highest level since May, boosted by predictions of continued demand strength and expectations that marketing efforts will drive new business.

Meanwhile, the HSBC India Composite Output Index posted 58.6 in November, down only marginally from 59.1 in October and therefore indicating a sharp rate of expansion. The goods-producing sector recorded the larger slowdown in growth but still posted a faster increase than that seen in the service economy. The same trend was evident for new orders.

Service providers signaled sharper cost pressures than manufacturers and subsequently recorded the steeper increase in selling prices.

Buzzing Index:

The Nifty PSU Bank index surged 2.25% to 7,134.35. The index rallied 4.91% in two consecutive trading sessions.

UCO Bank (up 11.66%), Indian Overseas Bank (up 8.30%), Punjab & Sind Bank (up 7.59%), Central Bank of India (up 7.56%), Indian Bank (up 4.17%), Bank of India (up 3.39%), Canara Bank (up 3.34%), Bank of Maharashtra (up 3.24%), Bank of Baroda (up 2.36%) and Punjab National Bank (up 1.89%) advanced.

Stocks in Spotlight:

Wipro rose 0.87%. The company announced partnership with Netskope, a secure access service edge (SASE) leader to optimize and improve cybersecurity outcomes for people, processes, and technology investments.

Eicher Motors shed 0.97%. The company announced that its division, Royal Enfield, commenced operations of its new CKD (completely knocked down) assembly facility in Thailand.

Oil & Natural Gas Corporation (ONGC) shed 0.04%. The company has invested Rs 10,000 crore in its subsidiary, ONGC Petro Additions (OpaL) via right issue.

Cyient DLM slipped 2.32%. The company said that it has signed a memorandum of understanding (MoU) with Arcedo Systems to establish a 500 kWp rooftop solar power plant at Cyient DLM's Mysore facility.

Oberoi Realty jumped 5.51% after a foreign brokerage firm initiated coverage on the stock with a Buy rating and a price target of Rs 2,500.

RattanIndia Enterprises rallied 4.98% after its wholly owned subsidiary, Revolt Motors, reported a 197% surge in vehicle sales to 1,994 units in November 2024 as compared to 671 units sold in November 2023.

L&T Technology Services shed 0.09%. The company said that it has been selected by a leading global network solutions firm to provide product integration services in North America.

Indian Energy Exchange (IEX) added 0.17%. The company informed that it has achieved electricity volume of 9,689 million units (MU) in November 2024, registering a growth of 15.7% YoY basis.

PB Fintech gained 3.51% after the company's board approved the incorporation of a wholly owned subsidiary (WOS), subject to approval of Ministry of Corporate Affairs.

Epack Durable slipped 2.49% after the company informed that officials from Customs conducted six-hour search at its manufacturing unit in Bhiwadi, Rajasthan.

Swan Energy soared 12.36% after the company announced the resumption of operations at its shipyard, Reliance Naval and Engineering Limited (RNEL).

Steelman Telecom hit an upper circuit of 20% after the company received a work orders worth of Rs 147 crores from Reliance Projects & Property Management Services (Jio) for maintenance of specific wireless communication networks.

Aditya Birla Capital (ABCL) shed 0.10%. The firm informed that it has made an investment of Rs 300 crore on rights basis, in the equity shares of Aditya Birla Housing Finance (ABHFL).

Suzlon Energy rallied 3.81% after the company announced that it has expanded its partnership with Jindal Renewables after another order win from one of its subsidiaries.

Wonderla Holidays jumped 6.90% after the company announced that its board has approved the opening of the issue of qualified institutional placement (QIP) of equity shares with a floor price of Rs 827.85 per share.

Global Markets:

The Dow Jones index futures were up 207 points, signaling a strong opening for U.S. stocks today.

Most European stocks traded higher on Wednesday, as investors awaited the latest developments in a week of political upheaval in France and investors will keep an eye on Fed chair Jerome Powell's speech later in Wednesday's session.

The HCOB Eurozone Composite PMI Output Index dropped to 48.3 in November, down from 50.0 in the previous month.

The HCOB Eurozone Services PMI Business Activity Index fell below the 50.0 no-change mark for the first time since January, registering a value of 49.5 in November, down from 51.6 in October. This decline signaled the first contraction in service sector output in ten months, although the overall decrease was marginal.

The seasonally adjusted S&P Global UK PMI Composite Output Index registered at 50.5 in November, down from 51.8 in October. Despite the decline, the index remained above the neutral 50.0 threshold for the thirteenth consecutive month and S&P Global UK Services PMI Business Activity Index registered 50.8 in November, down from 52.0 in October. This marked the lowest reading in 13 months.

Asian stocks ended mixed on Wednesday following South Korean President Yoon Suk Yeol's surprising decision to impose martial law, a move that he reversed just hours later, unsettling global markets.

The benchmark Kospi Index dropped as much as 2% in early Wednesday trading, reflecting the sharp decline in South Korea-related assets during overnight sessions.

Yoon Suk Yeol's attempt to impose martial law on Wednesday was short-lived and met with significant resistance. Lawmakers defied security forces and voted against the declaration, while thousands of protesters took to the streets, expressing opposition to the unprecedented move.

China's Caixin Services Purchasing Managers' Index (PMI) dropped to 51.5 for the month of November from 52.0 the month prior, according to the survey.

The Composite Output Index rose to 52.3 in November, up from 51.9 in October, extending the current period of expansion in Chinese business activity to 13 months.

Australia's Gross Domestic Product (GDP) grew by 0.3% quarter-on-quarter (QoQ) in the third quarter of 2024, compared to a 0.2% increase in the second quarter, according to data released by the Australian Bureau of Statistics (ABS) on Wednesday.

On an annual basis, GDP expanded by 0.8% in Q3, a slowdown from the 1.0% growth recorded in the second quarter.

In the US, indices reached record highs on Tuesday, driven by gains in major technology stocks, though the pace of the rally appeared to be slowing due to growing uncertainty about the economic outlook. The S&P 500 edged up 0.1% to close at 6,049.88, while the NASDAQ Composite rose 0.4% to finish at 19,478.89. In contrast, the Dow Jones Industrial Average dipped 0.2% to 44,705.53.

Technology stocks continued to benefit from optimism surrounding artificial intelligence, a sector expected to maintain robust momentum in the months ahead. Additionally, the prospect of lower interest rates provided further support for the tech-heavy market.

Meanwhile, investors are eyeing this week's critical jobs data and Federal Reserve Chair Jerome Powell's upcoming remarks for potential signals on whether the Fed will consider cutting rates in December.

Powered by Capital Market - Live News