Equities trade sideways; Nifty holds 17,500 level

The benchmark indices hovered near the flat line during mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex, fell 15.41 points or 0.03% at 58,648.92. The Nifty 50 index rose 5.50 points or 0.03% at 17,508.90.

In the broader market, the S&P BSE Mid-Cap index added 0.01% while the S&P BSE Small-Cap index gained 0.96%.

The market breadth was strong. On the BSE, 2,264 shares rose and 979 shares fell. A total of 141 shares were unchanged.

As per provisional data available on the NSE, foreign institutional investors (FIIs) net sold shares worth Rs 4,477.06 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,412.05 crore in the Indian equity market on 23 November 2021.

Meanwhile, Securities and Exchange Board of India (Sebi) postponed the implementation of the 50% cash-margin rule for futures and options (F&O) traders and credit-default swaps (CDS) segment to 28 February 2022, from the earlier deadline of 1 December 2021. The regulator cited investor interest, and market regulation and development as reasons for the deferment, in its recently issued circular.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.367% as compared with 6.364% 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 74.45, compared with its close of 74.4225 during the previous trading session.

MCX Gold futures for 3 December 2021 settlement rose 0.14% to Rs 47,500.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.04% to 96.53.

In the commodities market, Brent crude for January 2022 settlement rose 41 cents at $82.72 a barrel.

Buzzing Index:

The Nifty Media index rose 1.84% to 2,276.20. The index added 4.20% in two trading sessions.

Zee Entertainment Enterprises (ZEEL) (up 5.62%), Dish TV India (up 2.80%), Saregama India (up 2.18%), Hathway Cable & Datacom (up 2.15%) and Nazara Technologies (up 1.50%) were the top gainers in the Media segment.

Global Markets:

European stocks rose across the board on Wednesday, 24 November 2021 as investors monitored the latest data out of the euro zone and the region's latest COVID-19 surge. Investors continued to monitor the acute COVID-19 crisis in the region this week, with more countries considering stricter restrictions and partial lockdowns to curb rising infections.

Asian stocks closed on a mixed note on Wednesday, as investors monitored the moves in US Treasury yields.

Singapore's economy grew 7.1% in the third quarter as compared with a year ago, according to the Ministry of Trade and Industry. It was higher than an earlier official advance estimate for 6.5% year-on-year (Y-o-Y) growth.

Japan's factory activity grew at the fastest pace in nearly four years in November. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 54.2, its fastest pace of expansion since January 2018.

US stocks closed mixed for the fourth consecutive session on Tuesday, 23 November 2021, with the Dow and the S&P 500 logging gains, while the Nasdaq extended the sharp pullback seen in the previous session. U.S. markets will be closed for the Thanksgiving holiday on Thursday. The stock market closes early on Friday.

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