Indices edge higher, breadth strong

The key equity indices were trading with minor gains in the early trade. The Nifty traded above the 18,650 mark. Metal, auto and FMCG stocks were in demand while IT, consumer durables and PSU bank shares declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 83.04 points or 0.13% to 62,764.88. The Nifty 50 index gained 39.75 points or 0.21% to 18,657.80.

The Nifty 50 index hit an all-time high of 18,679.55 in early trade today.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index added 0.34%.

The market breadth was strong. On the BSE, 1,810 shares rose and 844 shares fell. A total of 117 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,241.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 744.42 crore in the Indian equity market on 29 November, provisional data showed.

Stocks in Spotlight:

Wipro shed 0.06%. The IT major announced that it is an official launch partner for Amazon Security Lake from Amazon Web Service (AWS), which provides the modern enterprise with intelligent security data to solve more security use cases, increase security visibility and reduce threats.

Biocon rose 0.67%. Biocon Biologics, a subsidiary of Biocon announced that it has successfully completed its multi-billion-dollar (USD) acquisition of the global biosimilars business of its partner Viatris Inc.

Zomato added 0.16%. China's Alibaba Group is likely to sell a 3.5% stake in online food delivery aggregator Zomato through a block deal today that could fetch it about $200 million, as per reports.

Gland Pharma slipped 3.25%. Gland Pharma announced that it has through its wholly owned subsidiary Gland Pharma International PTE. Ltd, Singapore entered into a Put Option Agreement to acquire 100% of Cenexi Group for an equity value not exceeding Euro 120 million (Enterprise Value of Euro 230 million).

Greenpanel Industries declined 0.79%. The board of director approved the winding up of the company's wholly owned subsidiary (WOS) namely, Greenpanel Singapore Pte. Ltd. pursuant to the rules and regulations of its host country. The board also approved write off the investment in the WOS to the extent of impairment of the asset due to accumulated losses of the WOS.

Kilpest India rallied 5.11%. 3B BlackBio Biotech India, a subsidiary of Kilpest India announced the signing of a non-binding Letter of Intent (LOI) to acquire 100% shares of a European based company that specializes in the development and manufacture of innovative high-quality products for the life science and molecular diagnostic markets.

Global Markets:

Most Asian stocks edged higher on Wednesday. Chinese health officials on Tuesday announced measures to boost vaccination among the elderly, as per reports.

U.S. stocks edged lower Tuesday with investors continuing to monitor China's COVID policy and look ahead for Federal Reserve Chair Jerome Powell's scheduled speech.

Federal Reserve Chair Jerome Powell will speak at the Brookings Institution about the outlook for the U.S. economy and the labor market on Wednesday.

On the macro front, the Conference Board's Consumer Confidence Index, the latest indicator of the strength of the U.S. economy, fell to 100.2 in November from a revised 102.2 reading in October.

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