Indices trade sideways; Nifty tad below 18,500

The key equity indices were trading sideways in early trade. The Nifty traded a tad below the 18,500 level. PSU bank, media and realty stocks advanced while FMCG, IT and pharma shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 31.86 points or 0.05% to 62,240.82. The Nifty 50 index added 10.85 points or 0.06% to 18,494.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index added 0.51%.

The market breadth was strong. On the BSE, 1,760 shares rose, and 899 shares fell. A total of 129 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,231.98 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 235.66 crore in the Indian equity market on 24 November, provisional data showed.

Stocks in Spotlight:

State Bank of India (SBI) rose 0.44%. A meeting of the Executive Committee of the Central Board of SBI is scheduled to be held on 29 November 2022 to seek approval for raising of Infrastructure Bonds up to an amount of Rs. 10,000 crore (including a green shoe option of Rs. 5,000 crores) through a public issue or private placement, during FY23.

Punjab National Bank (PNB) jumped 6.50%. PNB has received approval of DIPAM, Ministry of Finance, Government of India for divestment of bank's entire/part stake in UTI Asset Management Company in single or multiple tranches for realization of gain on investment. The timeline for making the divestment is yet to be finalized.

Lupin declined 0.63%. Lupin informed that the U.S. FDA inspected the company's Mandideep Unit-1 facility from 14 November 2022 to 23 November 2022. The inspection of the facility closed with issuance of a Form-483 with eight observations each for the Drug Product facility and API facility at the site.

Global markets:

Asian markets were trading mixed on Friday amid concerns over rising Covid cases in China and inflation in Japan.

Markets in the US were closed for the Thanksgiving holiday on Thursday and will close early on Friday.

Inflation in the euro area will hover around its current level over the next few months before starting to decline at some point during the first half of 2023, European Central Bank Vice President Luis de Guindos said on Thursday. Speaking at a financial event in Milan, de Guindos said inflation was likely at its peak or anyway close to it.

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