Indices trade with limited losses; market breadth remains strong

The key equity benchmarks traded with limited losses in early traded as some bit of selling was witnessed in index pivotals. The Nifty traded below the 18,700 mark. Barring metals, shares across sectors mostly declined, with FMCG, IT and auto shares falling the most.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 151.91 points or 0.24% to 62,716.59. The Nifty 50 index shed 34.55 points or 0.18% to 18,661.55.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.02% while the S&P BSE Small-Cap index added 0.56%.

The market breadth was strong. On the BSE, 2015 shares rose and 807 shares fell. A total of 173 shares were unchanged.

On the political front, Gujarat Assembly Elections will be closely watched. The second phase of polling is being held today, 5 December 2022. The first phase of assembly polls in Gujarat was held on 1 December 2022. The results will be declared on 8 December 2022.

Stocks in Spotlight:

State Bank of India (SBI) rose 0.24%. The state-run lender on Friday (2 December) said it has raised Rs 10,000 crore through its maiden infrastructure bonds, offering a coupon rate of 7.51%. The tenor of these bonds is 10 years. The amount raised through these bonds will be utilized in enhancing long term resources for funding infrastructure and affordable housing segments.

Mahindra & Mahindra Financial Services added 0.85%, The NBFC said that it has recorded a disbursement of approximately Rs 4,500 crore in November 2022, delivering a 75% year on year (YoY) growth.

Edelweiss Financial Services jumped 5%. The company said that CRISIL Ratings has assigned 'CRISIL AA-/Negative' rating to the non-convertible debentures (NCDs) of the company.

SJVN advanced 4.33%. The company, through its wholly owned subsidiary, SJVN Green Energy, secured 200 megawatt (MW) solar power project from Maharashtra State Electricity Distribution Company (MSEDCL).

Global Markets:

Asian stocks are trading higher on Monday as China relaxed virus testing rules in some cities, signaling more easing may come in the nation, which has been under strict Covid-related restrictions for more than two years.

The Caixin/S&P Global services Purchasing Managers' Index for November came in at 46.7, representing the lowest reading in six months. The print also marks the third consecutive month of contraction in output and new work, after October's reading came in at 48.4, while September's print was 49.3.

US stocks cut much of their earlier losses Friday as investors looked past hotter-than-expected labor data to the upcoming Federal Reserve meeting.

Job growth was stronger than expected in November despite the Federal Reserve's efforts to cool the labor market. Nonfarm payrolls grew by 263,000 last month while the unemployment rate was unchanged at 3.7%, according to the Labor Department on Friday.

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