Sensex up 497 points; consumer durable shares rally

Equity indices were trading at the day's high with decent gains in mid afternoon trade. The Nifty traded above the 18,050 level. At 14:28 IST, the barometer index, the S&P BSE Sensex, surged 497.87 points or 0.83% at 60,565.97. The Nifty 50 index rose 148.95 points or 0.83% at 18,065.75.

In the broader market, the S&P BSE Mid-Cap index added 1.04% while the S&P BSE Small-Cap index rose 0.67%.

The market breadth was positive. On the BSE, 1,774 shares rose and 1,521 shares fell. A total of 207 shares were unchanged.

Buzzing Index:

The Nifty Consumer Durable index jumped 2.13% to 29,696.1, rising for second trading session. The consumer durable index added 2.1% in two days.

Whirlpool of India (up 10.58%), Titan Company (up 4.33%), Bata India (up 4.11%), Orient Electric (up 2.41%), Havells India (up 2.14%), Voltas (up 1.35%) and Blue Star Company (up 1.33%) were top gainers in consumer durable space.

Stocks in Spotlight:

Canara Bank advanced 3.67% to Rs 237.20 after ICRA upgraded the rating of bank's Basel-III Tier-II bonds worth Rs 7900 crore to 'ICRA AAA (Stable)' from 'ICRA AA+(hyb) (Stable)'. The credit ratings agency has also upgraded its ratings on the Basel III Additional Tier l bonds worth Rs 1500 crore to 'ICRA AA+ (Stable)' from 'ICRA AA (hyb) (Stable)'.

Olectra Greentech rose 2.96% to Rs 650 after the company said its consortium has received letter of award from a state transport corporation for 100 electric buses under FAME-II scheme of Government of India. The consortium of Olectra Greentech and Evey Trans (EVEY) will supply 100 electric buses on Gross Cost Contract (GCC) / OPEX model basis. Value of this contract is approximately Rs 140 crore to the company.

Numbers to Track:

MCX Gold futures for 3 December 2021 settlement fell 0.02% to Rs 47,964.

The yield on India's 10-year benchmark federal paper fell to 6.317% from its previous close of 6.357%.

In the commodities market, Brent crude for January 2022 settlement rose 89 cents or 1.08% to $83.61 a barrel.

In the foreign exchange market, the partially convertible rupee rose to 74.07 from its previous closing of 74.46.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 94.293.

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