Nifty scales above 24,500; consumer durables shares advance

The headline equity indices continued to trade with robust gains in mid-afternoon trade as a clearer picture regarding the US Presidential elections emerges, traders are more confident regarding former President Donald Trump clinching victory. The Nifty scaled above the 24,500 level. Consumer durables shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex surged 1,036.32 points or 1.30% to 80,512.95. The Nifty 50 index jumped 311.30 points or 1.29% to 24,524.60.

In the broader market, the S&P BSE Mid-Cap index surged 2.13% and the S&P BSE Small-Cap index jumped 1.88%.

The market breadth was strong. On the BSE, 3,026 shares rose and 910 shares fell. A total of 96 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 7.64% to 14.89.

Economy:

India's services activity growth recovered from September's ten-month low on sharper expansion in output and new business, final data from S&P Global showed on Wednesday. The HSBC final services Purchasing Managers' Index registered 58.5 in October, up from 57.7 in September. The flash score was 57.9.

New business growth accelerated from a ten-month low seen in September. Driven by strengthening demand from Africa, Asia, the US, the Middle East and the UK, new export sales recovered in October. Services employment increased at the quickest pace in 26 months. A sustained improvement in new business induced firms to hire full and part-time workers.

Regarding prices, the survey showed that input price inflation hit a three-month high and output price inflation picked up to the strongest since July and outpaced the series trend.

Indian private sector activity increased to a greater extent in October, owing to stronger growth at both goods producers and service providers. The HSBC composite output index rose to 59.1 from September's ten-month low of 58.3. The final score was above the initial estimate of 58.6.

Buzzing Index:

The Nifty Consumer Durables index jumped 2.08% to 40,113.55. The index rallied 2.49% in two consecutive trading sessions.

Dixon Technologies (India) (up 7.77%), Kalyan Jewellers India (up 5.77%), Crompton Greaves Consumer Electricals (up 3.68%), Voltas (up 2.8%), Havells India (up 2.7%), Amber Enterprises India (up 2.22%), Rajesh Exports (up 1.47%), Blue Star (up 1.15%), Cera Sanitaryware (up 0.42%) and Kajaria Ceramics (up 0.40%) advanced.

On the other hand, Titan Company (down 1.15%), V-Guard Industries (down 0.52%) and Century Plyboards (India) (down 0.22%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.04% to 6.906 as compared with previous close 6.911.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.2450, compared with its close of 84.0975 during the previous trading session.

MCX Gold futures for 5 Dec 2024 settlement fell 0.51% to Rs 78,110.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 1.31% to 104.78.

The United States 10-year bond yield jumped 2.75% to 4.397.

In the commodities market, Brent crude for Jan 2025 settlement lost $1.30 or 1.72% to $74.23 a barrel.

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