Sensex, Nifty pare gains; media durables shares advance

The key equity benchmarks reversed all gains and traded with limited in the afternoon trade. The Nifty traded below 26,150 mark. Media, Financial Services and private bank shares advanced while oil & gas, PSU Bank and consumer durables shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex shed 99.81 points or 0.13% to 85,491.08. The Nifty 50 index fell 56 points or 0.21% to 26,148.75.

The Nifty 50 and the Sensex hit fresh all-time highs in morning trade at 26,306.95 and 86,026.18, respectively, while the Bank Nifty also scaled a new record high of 59,804.65.

In the broader market, the S&P BSE Mid-Cap index shed 0.32% and the S&P BSE Small-Cap index fell 0.48%.

The market breadth was negative. On the BSE, 1,823 shares rose and 2,164 shares fell. A total of 218 shares were unchanged.

Gainers & Losers:

Bajaj Finance (up 3.10%), Shriram Finance (up 1.13%), Hindustan Unilever (up 1.11%), Bajaj Finserv (up 1.01%) and ICICI Bank (up 0.99%) were the major Nifty50 gainers.

Eicher Motors (down 2.53%), Eternal (down 1.68%), Oil and Natural Gas Corporation (down 1.59%), Adani Enterprises (down 1.28%) and HDFC Life Insurance Company (down 1.23%) were the major Nifty50 losers.

Stocks in Spotlight:

Sterling and Wilson Renewable Energy rose 0.97%. The company has secured its second international project in South Africa this fiscal year, winning a turnkey EPC contract for a 240 MW AC Solar PV project worth $147 million (Rs 1,313 crore).

Pidilite Industries shed 0.77%. The company said that its wholly owned subsidiary Pidilite Ventures has announced a strategic investment in Printpanda India (MagicDecor), marking the companys latest foray into Indias rapidly growing home improvement sector.

Mini Diamonds India rose 0.46%. The company secured a fresh export order worth $2 million (around Rs 17.8 crore) from a Singapore-based customer for lab-grown cut & polished diamonds.

Brigade Enterprises fell 1.31%. The company said that it has signed a lease deed for 4.859 acres of land for a period of 90 years with Electronics Technology Parks for the development of IT infrastructure in Technopark Phase-I Thiruvananthapuram, Kerala.

Global Markets:

European markets opened mixed open on Thursday as investors take stock of the regional and global economic outlook.

Asian shares advanced after Wall Street gained overnight as Fed rate-cut hopes rose and tech stocks rebounded.

The Bank of Korea kept its benchmark interest rate unchanged at 2.5% for a fourth consecutive policy meeting, amid a weakened local currency and overheated housing market. The Korean won has weakened against the greenback in recent months to its lowest level since April.

Chinas industrial profits in October plunged 5.5% from a year earlier, government data showed Thursday. Profits for the first 10 months of the year rose 1.9% year-on-year, compared to the 3.2% rise in the January-to-September period.

Overnight, the key indexes in the U.S. logged four straight days of gains on rising hopes for a Federal Reserve interest rate cut in December. Investors reportedly expect an 85% chance of a quarter-percentage-point rate cut in December, up from 30% last week.

In yesterdays session, the Dow Jones Industrial Average gained 314.67 points, or 0.67%, to finish at 47,427.12. The S&P 500 climbed 0.69% to settle at 6,812.61, while the Nasdaq Composite increased 0.82% to close at 23,214.69.

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