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Indices edge higher; market breadth in favour of buyers

Capital Market 

The domestic equities opened higher during early morning trade, despite SGX Nifty indicating a negative start to the day. The Nifty index hovered above 17,400 level. Support from IT and Pharma stocks boosted the index.

At 9:30 IST, the barometer index, the S&P BSE Sensex, rose 52.08 points or 0.09% at 58,393.07. The Nifty 50 index gained 20.95 points or 0.12% at 17,436.

In the broader market, the S&P BSE Mid-Cap index added 0.28% while the S&P BSE Small-Cap index rose 0.44%.

The market breadth was strong. On the BSE, 1,585 shares rose and 605 shares fell. A total of 74 shares were unchanged.

Stocks in Spotlight:

Reliance Industries (RIL) rose 1.05% after the board decided to implement a scheme of arrangement to transfer gasification undertaking into a wholly-owned subsidiary (WOS). The board has accordingly approved a scheme to transfer the gasification undertaking as a going concern on slump sale basis for a lump sum consideration equal to the carrying value as on the appointed date.

Pidilite Industries added 0.05%. Madhumala Ventures (Madhumala), a wholly owned subsidiary of the company, has agreed to make an investment of Rs. 1.56 crores in Constrobot Robotics (the investee company) which is engaged in the business of research, development, manufacturing and trading of robotic equipment and related software to be used in construction activities.

63 Moons Technologies gained 1.93% after the firm informed that its wholly-owned subsidiary Tickerplant (presently not a material subsidiary) is proposing to raise funds by way of private placement offer of its equity shares to meet its business requirements.

Global Markets:

Asian stocks are trading mixed on Thursday, 25 November 2021 as investors reacted to the Bank of Korea's rate decision. The Bank of Korea raised its policy rate by 25 basis points to 1%, a move that was largely expected.

U.S. stocks pushed modestly higher on Wednesday as the recent jump in bond yields took a breather, allowing tech stocks to recover. The meetings from the latest Fed meeting, released on Wednesday, showed that the central bankers were ready to accelerate the timetable for slowing asset purchases and raising the benchmark funds rate if inflation remains high.

U.S. markets will be closed for the Thanksgiving holiday on Thursday. The stock market closes early on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 25 2021. 09:27 IST