The benchmark indices traded in a range during mid-afternoon trade. The Nifty held above 17,500 mark. However, rising COVID-19 cases in Europe kept investor's sentiment in check.
At 14:30 IST, the barometer index, the S&P BSE Sensex, rose 459.65 points or 0.79% at 58,800.64. The Nifty 50 index gained 109.35 points or 0.63% at 17,524.40.
In the broader market, the S&P BSE Mid-Cap index added 0.30% while the S&P BSE Small-Cap index rose 0.68%.
The market breadth was strong. On the BSE, 2,014 shares rose and 1,214 shares fell. A total of 133 shares were unchanged.
Economy:
A report issued by economists at HDFC Bank, which released on Wednesday, said: "India's GDP will show a 7.8% expansion on a year-on-year basis for the September 2021 quarter. Real GDP will grow 9.4% in FY22 and decelerate to 7.5% for FY23 as the base effects result in the higher growth in the ongoing fiscal wear-off."
In FY21, the GDP had contracted 7.3% due to the pandemic. For FY22, the RBI expects GDP to clock a growth of 9.5%, which will slow to 7.8% in FY23. The GDP had expanded by over 20% for the first quarter on the lower base. The official data for the second quarter is set to be released on 30 November 2021.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.369% as compared with 6.367% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.50, compared with its close of 74.40 during the previous trading session.
MCX Gold futures for 3 December 2021 settlement rose 0.22% to Rs 47,544.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.20% to 96.68.
In the commodities market, Brent crude for January 2022 settlement rose 7 cents at $82.32 a barrel.
Buzzing Index:
The Nifty Media index rose 1.11% to 2,305.00. The index added 5.51% in three trading sessions.
Nazara Technologies (up 4.81%), Hathway Cable & Datacom (up 2.38%), Network18 Media & Investments (up 1.90%), Inox Leisure (up 1.82%) and Saregama India (up 1.39%) were the top gainers in the Media segment.
Global Markets:
European stocks advanced across the board on Thursday, 25 November 2021 as investors continued to monitor the acute COVID-19 crisis in the region this week amid rising infections that have prompted a handful of countries to introduce new COVID-19 restrictions.
Most Asian closed on a mixed note on Thursday. The Bank of Korea raised its policy rate by 25 basis points to 1%, a move that was largely expected. The prices Japanese companies charge each other for services rose 1.0% in October from a year earlier, their eighth straight month of gains and a sign inflationary pressure was building due to higher global commodity costs.
The services producer price index hit 105.4 in October, the highest since November 2001, Bank of Japan (BOJ) data showed on Thursday.
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. The 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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