Market trade at day's high; auto shares rally

The frontline indices traded with substantial gains in mid-afternoon trade. The Nifty further marched above the 23,850 mark. Auto shares advanced after declining in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, surged 1,726 points or 2.24% to 78,872.47. The Nifty 50 index soared 506.40 points or 2.17% to 23,856.30.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index jumped 1.29% and the S&P BSE Small-Cap index rallied 0.92%.

The market breadth was strong. On the BSE, 2,419 shares rose and 1,459 shares fell. A total of 128 shares were unchanged.

Economy:

The HSBC Flash India Composite Output Index stood at 59.5 in November as compared with 59.1 recorded in October, indicating a sharp rate of expansion that was the strongest in three months and above its long-run average.

The HSBC flash India services PMI business activity index stood 59.2 in November as against 58.5 in October 2024. The HSBC India Manufacturing PMI data stood at 57.3 in November, down marginally from 57.5 in October. The HSBC Flash India Manufacturing PMI Output Index fell to 60.2 in November as against 60.4 in October 2024

Buzzing Index:

The Nifty Auto index jumped 2.01% to 23,611.05. The index fell 1.02% in the past trading session.

Apollo Tyres (up 2.57%), Samvardhana Motherson International (up 2.48%), Ashok Leyland (up 2.38%), Mahindra & Mahindra (up 1.98%), Exide Industries (up 1.97%), Tata Motors (up 1.87%), Bharat Forge (up 1.87%), Balkrishna Industries (up 1.81%), Maruti Suzuki India (up 1.74%) and Eicher Motors (up 1.55%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.29% to 6.971 as compared with previous close 6.951.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4625, compared with its close of 84.5075 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.88% to Rs 77,370.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 107.05.

The United States 10-year bond yield fell 0.79% to 4.399.

In the commodities market, Brent crude for November 2024 settlement gained 42 cents or 0.57% to $74.65 a barrel.