Nifty marches towards 24,500; metal shares shine

The key equity indices traded with strong gains in the mid-afternoon trade. The Nifty scaled above the 24,450 mark. Metal shares extended gains for the third consecutive trading session.

At 14:28 IST, the barometer index, the S&P BSE Sensex jumped 662.38 points or 0.82% to 80,911.26. The Nifty 50 index rallied 194.30 points or 0.80% to 24,470.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.76% and the S&P BSE Small-Cap index rallied 0.95%.

The market breadth was strong. On the BSE, 2,698 shares rose and 1,216 shares fell. A total of 113 shares were unchanged.

Buzzing Index:

The Nifty Metal index gained 1.16% to 9,239.45. The index rallied 3.06% in three consecutive trading sessions.

Jindal Stainless (up 3.49%), APL Apollo Tubes (up 3.28%), Steel Authority of India (up 2.80%), Hindustan Copper (up 2.78%), Adani Enterprises (up 2.69%), NMDC (up 1.66%), Vedanta (up 1.26%), Jindal Steel & Power (up 0.87%), JSW Steel (up 0.45%) and Hindalco Industries (up 0.25%) advanced.

On the other hand, Ratnamani Metals & Tubes (down 0.61%), Welspun Corp (down 0.54%) and Hindustan Zinc (down 0.01%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.06% to 6.824 as compared with the previous close of 6.820.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.6875, compared with its close of 84.7250 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement added 0.03% to Rs 76,102.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 106.20.

The United States 10-year bond yield rose 0.50% to 4.214.

In the commodities market, Brent crude for the November 2024 settlement gained 55 cents or 0.77% to $72.38 a barrel.

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