Sensex, Nifty off day's highs; private bank shares jump

The key equity benchmarks pared most of the gains and traded with moderate gains in mid-afternoon trade as investors turned cautious and resorted to profit booking at higher levels. The cautious undertone persisted despite easing crude oil prices from elevated levels and continued foreign fund inflows. The Nifty traded near the 25,200 mark.

Private Bank shares climbed for two consecutive trading sessions.

At 14:25 IST, the barometer index, the S&P BSE Sensex advanced 622 points or 0.81% to 81,727.57. The Nifty 50 index 162.60 points or 0.65% to 25,209.85.

In the broader market, the Nifty MidCap 150 Index rose 0.63% and the Nifty SmallCap 250 Index added 1.31%.

The market breadth was strong. On the NSE, 2,541 shares rose and 1,064 shares fell. A total of 111 shares were unchanged.

Economy:

Moody?s Ratings raised India?s FY27 GDP growth forecast to 7% from 6.5%, citing resilient domestic consumption, improving investment activity and the economy?s ability to absorb the energy supply shock triggered by the Iran war. The agency said diversified crude oil and natural gas supplies, along with support from state-backed oil marketing companies and tax cuts, had cushioned the impact of higher energy prices. It also pointed to strong capital goods production, rising industrial credit and higher capacity utilisation as signs of a potential recovery in private investment. However, risks include widening price pressures, a deficient monsoon and tighter monetary policy.

Buzzing Index:

The Nifty Private Bank index jumped 1.29% to 29,990.80. The index rose 2.04% in two consecutive trading sessions.

Federal Bank (up 4.68%), IDFC First Bank (up 2.75%), RBL Bank (up 2.45%), Axis Bank (up 2.13%), Yes Bank (up 1.76%) IndusInd Bank (up 1.3%), Bandhan Bank (up 1.04%), HDFC Bank (up 1.01%), Kotak Mahindra Bank (up 0.75%) surged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.59% to 7.198 compared with the previous session close of 7.156.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 93.7300 compared with its close of 93.7700 during the previous trading session.

MCX Gold futures for 4 December 2026 settlement rose 0.84% to Rs 1,41,705.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.44% to 102.42.

The United States 10-year bond yield added 0.44% to 5.006.

In the commodities market, Brent crude for December 2026 settlement rose 58 cents or 0.63% to $92.07 a barrel. Crude oil prices recovered on Wednesday after falling to two-month lows in the previous session.

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