Newsmen Business Desk

November witnessed a substantial decrease in gold imports, nearly halving to $3.45 billion from October's $7.2 billion, and a 22% reduction in oil imports, totaling $13.71 billion due to falling crude prices. Electronic goods imports also notably dropped by around 17% to $6.49 billion.

Emerging markets, reaching a four-month high at $4 billion, were primarily buoyed by China's recovery and sustained investments in India, favoring predominantly large-cap funds.

PSU bank stocks extended gains for the 11th consecutive trading session, contributing to the market's robust performance.

Nifty closed near its day's peak, climbing by 274 points (+1.3%) to reach 21,456 levels on Friday. Sector-wise, there was a mixed performance, notably with buying observed in IT, PSU banks, metals, and oil & gas stocks.

The prevailing market sentiment continues to be bullish, underpinned by a robust foundation at 47,500. Any potential retracement toward this support level is perceived as a chance for investors to capitalize on buying opportunities.

This upswing follows a substantial increase of $6.107 billion in the preceding week, elevating the reserves to $604.042 billion—an achievement not surpassed since the week concluding on July 14.

Vinod Nair, Head of Research at Geojit Financial Services, noted that market buoyancy persists, driven by investor expectations that concerns over US economic growth will ease by the second half of CY24. Investors are optimistic that the economy will experience a soft landing, aided by the normalization of monetary policy.

The Ennore terminal, with a valuation of Rs 1,211 crore, including debt, is expected to conclude the transaction in the next three to four months, as stated in an official release by Adani Ports.

The platform offers over 60 connected functions, including proactive alerts, SOS/emergency assistance, trip history, remote vehicle status, and more. The success of Bluelink reflects the growing preference for vehicles with advanced connectivity features among Hyundai customers.

The move comes as part of India's strategy to diversify its sources of oil imports and secure supplies at competitive prices. The U.S. lifted sanctions on Venezuelan oil in October, prompting Indian refining companies to resume purchases.