Market Commentary - Mid-Session
Nifty trade above 25,950 mark; European mkt opens higher As on : 24-Sep-24  13:35

The key equity indices continued to trade near flat line in afternoon trade. The Nifty traded above the 25,950 mark after hitting the day's low of 25,886.85 in early trade. Metal, oil & gas and auto shares advanced while FMCG, realty and PSU bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex was up 62.84 points or 0.07% to 84,989.17. The Nifty 50 index rose 20.70 points or 0.08% to 25,959.80.

The Sensex and Nifty clocked an all-time high of 85,058.55 and 25,981.50, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index added 0.12% and the S&P BSE Small-Cap index rose 0.09%.

The S&P BSE Small-Cap index and S&P BSE Mid-Cap index hit an all-time high at 57,728.08 and 49,701.15, respectively.

The market breadth was negative. On the BSE, 1,913 shares rose and 1,937 shares fell. A total of 124 shares were unchanged.

Gainers & Losers:

Tata Steel (up 4.21%), Power Grid Corporation of India (up 2.54%), Hindalco Industries (up 2.04%), Oil and Natural Gas Corporation (ONGC) (up 1.51%) and Mahindra and Mahindra (up 1.08%) were major Nifty gainers.

UltraTech Cement (down 1.55%), Grasim Industries (down 1.54%), Hindustan Unilever (down 1.54%), SBI Life Insurance Company (down 1.49%) and LTIMindtree (down 1.22%) were major Nifty losers.

Power Grid Corporation of India advanced 2.54% after the company received a Letter of Intent (LoI) to establish an inter-state transmission system at Khavda pooling station in Gujarat, under BOOT basis.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.55%. The company's power transmission & distribution (PT&D) vertical secured 'Mega' order in the Middle East for expanding and strengthening the electricity grids at high voltage level.

Coal India added 0.82%. The company informed that it has entered into a joint venture agreement (JV) with Rajasthan Rajya Vidyut Utpadan Nigam (RRUVNL) to establish brownfield thermal power project in Rajasthan.

Firstsource Solutions jumped 6.01% after the company announced the acquisition of 100% stake in UK-based Ascensos for a consideration of GBP 42 million.

Sterling and Wilson Renewable Energy fell 2.09%. The company announced that it has received two new domestic orders from private independent power producers (IPPs) valued at approximately Rs 512 crore.

G R Infraprojects added 2.64% after the company said that it has emerged as lowest bidder (L-1) for a metro project worth Rs 903.534 crore awarded by Maharashtra Metro Rail Corporation, Nagpur (MMRC).

Global Markets:

European and Asian stocks advanced after Beijing announced a slew of policy easing measures in a rare briefing from central bank governor, Pan Gongsheng. The PBOC will cut the reserve requirement ratio for banks by 50 basis points, although it did not provide a specific timeline. It also announced it would cut the seven-day reverse repurchase rate from 1.7% to 1.5%.

The Wall Street ended higher on Tuesday, buoyed by hints from Federal Reserve policymakers suggesting further interest rate cuts.

Investors are now eagerly awaiting the release of the Federal Reserve's preferred inflation gauge and US personal spending data on Friday.

In Asia, speculation has intensified that Beijing is preparing to ramp up efforts to revive its economy. On Monday, Chinese authorities announced that central bank chief Pan Gongsheng would hold a press conference on Tuesday to discuss financial support for economic development. Shortly after, the People's Bank of China lowered the 14-day reverse repurchase rate, aligning with reductions implemented in July.

Meanwhile, Japan's manufacturing activity contracted more than expected in September due to ongoing production disruptions faced by major automakers. However, the services sector saw growth driven by strong consumer demand. The au Jibun Bank manufacturing purchasing managers index fell to 49.6 in early-September, indicating contraction for the third consecutive month.

In the United States, equities managed a slight gain Monday as traders analyzed comments from Federal Reserve policymakers and perceived room for further easing following the recent half-point interest rate cut. The S&P 500 rose by 0.28%, the Dow Jones Industrial Average (+0.15%) closed at a record high, and the Nasdaq 100 increased by 0.14%.

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