Market Commentary - Mid-Session
Benchmarks nudge higher; Sensex adds 191 pts As on : 15-Oct-24  09:36

The domestic equity indices traded with minor gains in early trade. The Nifty traded above the 25,150 mark. Media, IT and PSU bank shares advanced while metal, auto and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 190.86 points or 0.23% to 82,165.60. The Nifty 50 index rose 49.50 points or 0.20% to 25,177.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% and the S&P BSE Small-Cap index added 0.53%.

The market breadth was strong. On the BSE, 1,882 shares rose and 956 shares fell. A total of 125 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,731.59 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,278.09 crore in the Indian equity market on 14 October 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth over Rs 66647.58 crore (so far) in the secondary market during October 2024. This follows their purchase of shares worth Rs 46,552.40 crore in September 2024.

Economy:

The Government of India (GoI) has announced the sale (re-issue) of (i) '7.02% Government Security 2031' for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method, (ii) '7.23% Government Security 2039' for a notified amount of Rs 13,000 crore (nominal) through price based auction using multiple price method and (iii) '7.09% Government Security 2054' for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 18, 2024 (Friday). Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Stocks in Spotlight:

HCL Technologies rose 0.91%. The company's consolidated net profit fell 0.52% to Rs 4,237 crore in Q2 FY25 as compared with Rs 4,259 crore in Q1 FY25. Revenue from operations increased 2.87% YoY to Rs 28,862 crore during the quarter. The board of HCL Tech has declared an interim dividend of Rs 12 per equity share for the financial year 2024-25. The record date is fixed on 22 October 2024 and the dividend will be paid on 30 October 2024.

Angel One surged 8.30% after the company's consolidated net profit jumped 39.4% to Rs 423 crore on 44.56% increase in revenue to Rs 1,516 crore in Q2 FY25 over Q2 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.71% to 6.898 as compared with previous close 6.894.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0725, compared with its close of 84.0500 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement shed 0.09% to Rs 75,980.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.24.

The United States 10-year bond yield declined 0.90% to 4.088.

In the commodities market, Brent crude for December 2024 settlement slipped $2.16 or 2.79% to $75.30 a barrel.

Global Markets:

US Dow Jones index futures were up 60 points in Asian trade, with focus turning to a string of key Q3 earnings due this week.

Asian stocks traded higher up on Tuesday tracking record highs on Wall Street as the third-quarter earnings season approached, while Chinese stocks fell amid waning optimism over new fiscal stimulus.

Investors assessed trade data out of South Korea, which showed trade surplus surging to $6.7 billion in September, up from $3.7 billion in August.

South Korea's Kospi as well as the small-cap Kosdaq were hovering near the flatline.

Japanese shares climbed as sentiment was buoyed by reports that Tokyo Metro raised $2.3 billion in the country's biggest initial public offering in six years.

A rally in technology shares spurred record highs on Wall Street on Monday, with focus turning to a string of key upcoming earnings and economic readings. The S&P 500 rose 0.77% to a record high of 5,859.85 points, while the Dow Jones Industrial Average rose 0.47% to a record high of 43,065.22 points on Monday. The NASDAQ Composite rose 0.87% to 18,502.64, and was back in sight of peaks hit earlier this year.

Investors will watch for crucial economic data this week, notably the September retail sales figures, for clues on the financial health of U.S. consumers.

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