Market Commentary - Mid-Session
Barometers trade sideways; breadth strong As on : 24-Oct-24  09:34

The key equity benchmarks traded sideways in early trade. The Nifty traded below the 24,450 mark. FMCG, Metal and IT shares declined while Realty, Pharma and media stocks advanced. Trading could be volatile due to weekly F&O series expiry today.

At 09:30 IST, the barometer index, the S&P BSE Sensex, advanced 41.91 points or 0.04% to 80,10179. The Nifty 50 index fell 3.95 points or 0.02% to 24,431.55.

In the broader market, the S&P BSE Mid-Cap index added 0.19% and the S&P BSE Small-Cap index gained 0.21%.

The market breadth was strong. On the BSE, 1,547 shares rose and 1,300 shares fell. A total of 107 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,684.63 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 6,039.90 crore in the Indian equity market on 23 October 2024, provisional data showed.

Stocks in Spotlight:

Hindustan Unilever (HUL) declined 5.37% after the company reported 3.86% decline in standalone net profit to Rs 2,612 crore on 1.94% increase in revenue from operations to Rs 15,319 crore in Q2 FY25 over Q2 FY24.

Meanwhile, the company's board declared an interim dividend of Rs 19 per share for FY25. It has also declared a special dividend of Rs 10 per share. Further, the committee of independent directors decided to separate the company's ice cream business.

AU Small Finance Bank rose 1.83% after the company's standalone net profit jumped 42.2% to Rs 571 crore in Q2 FY25 as compared with Rs 402 crore in Q2 FY24. Net interest income increased 58% YoY to Rs 1,974 crore.

Karnataka Bank fell 2.83%. The company reported 1.75% increase in standalone net profit to Rs 336 crore in Q2 FY25 as compared with Rs 330 crore in corresponding quarter last year. Net interest income rose 1% YoY to Rs 834 crore during the quarter.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 1.52% to 6.927 from previous close of 6.936.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0675, compared with its close of 84.0775 during the previous trading session.

MCX Gold futures for 31 October 2024 settlement rose 0.21% to Rs 77,644.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 104.36.

The United States 10-year bond yield fell 0.35% to 4.233.

In the commodities market, Brent crude for December 2024 settlement added 94 cents or 1.25% to $75.90 a barrel.

Global Market:

The Dow Jones index futures were down 50 points, indicating a negative opening in the US stocks today.

Most Asian shares traded mixed. South Korea GDP expanded 0.1% in the third quarter from the previous one, narrowly avoiding a technical recession, following a 0.2% contraction in the second quarter. On a year-on-year basis, South Korea's economy grew 1.5%.

Japanese business activity shrank in October. The au jibun bank flash manufacturing PMI fell to 49.0 in October from 49.7 in September. A reading below 50 indicates contraction, with the sector shrinking for a third consecutive month. The au jibun bank flash services PMI slid to 49.3 in October from 53.1 in the prior month, falling into contraction for the first time since June. The fall in services activity saw the composite PMI for October drop to 49.4 from 52.0 in the prior month.

US stocks fell sharply on Wednesday, with the Dow Jones Industrial Average posting its worst day in more than a month, as higher Treasury yields weighed on market sentiment.

The S&P 500 lost 0.92%. The 30-stock Dow plunged 0.96%, ending the day's session at 42,514.95. It was the worst day since early September for the blue-chip index. The Nasdaq Composite lost 1.6%. Both the Dow and S&P 500 notched their third straight losing session.

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