Market Commentary - Mid-Session
Sensex, Nifty end with steep losses; Consumer Durables index tumbles As on : 25-Oct-24  16:22

The benchmark equity indices ended with major losses on Friday, sliding for the fifth consecutive session. The Nifty closed below the 24,200 level.

In the barometer index, the S&P BSE Sensex, dropped 662.87 points or 0.83% to 79,402.29. The Nifty 50 index slipped 218.60 points or 0.90% to 24,180.80.

In the broader market, the S&P BSE Mid-Cap index fell 1.48% and the S&P BSE Small-Cap index dropped 2.44%. The market breadth was weak.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 4.74% to 14.63.

Among the sectoral indices, the Nifty FMCG index (up 0.88%), the Nifty Healthcare index (up 0.43%) and the Nifty Pharma index (up 0.02%) outperformed the Nifty 50 index.

Meanwhile, the Nifty Consumer Durables index (down 2.60%), the Nifty Oil & Gas index (down 2.54%) and the Nifty Metal Index (down 2.42%) underperformed the Nifty 50 index.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 2.04% to 6.961 as compared with previous close 6.935.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0850, compared with its close of 84.0750 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement shed 0.48% to Rs 77,950.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 104.04.

The United States 10-year bond yield rose 0.05% to 4.203.

In the commodities market, Brent crude for December 2024 settlement added 51 cents or 0.69% to $74.89 a barrel.

Global Markets:

Most European stocks advanced while Asian shares ended mixed on Friday.

Japanese shares declined in anticipation of a hotly contested general election this Sunday. Concerns about potential currency market intervention by the Japanese government, as the yen approached three-month lows, also weighed on sentiment.

Soft inflation data further pressured the yen. The October headline Tokyo Consumer Price Index (CPI) rose 1.8% year-over-year (YoY), compared to 2.2% in the previous month, according to the Statistics Bureau of Japan.

U.S. equities were mixed on Thursday as investors prepared for a series of major tech earnings reports. Rising geopolitical tensions in the Middle East, with Israel threatening a strike against Iran, also dampened risk appetite. The Dow Jones Industrial Average fell 0.33%, while the S&P 500 rose 0.21%, and the NASDAQ Composite gained 0.76%.

Tesla led the broader market index, surging nearly 22% after reporting third-quarter results that exceeded expectations. This marked its best day since 2013. Whirlpool and UPS also climbed after posting strong results.

IBM dragged down the Dow, falling over 6% as its consulting revenue narrowly missed estimates. Boeing slipped 1.2% after its machinists rejected a new labor contract.

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