Market Commentary - Mid-Session
Indices nudge lower; Nifty trades below 24,300 As on : 31-Oct-24  09:34

The frontline indices traded with limited losses in early trade. The Nifty traded below the 24,300 level. Pharma, media and private bank shares advanced while IT, consumer durables and FMCG shares declined. Trading could be volatile due to monthly F&O series expiry today.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 249.33 points or 0.31% to 79,677.18. The Nifty 50 index lost 66.90 points or 0.27% to 24,273.95.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.04% and the S&P BSE Small-Cap index added 1.84%.

The market breadth was strong. On the BSE, 1,410 shares rose and 507 shares fell. A total of 123 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,613.65 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,518.28 crore in the Indian equity market on 30 October 2024, provisional data showed.

Both, BSE and NSE will conduct the Muhurat trading session on Friday, 1 November, from 6:00 pm to 7:00 pm. While markets remain closed during the day, this evening session allows investors to make token investments, following a long-standing custom of trading during Diwali.

Stocks in Spotlight:

Tata Power Company rose 0.29%. The company's consolidated net profit rose 7.47% to Rs 1093 crore on 0.26% increase in revenue from operations to Rs 15,698 crore in Q2 FY25 over Q2 FY24. Meanwhile, the company filed insurance claim worth Rs 221 crore for damages incurred due to dire incident in September and received Rs 50 crore advance, final settlement to be determined on completion of assessment.

Larsen & Toubro jumped 5.09% after the company reported 6.69% increase in consolidated net profit to Rs 4,113crore during the quarter as compared with Rs 3,855 crore posted in corresponding quarter last year. Revenue jumped 20.63% YoY to Rs 61,554 crore during the quarter.

Biocon fell 2.12% after the company's consolidated net profit declined 84.3% to Rs 72 crore in Q2 FY25 from 172 crore in Q2 FY24. Revenue increased 3.6% YoY to Rs 3,590 crore during the quarter. Meanwhile, the company's drug substance facility in Bengaluru has been classified as voluntary action indicated by US Food and Drug Administration (USFDA).

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.43% to 6.945 as compared with previous close 6.945.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0800, compared with its close of 84.0850 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.09% to Rs 79,660.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 104.11.

The United States 10-year bond yield added 0.49% to 4.290.

In the commodities market, Brent crude for April 2024 settlement added 45 cents or 0.62% to $73 a barrel.

Global Markets:

The US Dow Jones index futures is currently down by 63 points, signaling a negative opening for US stocks today.

Most Asian stocks traded higher on Thursday as investors look to the Bank of Japan's rate decision, as well as key business activity figures from China.

The BOJ held its benchmark policy rate at 0.25%, unchanged from the previous meeting. The bank released a two-line statement simply stating the decision, with no clues on the timing of its next rate hike.

In China, the country's manufacturing purchasing managers index flipped into expansion territory for the first time since April, with the National Bureau of Statistics revealing the manufacturing PMI came in at 50.1.

In the US, stocks rallied on Wednesday, with the tech-heavy Nasdaq Composite reaching a new record high, driven by strong earnings from Alphabet. The Dow Jones Industrial Average gained 0.51%, the S&P 500 rose 0.29%, and the Nasdaq Composite climbed 0.24%.

Economic data released on Wednesday showed that the US economy grew at an annual rate of 2.8% in the third quarter, supported by consumer spending and government expenditure. However, this was a slowdown from the second quarter's 3% pace. Additionally, US private payrolls surged by 233,000 jobs in October, exceeding expectations.

Market participants are cautiously looking ahead to a crucial week, which includes the release of US non-farm payrolls data on Friday, the presidential election next Tuesday, and a Federal Reserve policy decision next Thursday. Gold prices continued to climb, reaching a new record high.

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