Market Commentary - Mid-Session
Nifty above 24,350 mark; breadth strong As on : 01-Nov-24  18:15

The key equity benchmarks traded with substantial gains on Muhrat Trading Day. The Nifty traded above the 24,350 mark. At 18:10 IST, the barometer index, the S&P BSE Sensex, advanced 488.95 points or 0.62% to 79,878.01. The Nifty 50 index added 147.35 points or 0.61% to 24,352.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.89% and the S&P BSE Small-Cap index jumped 1.30%.

The market breadth was strong. On the BSE, 2,853 shares rose and 331 shares fell. A total of 99 shares were unchanged.

Stocks in Spotlight:

Tata Motors rose 1.26% after the company said that it had registered total sales of 82,682 units in October 2024, which is lower by 0.33% as compared with 82,954 units sold in October 2023.

Maruti Suzuki India rose 0.63%. The company has reported 3.6% rise in total sales to 206,434 units in October 2024 from 199,217 units in October 2023.

TVS Motor Company added 0.97%. The company recorded monthly sales of 489,015 units in October 2024 with a growth of 13% as against 434,714 units in the month of October 2023.

Global Market:

The Dow Jones index futures were up 115 points, indicating a negative opening in the US stocks today.

European stock markets traded higher on Friday, with investors remaining cautious ahead of crucial US economic data and the upcoming presidential election.

In Asia, most stock markets declined, led by a 2.8% drop in Japan's Nikkei. The Bank of Japan maintained its benchmark interest rate at 0.25%, as expected. The Japanese yen weakened against the US dollar.

U.S. stocks closed lower on Thursday, with the Dow and S&P 500 cementing their first monthly loss since April as tech stocks sold off sharply and bond yields remained elevated. The S&P 500 climbed roughly 1.89%, while the Dow rose more than 0.9%, with both indexes trading at record highs. The tech-heavy Nasdaq Composite led the gains, up roughly 2.76%.

Microsoft and Meta Platforms highlighted growing artificial intelligence costs that could hit their earnings, curbing enthusiasm for megacaps that have fueled the market rally this year. Shares of Facebook-owner Meta Platforms slipped 4.1% and Microsoft fell 6%, despite both companies beating earnings estimates in results reported after the bell on Wednesday.

Investors are watching Friday for the closely followed employment data due in the morning.

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