Market Commentary - Mid-Session
Barometers nudge lower; breadth strong As on : 07-Nov-24  09:38

The domestic equity benchmarks traded with modest losses in early trade. The Nifty traded below the 24,400 level. Metal, financial services and private bank shares declined while PSU bank, media and realty stocks advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex slipped 396.94 points or 0.49% to 79,981.47. The Nifty 50 index declined 112.45 points or 0.50% to 24,361.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.04% and the S&P BSE Small-Cap index declined 0.02%.

The market breadth was strong. On the BSE, 1,868 shares rose and 1,108 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,445.59 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,889.33 crore in the Indian equity market on 5 November 2024, provisional data showed.

Stocks in Spotlight:

Apollo Hospitals Enterprise jumped 5.40% after the company reported 62.64% surge in consolidated net profit to Rs 378.8 crore in Q2 FY25 as against Rs 232.9 crore posted in Q2 FY24. Revenue from operations increased 15.31% year on year (YoY) to Rs 5,589.3 crore in the quarter ended 30 September 2024.

Tata Steel added 1.63%. The company reported consolidated net profit of Rs 758.84 crore in Q2 FY25 as compared with net loss of Rs 6,511.16 crore in Q2 FY24. Revenue fell 3.19% YoY to Rs 53,904.71 crore during the quarter.

Sonata Software rose 0.67%. The company's consolidated net profit increased marginally 0.81% to Rs 106.49 crore in Q2 FY25 as compared with Rs 105.63 crore in Q1 FY25. Revenue declined 14.13% QoQ to Rs 2,170 crore in Q2 FY25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.07% to 6.906 as compared with previous close 6.911.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.2950, compared with its close of 84.3150 during the previous trading session.

MCX Gold futures for 5 Dec 2024 settlement fell 0.27% to Rs 76,450.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 105.

The United States 10-year bond yield added 0.03% to to 4.434.

In the commodities market, Brent crude for Jan 2025 settlement gained 64 cents or 0.85% to $75.56 a barrel.

Global Markets:

The Dow Jones index future was up 94 points, signaling a positive opening for U.S. stocks today.

Asian stocks traded mixed on Thursday as the initial rally driven by Donald Trump's victory in the 2024 U.S. election began to lose momentum. The focus is now on potential stimulus measures from China and an upcoming Federal Reserve meeting.

While most Asian markets saw significant gains on Wednesday, Chinese stocks were more subdued due to concerns over potential strict trade tariffs. Trump has pledged to impose a 60% tariff on all Chinese imports. Attention is now on the meeting of China's National People's Congress, which began earlier this week, for insights into possible fiscal stimulus measures.

Regional markets received limited positive influence from a strong session on Wall Street, where U.S. benchmark indexes reached record levels following Trump's victory. The S&P 500 increased by 2.5% to a record high of 5,929.04 points, the NASDAQ Composite rose 2.9% to 18,978.65 points, and the Dow Jones Industrial Average surged 3.6% to 43,729.93 points, marking its best day since 2022.

Trump Media & Technology Group, owner of the Truth Social platform, saw its shares rise by 6%. Tesla's stock jumped over 14%, as the company is perceived as a major beneficiary of Trump's win, partly due to Elon Musk's support of Trump's campaign. Financial stocks like Citigroup, Bank of America, and Wells Fargo experienced strong gains as investors speculated that Trump's presidency would lead to decreased regulation in the banking sector.

Investors are now awaiting the outcome of a Federal Reserve meeting later on Thursday for more guidance on interest rates. The Fed is expected to cut rates by 25 basis points, though the outlook remains uncertain amid Trump's presidency and persistent inflationary pressures.

Powered by Capital Market - Live News