Market Commentary - Mid-Session
Benchmarks nudge higher; Nifty above 23,550 mark As on : 14-Nov-24  09:33

The key equity indices traded with small gains in early trade. The Nifty traded above the 23,550 mark. Media, PSU bank and bank stocks advanced while FMCG and oil & gas shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 63.78 points or 0.09% to 77,796.47. The Nifty 50 index rose 21.45 points or 0.09% to 23,580.50.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.80% and the S&P BSE Small-Cap index advanced 1.33%.

The market breadth was strong. On the BSE, 2,062 shares rose and 815 shares fell. A total of 120 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,502.58 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 6,145.24 crore in the Indian equity market on 13 November 2024, provisional data showed.

Stocks in Spotlight:

Eicher Motors jumped 7.04% after the company's consolidated net profit increased 8.27% to Rs 1,100.33 crore on 3.8% increase in revenue from operations to Rs 4,186.38 crore in Q2 FY25 over Q2 FY24.

Astrazeneca Pharma fell 2.10% after the company's consolidated net profit fell 5.6% to Rs 38.43 crore despite of 31.2% increase in revenue from operations to Rs 408 crore in Q2 FY25 over Q2 FY24.

Godrej Industries rallied 4.38% after the company's consolidated net profit surged 229.5% to Rs 287.62 crore in Q2 FY25 as compared with Rs 87.30 crore in Q2 FY24. Revenue from operations jumped 22% YoY to Rs 4,804.96 crore in Q2 FY25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.85% to 6.930 as compared with previous close 6.917.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4025, compared with its close of 84.3950 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.87% to Rs 73,833.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.14% to 106.62.

The United States 10-year bond yield rose 0.61% to 4.480.

In the commodities market, Brent crude for January 2024 settlement lost 25 cents or 0.35% to $72.03 a barrel.

Global Markets:

Asian stocks traded mixed on Thursday after the U.S. October consumer price index reading reinforced expectations that the Fed would cuts rates again in December.

The initial post-election rally in US equities appears to be waning. On Wednesday, the Dow Jones Industrial Average added 0.11%, while the S&P 500 index climbed 0.02%, and the NASDAQ Composite index lost 0.23%.

US consumer price index (CPI) data for October came in line with expectations, but still indicated persistent inflationary pressures. The annual CPI rose to 2.6% from 2.4% in September. Core CPI, which excludes volatile food and energy prices, increased to 3.3% year-over-year.

While these figures still support the case for a December rate cut by the Federal Reserve, the longer-term outlook for interest rates remains uncertain, especially given the potential inflationary impact of Trump's policies.

Investors are now awaiting a speech by Fed Chair Jerome Powell for further guidance on monetary policy. The Fed cut rates by 25 basis points last week and reaffirmed its data-dependent approach to future easing.

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