Market Commentary - Mid-Session
Benchmarks nudge lower; breadth positive As on : 18-Nov-24  09:34

The key equity indices traded with limited losses in early trade. The Nifty traded below the 23,500 level. IT, media and oil & gas shares declined while metal, realty and consumer durables stocks advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 249.42 points or 0.31% to 77,365.72. The Nifty 50 index fell 63.80 points or 0.27% to 23,468.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.06% and the S&P BSE Small-Cap index fell 0.21%.

The market breadth was positive. On the BSE, 1,618 shares rose and 1,515 shares fell. A total of 152 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,849.87 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,481.81 crore in the Indian equity market on 14 November 2024, provisional data showed.

Stocks in Spotlight:

Hero Motocorp jumped 4.25% after the company reported 14.2% increase in consolidated net profit to Rs 1,203.54 crore on 10.8% rise in revenue from operations to Rs 10,463.21 crore in Q2 FY25 over Q2 FY24.

Nazara Technologies slipped 2.41% after the company reported a 47.56% decline in consolidated net profit from continuing operations to Rs 11.80 crore despite 7.3% increase in revenue from operations to Rs 318.94 crore in Q2 FY25 over Q2 FY24.

Lemon Tree Hotels shed 0.25%. The company's consolidated net profit jumped 32.79% to Rs 35.03 crore on 23.96% increase in revenue from operations to Rs 284.36 crore in Q2 FY25 over Q2 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.10% to 6.820 as compared with previous close 6.827.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.3800, compared with its close of 84.4600 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.83% to Rs 74,562.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 106.75.

The United States 10-year bond yield rose 0.29% to 4.442.

In the commodities market, Brent crude for January 2024 settlement gained 35 cents or 0.49% to $71.39 a barrel.

Global Markets:

Asian stocks traded mixed on Monday as investors tempered expectations for Federal Reserve interest rate cuts following recent signs of US economic resilience.

Japanese and Australian shares fell. South Korea's benchmark bucked the trend, led by Samsung Electronics Co.'s rally after it announced a stock buyback plan.

Later on Monday, traders will be watching a speech and media briefing by Bank of Japan Governor Kazuo Ueda for clues on the central bank's next policy move, particularly regarding the weakening yen.

United States equities were lower at the close on Friday, as the post-election rally faded. Strong economic data fueled concerns about fewer Fed rate cuts. At the close in NYSE, the Dow Jones Industrial Average lost 0.70%, while the S&P 500 index declined 1.32%, and the NASDAQ Composite index fell 2.25%.

Applied Materials dropped 9% after a disappointing earnings report, citing slowing demand from China.

US retail sales increased slightly more than expected in October, rising 0.4% last month above the 0.3% expected, and compared with the upwardly revised 0.8% advance in September. Robust consumer spending helped the economy maintain its strong pace of growth last quarter.

At the same time, US import prices unexpectedly rose in October, rebounding 0.3% last month after an unrevised 0.4% decline in September, the latest indication of lack of progress lowering inflation in recent months.

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