Market Commentary - Mid-Session
Barometers nudge higher; breadth strong As on : 11-Dec-24  09:35

The key equity indices traded with small gains in early trade. The Nifty traded above the 24,600 level. Media, realty and auto shares advanced while bank, private bank and IT stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex advanced 28.54 points or 0.04% to 81,538.59. The Nifty 50 index added 12.85 points or 0.05% to 24,622.90.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.13% and the S&P BSE Small-Cap index added 0.41%.

The market breadth was strong. On the BSE, 2,125 shares rose and 887 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,285.96 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 605.79 crore in the Indian equity market on 10 December 2024, provisional data showed.

Stocks in Spotlight:

HG Infra Engineering has received a letter of acceptance worth Rs 763 crore from the Ministry of Road Transport and Highways. The project involves the improvement and upgradation of a two-lane road with paved shoulders configuration for the newly declared NH227B, Bahuvan Madar Majha to Jagarnathpur, in Uttar Pradesh under Hybrid Annuity Mode (Package VI).

NTPC's wholly owned subsidiary, Renewable Energy (NTPC REL) has emerged as a successful bidder in the e-reverse auction conducted by the Solar Energy Corporation of India (SECI) for the development of 2000 MW ISTS connected Solar PV Power Projects.

BEML has secured a contract from the Ministry of Defence for supplying of a 50-Ton Trailer valued at Rs 83.51 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.73% to 6.821 as compared with previous close 6.814.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.8600, compared with its close of 84.8550 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement was added 0.69% to Rs 78,881.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 106.34.

The United States 10-year bond yield rose 0.40% to 4.240.

In the commodities market, Brent crude for February 2024 settlement added 40 cents or 0.55% to $72.59 a barrel.

Global Markets:

Asian markets traded mixed territory on Wednesday as investors eagerly awaited the release of key US inflation data. The data is expected to provide crucial insights into the Federal Reserve's potential interest rate decision next week.

Meanwhile, China is gearing up for its annual economic work conference, where policymakers will outline the nation's economic agenda for the coming year. Recent strong stimulus signals from top Chinese leaders have boosted market sentiment, with President Xi Jinping expressing confidence in achieving the country's growth target.

In the US, stocks retreated for a second consecutive day, primarily due to weakness in the technology sector. Investors remained cautious ahead of the inflation report and the upcoming Federal Reserve meeting. The S&P 500 fell 0.3% to 6,034.91 points on Tuesday. The NASDAQ Composite fell 0.2% to 19,688.98 points, while the Dow Jones Industrial Average fell 0.4% to 44,247.83 points.

Google owner Alphabet Inc was a standout performer, rising 0.6% after-hours following a 5.6% jump during the session. The company announced a new breakthrough in quantum computing, which could herald a sharp increase in computing speeds.

Investors are also seeking more cues on what President-elect Donald Trump's policies will entail for inflation and the economy, with his plans for increased trade tariffs expected to increase price pressures.

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