Market Commentary - Mid-Session
Barometers drift higher; breadth positive As on : 12-Dec-24  09:34

The key equity indices traded with minor gains in early trade. The Nifty climbed above the 24,650 level. IT, pharma and bank shares advanced while auto, media and consumer durables stocks declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, advanced 109.27 points or 0.13% to 81,635.86. The Nifty 50 index added 13.70 points or 0.06% to 24,655.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% and the S&P BSE Small-Cap index shed 0.02%.

The market breadth was positive. On the BSE, 1,616 shares rose and 1,324 shares fell. A total of 104 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,012.24 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,007.85 crore in the Indian equity market on 11 December 2024, provisional data showed.

Stocks in Spotlight:

Reliance Power jumped 4.56%. The company's arm won a 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in a reverse e-auction.

Grasim Industries declined 0.31%. The firm's board approved a fund raise of up to Rs 2,000 crore via NCDs on a private placement basis.

Gland Pharma added 1.39% after the company received a US FDA approval for Phytonadione Injectable Emulsion. The product is indicated in coagulation disorders caused by Vitamin K deficiency.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.88% to 6.831 as compared with previous close 6.705.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.8575, compared with its close of 84.8300 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.24% to Rs 78,814.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 106.54.

The United States 10-year bond yield rose 0.38% to 4.290.

In the commodities market, Brent crude for February 2024 settlement added 14 cents or 0.19% to $73.66 a barrel.

Global Markets:

Most Asian stocks rose Thursday after US equities rallied on Wednesday following benign inflation data. This fueled expectations of a potential Federal Reserve interest rate cut this month.

In Asia, key economic reports are due today: Australia's labor market data and India's inflation and industrial production figures. China's Central Economic Work Conference is also underway, where policymakers are expected to outline next year's economic policies, likely including stimulus measures.

US markets surged on Wednesday, with the Nasdaq Composite hitting a record high. Tech stocks, particularly Tesla and NVIDIA, rallied sharply on the prospect of lower interest rates and the potential easing of regulatory scrutiny. Artificial intelligence optimism also contributed to the gains.

The NASDAQ Composite surged 1.8% to a record high of 20,033.61 points, while the S&P 500 rose 0.8% to 6,084.19 points. The Dow Jones Industrial Average lagged, falling 0.2% to 44,148.56 points.

The US consumer price index (CPI) rose by 2.7% last month, accelerating slightly from 2.6% in October. While stripping out more volatile items like food and fuel, the core number climbed by 3.3% in the twelve months to July, also in line with expectations.

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