Market Commentary - Pre-Session
Indices edge lower; breadth positive As on : 10-Jan-24  09:32

The headline equity indices traded with minor losses in early trade. The Nifty traded below 21,550 mark. Media, pharma and healthcare stocks advanced while oil & gas, realty and PSU bank shares declined.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 63.93 points or 0.09% to 71,322.28. The Nifty 50 index lost 9.55 points or 0.04% to 21,535.30.

In the broader market, the S&P BSE Mid-Cap index shed 0.38% and the S&P BSE Small-Cap index rose 0.04%.

The market breadth was positive. On the BSE, 1,656 shares rose and 1,219 shares fell. A total of 99 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 990.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 104.23 crore in the Indian equity market on 9 January, provisional data showed.

Stocks in Spotlight:

Delta Corp slipped 3.95% after the gaming and casino firm's consolidated net profit dropped to Rs 34.48 crore in Q3 December 2023 as compared to net profit of Rs 84.82 crore in Q3 December 2022. Total income rose to Rs 244.47 crore in Q3 December 2023 from Rs 285.02 crore in Q3 December 2022.

Power Finance Corporation (PFC) shed 0.30%. The PFC received No Objection letter from Reserve Bank of India (RBI) for setting up of a finance company (as a wholly owned subsidiary) in International Financial Services Centre (IFSC) situated in GIFT City, Gujarat.

Lupin rose 0.53%. The drug maker announced the launch of Bromfenac Ophthalmic Solution, 0.07%, after having received an approval from the United States Food and Drug Administration (U.S. FDA). Lupin is the exclusive first-to-file for this product and is eligible for 180-day exclusivity.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.04% to 7.185 as compared with previous close 7.189.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1350, compared with its close of 83.1300 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement added 0.07% to Rs 62,220.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 102.55.

The United States 10-year bond yield rose 0.02% to 4.019.

In the commodities market, Brent crude for March 2024 settlement added 19 cents or 0.24% to $77.78 a barrel.

Global Markets:

Asian stocks traded mostly lower on Wednesday tracking overnight weakness on Wall Street, while Japanese stocks extended gains after hitting a 33-year high in the previous session.

The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank. Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the bank said in its latest ?Global Economic Prospects? report. The bank warned that without a ?major course correction,? the 2020s will go down as ?a decade of wasted opportunity.?

US stock markets were muted on Tuesday as investors await key inflation data later in the week. Investors will now focus on a key inflation report from the US on Thursday for cues on the timing of the Fed?s rate cut.

The US trade deficit narrowed in November as imports of consumer goods fell to a one-year low. The trade deficit contracted 2% to $63.2 billion, the Commerce Department's Census Bureau said. Imports declined 1.9%, or $6.1 billion, to $316.9 billion. Exports decreased 1.9%, or $4.8 billion, to $253.7 billion.

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