Market Commentary - Mid-Session
Benchmarks nudge higher in early trade; breadth strong As on : 28-Aug-24  09:34

The key equity indices traded with minor gains in early trade. The Nifty traded above the 25,000 level. Media, healthcare and auto shares advanced while Private bank, bank and financial services stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 45.27 points or 0.06% to 81,758.93. The Nifty 50 index added 10.50 points or 0.04% to 25,028.25.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.24% and the S&P BSE Small-Cap index gained 0.55%.

The market breadth was strong. On the BSE, 2,047 shares rose and 924 shares fell. A total of 130 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,503.76 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 604.08 crore in the Indian equity market on 27 August 2024, provisional data showed.

Stocks in Spotlight:

PNC Infratech added 1.35% after the company has declared lowest bidder for a highway project worth Rs 380 crore in Uttar Pradesh and Bihar.

NBCC (India) jumped 7.01% after the company informed that its's board will consider a proposal for bonus issue on 31 August 2024.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.65% to 6.974 as compared with previous close 6.975.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9525, compared with its close of 83.9325 during the previous trading session.

MCX Gold futures for 5 September 2024 settlement fell 0.05% to Rs 71,512.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.18% to 100.74.

The United States 10-year bond yield declined 0.21% to 3.827.

In the commodities market, Brent crude for October 2024 settlement gained 12 cents or 0.15% to $79.67 a barrel.

Global Markets:

Most Asian stocks declined on Wednesday, with technology-heavy indexes retreating ahead of Nvidia's earnings report. Persistent concerns over China's trade tensions with Canada also weighed on investor sentiment.

While Wall Street's major indices reached new highs, the Nasdaq Composite lagged, reflecting cautiousness about Nvidia's earnings. Anticipation of lower interest rates led to a shift away from technology stocks and toward more economically sensitive sectors. The Dow Jones Industrial Average rose 0.02%, the S&P 500 gained 0.16%, and the Nasdaq Composite climbed 0.17%.

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