Market Commentary - Mid-Session
Broader market outperforms; Nifty hovers below 25,200 As on : 05-Sep-24  13:40

The headline equity benchmarks continued trade with minor losses in afternoon trade. The Nifty hovered below 25,200 level after hitting the day's high of 25,275.45 in early trade. Barring the Nifty Realty index, all the other sectoral indices on the NSE traded in green. Trading was volatile due to the expiry of weekly index options on the NSE.

At 13:30 IST, the barometer index, the S&P BSE Sensex, declined 91.56 points or 0.11% to 82,261.08. The Nifty 50 index lost 21.20 points or 0.08% to 25,177.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.46% and the S&P BSE Small-Cap index gained 0.69%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 49,337.63 and 56,771.39 respectively.

The market breadth was strong. On the BSE, 2,358 shares rose and 1,485 shares fell. A total of 136 shares were unchanged.

Gainers & Losers:

Titan Company (up 3.22%), Hero MotoCorp (up 1.50%), Divi's Laboratories (up 1.06%), Wipro (up 0.95%) and Apollo Hospitals Enterprise (up 0.77%) were major Nifty gainers.

Britannia Industries (down 1.31%), Nestle India (down 1.14%), Larsen & Toubro (down 0.92%), Bajaj Auto (down 0.90%) and Bajaj Finance (down 0.88%) were major Nifty losers.

Apollo Hospitals Enterprise rose 0.77%. The company informed that Apollo Healthco (AHL), an unlisted material wholly owned subsidiary of the company has incorporated its wholly owned subsidiary by the name Apollo 24/7 Insurance services.

Stocks in Spotlight:

Godrej Properties shed 0.78%. The company informed that its board has approved the issuance of non-convertible debentures (NCDs) aggregating to Rs 64.60 crore.

RailTel Corporation of India shed 0.20%. The company informed that it has received a work order from Northern Railways for Railway Telecom Project aggregating to Rs 10.92 crore.

PNB Housing Finance declined 1.53% after the company informed that its board is scheduled to meet on 9 September to approve the issuance of non-convertible debentures (NCDs) up to Rs 2,500 crore.

Goldiam International rallied 3.63% after the company received purchase orders from large retailers in USA for diamond studded gold jewellery.

Linde India advanced 3.62% after the firm announced that it has entered into the plant sale agreement with Tata Steel for acquiring their industrial gas supply assets

Global Markets:

Most European shares advanced while Asian stocks traded mixed on Thursday.

The investors assessed July pay data out of Japan. Average monthly cash earnings in the country rose 3.6% year-on-year, a softer rise compared to the 4.5% climb seen in June. Investors are looking ahead for other economic data coming from the region include trade data from Australia and Singapore's retail sales numbers.

The US job openings data for July, at 7.67 million, fell below estimates. This marked the lowest level since early 2021, indicating a potential challenge in achieving a soft landing for the world's largest economy. Market participants will closely monitor the upcoming August economic report on Friday, which could further influence the magnitude of rate cuts.

China's economic difficulties intensified as JPMorgan strategists downgraded the country's stock outlook. Citing a challenging economic landscape and heightened volatility surrounding the US election, they lowered their rating from overweight to neutral. In an attempt to stimulate the property market and broader economy, China is considering interest rate cuts on a significant portion of its mortgage debt.

A notable development saw India surpass China as the largest weighting in the MSCI EM investable market index (IMI).

US stock markets experienced a mixed start to September. The S&P 500 and Nasdaq Composite declined for a second consecutive day Wednesday, while the Dow Jones Industrial Average gained slightly. A temporary return to a normal yield curve provided some support to US stocks, easing recession concerns that had previously plagued investors.

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