Market Commentary - Mid-Session
Indices trade with deep cuts; Nifty slides below 24,850; auto shares under pressure As on : 06-Sep-24  14:33

The domestic equity indices continued to trade with substantial losses in mid-afternoon trade. The Nifty traded below the 24,850 mark after hitting the day's high of 25,168.75 in early trade. Auto stocks extended losses for the fifth consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,065.46 points or 1.30% to 81,135.70. The Nifty 50 index dropped 304.25 points or 1.21% to 24,830.

In the broader market, the S&P BSE Mid-Cap index fell 1.41% and the S&P BSE Small-Cap index declined 1.02%.

The market breadth was weak. On the BSE, 1,376 shares rose and 2,501 shares fell. A total of 104 shares were unchanged.

Buzzing Index:

The Nifty Auto index fell 1.34% to 25,488.20. The index declined 2.61% in the five consecutive trading sessions.

Bosch (down 3.79%), Bharat Forge (down 2.68%), Samvardhana Motherson International (down 2.32%), Tata Motors (down 2.19%), Exide Industries (down 2.04%), Ashok Leyland (down 1.33%), Apollo Tyres (down 1.31%), Maruti Suzuki India (down 1.29%), MRF (down 0.76%) and Eicher Motors (down 0.68%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal advanced 1.65% to 6.967 as compared with previous close 6.967.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9350, compared with its close of 83.9700 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement added 0.33% to Rs 72,963.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 100.93.

The United States 10-year bond yield fell 0.84% to 3.701.

In the commodities market, Brent crude for November 2024 settlement added 34 cents or 0.47% to $73.03 a barrel.

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