Market Commentary - Mid-Session
Market opens on firm note; breadth positive As on : 07-Oct-24  09:34

The domestic equity benchmarks traded with modest gains in early trade. The Nifty traded above the 25,050 mark.IT, realty and FMCG shares advanced while oil & gas, metal and consumer durables stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex rose 215.26 points or 0.27% to 81,912.37. The Nifty 50 index added 63.75 points or 0.25% to 25,078.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index added 0.16%.

The market breadth was positive. On the BSE, 1,797 shares rose and 1,238 shares fell. A total of 166 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 9,896.95 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 8,905.08 crore in the Indian equity market on 4 October 2024, provisional data showed.

Economy:

According to the data released by the Reserve Bank of India (RBI) on Friday, India's forex reserves were at $704.89 billion, having risen by $12.6 billion in the week through Sept. 27 in their biggest weekly increase since mid-July 2023.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) were up by $10.4 billion to $616 billion.

Gold reserves reported a surge of $2 billion to $65.7 billion. Meanwhile, SDRs for the week rose marginally by $8 million to stand at $18.547 billion. Reserve position in the IMF dipped by $71 million to $4.3 billion.

Stocks in Spotlight:

Titan Company shed 0.67%. The company reported a standalone growth of 25% year-on-year. During the quarter, it added a net total of 75 stores. The jewellery segment experienced a 26% year on year rise, and the Carat Lane business recorded a 28% YoY growth.

IndusInd Bank rose 0.02%. The bank's net advances jumped 13% YoY to Rs 3.57 lakh crore in Q2 FY25. Its deposits increased 15% to Rs 4.13 lakh crore in second quarter ended September 2024. Retail deposits and deposits from small business customers amounted to Rs 1.81 lakh crore as of 30 September 2024 as compared with Rs 1.74 lakh as of 30 June 2024.

Macrotech Developers rallied 3.29% after the company's pre-sales jumped 21% to Rs 4,290 crore in Q2 FY25 as compared with Rs 3,530 crore in Q2 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.78% to 6.951 as compared with previous close 6.829.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9700, compared with its close of 83.9900 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement shed 0.19% to Rs 75,995.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 102.50.

The United States 10-year bond yield fell 0.25% to 3.971.

In the commodities market, Brent crude for December 2024 settlement lost 33 cents or 0.42% to $77.72 a barrel.

Global Markets:

Asian stocks climbed, and the dollar strengthened against the yen on Monday. This followed strong U.S. job growth data, which eased recession concerns and reduced expectations for interest rate cuts.

Short-term U.S. Treasury yields rose after the non-farm payrolls report showed more jobs added than expected in September. Crude oil prices declined slightly despite ongoing tensions in the Middle East.

U.S. stocks rallied on Friday after the positive job report boosted investor confidence in the economy. The S&P 500 rose 0.9%, while the Nasdaq Composite jumped 1.22%. The Dow Jones Industrial Average added 0.81%, to notch an all-time closing high of 42,352.75. Technology stocks like Tesla, Amazon, and Netflix led the gains, while financial stocks also performed well.

Data showed nonfarm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000. The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.

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