Market Commentary - Mid-Session
Nifty slips below 24,750 mark; oil & gas shares slide for the 5th day As on : 07-Oct-24  14:33

The headline equity indices traded with major losses in mid-afternoon trade. The Nifty traded below the 24,750 mark after hitting day's high of 25,143 in early trade. Oil & gas shares witnessed selling pressure for the fifith consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex tumbled 812.65 points or 1% to 80,869.77. The Nifty 50 index slipped 278.20 points or 1.11% to 24,736.40.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 2.18% and the S&P BSE Small-Cap index tumbled 3.33%.

The market breadth was weak. On the BSE, 529 shares rose and 3,485 shares fell. A total of 119 shares were unchanged.

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.

Buzzing Index:

The Nifty Oil & Gas index fell 2.22% to 12,185.75. The index fell 7.17% in five consecutive trading sessions.

Aegis Logistics (down 6.02%), Gujarat State Petronet (down 4.53%), Mahanagar Gas (down 4.44%), Oil India (down 4.37%) and Indian Oil Corporation (down 3.43%) were the top losers. Among the other losers were Hindustan Petroleum Corporation (down 3.06%), Petronet LNG (down 2.93%), Gujarat Gas (down 2.86%), Adani Total Gas (down 2.74%) and Castrol India (down 2.67%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.77% to 6.950 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 83.9750, compared with its close of 83.9900 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement rose 0.09% to Rs 76,208.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 102.53.

The United States 10-year bond yield grew 0.58% to 4.006.

In the commodities market, Brent crude for December 2024 settlement gained 83 cents or 1.06% to $78.88 a barrel.

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