Market Commentary - Mid-Session
Market trades sideways; breadth positive As on : 11-Oct-24  09:36

The key equity benchmarks traded in sideways in early trade. The Nifty traded below the 25,000 level. Financial services, realty and private bank shares declined while metal, IT and pharma shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex rose 67.47 points or 0.07% to 81,544.00. The Nifty 50 index lost 10.80 points or 0.04% to 24,987.65.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.16% and the S&P BSE Small-Cap index rose 0.05%.

The market breadth was positive. On the BSE, 1,526 shares rose and 1,233 shares fell. A total of 128 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,926.61 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,878.33 crore in the Indian equity market on 10 October 2024, provisional data showed.

Stocks in Spotlight:

Tata Consultancy Services (TCS) shed 0.46%. The company's consolidated net profit declined 1.09% to Rs 11,909 crore in Q2 FY25 as against Rs 12,040 crore reported in Q1 FY25. However, revenue from operations grew by 2.63% quarter on quarter (QoQ) to Rs 64,259 crore in second quarter of FY25. Meanwhile, the firm's board declared an interim dividend of Rs 10 per equity share. The record date for the same is Friday, 18 October 2024 and the payment date is Tuesday, 5 November 2024.

Indian Renewable Energy Development Agency (IREDA) added 1.18% after the company's standalone net profit jumped 36.14% YoY to Rs 388 crore in Q2 FY25 as compared with Rs 285 crore in Q2 FY24. Revenue increased 38.48% to Rs 1,630 crore in Q2 FY25 as compared with Rs 1,177 crore posted in same quarter last year.

Meanwhile, the company has received approval from Department of Investment and Public Asset Management (DIPAM) and the Ministry of Renewable Energy to establish a retail business unit.

Anand Rathi Wealth's rose 1.18% after the company's consolidated net profit jumped 32.23% YoY to Rs 76 crore in Q2 FY25. Revenue rose 35.24% to Rs 242 crore in Q2 FY25 as compared with Rs 183 crore in Q2 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.04% to 6.884 as compared with previous close 6.887.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9675, compared with its close of 83.9800 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement gained 0.69% to Rs 75,820.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 102.87.

The United States 10-year bond yield fell 0.74% to 4.068.

In the commodities market, Brent crude for December 2024 settlement lost 22 cents or 0.28% to $79.18 a barrel.

Global Markets:

Most Asian stocks rose on Friday, buoyed by South Korea's central bank decision to cut interest rates. The Bank of Korea (BoK) lowered its benchmark rate by 25 basis points to 3.25%, marking its first rate reduction in over four years. The move signaled a shift away from its restrictive monetary policy stance in response to slowing economic growth and easing inflation.

While South Korean stocks rallied, China's markets retreated as investors cautiously awaited policy announcements from a scheduled finance ministry press conference. Hong Kong's markets were closed for a holiday.

In the US, stocks ended slightly lower on Thursday as hotter-than-expected consumer inflation data dampened investor sentiment. The S&P 500, NASDAQ Composite, and Dow Jones Industrial Average each declined by less than 0.25%.

Focus shifted to the upcoming third-quarter earnings season, which was set to kick off later that day. Investors were also eagerly awaiting the unveiling of Tesla's robotaxi and the release of producer price index (PPI) inflation data, both of which were expected to provide further insights into the US economy.

Headline US consumer price index (CPI) inflation eased slightly in September, falling from 2.5% to 2.4% year-over-year. However, core CPI inflation, which excludes volatile food and energy prices, rose to 3.3% from 3.2%.

Additionally, initial jobless claims in the US unexpectedly increased for the week ending October 4, reaching 258,000. This represented the highest level of new jobless claims since June 2023.

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