Market Commentary - Mid-Session
Market nudge higher; breadth positive As on : 23-Oct-24  09:35

The domestic equity benchmarks traded with minor gains in early trade. The Nifty traded above the 24,450 mark. IT, financial services and private bank stocks advanced while realty, oil & gas and PSU bank shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, added 68.35 points or 0.09% to 80,289.28. The Nifty 50 index rose 12.80 points or 0.05% to 24,484.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% and the S&P BSE Small-Cap index added 0.17%.

The market breadth was positive. On the BSE, 1,550 shares rose and 1,347 shares fell. A total of 110 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,978.61 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 5,869.06 crore in the Indian equity market on 22 October 2024, provisional data showed.

According to NSDL data, FPIs have sold shares worth over Rs 89,255.98 crore (so far) in the secondary market during October 2024. This follows their purchase of shares worth Rs 46,552.40 crore in September 2024.

Economy:

The International Monetary Fund (IMF) maintained its June growth rate projects for India in its latest World Economic Outlook (WEO). IMF stated that India is set to grow at 7% in the current fiscal year ending March 31, 2025 and 6.5% in the next fiscal year (FY2025-26).

Numbers to Track:

The yield on India's 10-year benchmark federal paper added 0.01% to 6.939 as compared with previous close 6.938.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0725, compared with its close of 84.0800 during the previous trading session.

MCX Gold futures for 31 October 2024 settlement shed 0.03% to Rs 78,629.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 104.14.

The United States 10-year bond yield gained 0.24% to 4.232.

In the commodities market, Brent crude for December 2024 settlement lost 17 cents or 0.22% to $75.87 a barrel.

Stocks in Spotlight:

Zomato declined 3.63%. The company's consolidated net profit surged 388.89% to Rs 176 crore on 68.5% jump in revenue from operations to Rs 4,799 crore in Q2 FY25 over Q2 FY24. Gross order value (GOV) growth across the company's B2C businesses improved to 55% YoY to Rs 17,670 crore in Q2 FY25.

Zensar Technologies slipped 2.36% after the company's consolidated net profit declined 6.2% to Rs 156 crore in Q2 FY25 as compared with Rs 158 crore in Q2 FY24. Revenue rose 1.55% YoY to Rs 1,308 crore during the quarter.

Persistent Systems rallied 3.50% after the company reported 6.2% increase in consolidated net profit of Rs 325 crore during the quarter as compared with Rs 306 crore in Q2 FY24. Revenue jumped 5.84% YoY to Rs 2,897 crore during the quarter.

Global Markets:

The Dow Jones index futures were down 135 points, indicating a weak opening in the US stocks today.

Asian stocks traded mixed on Wednesday. However gains were capped as rising U.S. Treasury yields and the looming presidential election continued to weigh on investor sentiment.

Hong Kong's stock market led the region, buoyed by a strong debut from China Resources Beverage. Chinese equities also extended their recent rally following Beijing's stimulus measures, including a surprise interest rate cut by the People's Bank of China on Monday.

US stocks saw a flat overnight session. Mixed corporate earnings and the ongoing uncertainty surrounding the U.S. presidential election contributed to the cautious mood. At the close in NYSE, the Dow Jones Industrial Average declined 0.02%, while the S&P 500 index declined 0.05%, and the NASDAQ Composite index added 0.18%.

General Motors stock rose 10% after the company reported stronger-than-expected third-quarter earnings, driven by robust revenue growth and improved profitability.

Verizon stock fell 5% after the telecom giant reported mixed third-quarter results, with earnings slightly beating expectations but revenue falling short.

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