Market Commentary - Mid-Session
Barometers trade with small cuts; Nifty below 24,300 As on : 29-Oct-24  09:34

The key benchmark indices traded with minor losses in early trade. The Nifty traded below the 24,300 level. PSU Bank, media and bank shares advanced while auto, pharma and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 303.86 points or 0.38% to 79,691.08. The Nifty 50 index lost 78.95 points or 0.32% to 24,254.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.22% and the S&P BSE Small-Cap index added 0.38%.

The market breadth was positive. On the BSE, 1,863 shares rose and 1,026 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,228.08 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,400.85 crore in the Indian equity market on 25 October 2024, provisional data showed.

Stocks in Spotlight:

Bharti Airtel fell 2.23%. The company reported a consolidated net profit of Rs 3,593.2 crore in Q2 FY25, steeply higher than Rs 1,340.7 crore posted in Q2 FY24. Revenue from operations increased 11.95% YoY to Rs 41,473.3 crore in Q2 FY25, driven by strong momentum in India and sustained constant currency growth in Africa.

Gillette India jumped 9.06% after the company's standalone net profit increased 43% to Rs 133 crore on 17% increase in revenue from operations to Rs 1782 crore in Q2 FY25 over Q2 FY24.

Tata Technologies added 1.42%. The company's consolidated net profit declined 2.9% to Rs 157 crore on 2.2% increase in revenue to Rs 1,296 crore in Q2 FY25 over Q2 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.63% to 6.973 as compared with previous close 6.982.

In the foreign exchange market, the rupee remained flat against the dollar. The partially convertible rupee was hovering at 84.0775, compared with its close of 84.0775 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.46% to Rs 78,790.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.34.

The United States 10-year bond yield fell 0.09% to 4.109.

In the commodities market, Brent crude for November 2024 settlement added 15 cents or 0.21% to $71.57 a barrel.

Global Markets:

Asian stocks traded mixed on Tuesday as investors turned their attention to a flurry of key earnings reports due out in the coming days. While Japanese markets continued their upward trend following the ruling coalition's loss of its parliamentary majority, the broader Asian market was less enthusiastic. The Bank of Japan's upcoming meeting later this week is expected to maintain its current monetary policy stance.

US stocks closed higher on Monday, driven by hopes of easing geopolitical tensions in the Middle East. The focus is firmly on the upcoming deluge of major earnings reports and economic data releases. The S&P 500 gained 0.27% to 5,823.52, the NASDAQ Composite rose 0.26% to 18,568.05, and the Dow Jones Industrial Average outperformed with a 0.65% increase to 42,387.57.

Key economic events this week include the release of US GDP data for the third quarter on Thursday, followed by the PCE price index (the Fed's preferred inflation gauge) and nonfarm payrolls data on Friday. These figures will provide crucial insights ahead of the Fed's upcoming meeting, where a smaller 25-basis-point rate cut is widely anticipated. Additionally, the US presidential elections are scheduled for November 5th.

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