Market Commentary - Mid-Session
Benchmarks nudge higher; Nifty above 24,150 As on : 12-Nov-24  09:33

The key equity indices traded with minor gains in early trade. The Nifty traded above the 24,150 mark. Realty, media and consumer durables stocks advanced while FMCG, auto and financial services shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 95.35 points or 0.12% to 79,591.50. The Nifty 50 index rose 28.65 points or 0.12% to 24,169.95.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.65% and the S&P BSE Small-Cap index added 0.70%.

The market breadth was strong. On the BSE, 2,015 shares rose and 814 shares fell. A total of 111 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,306.88 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,026.63 crore in the Indian equity market on 11 November 2024, provisional data showed.

Stocks in Spotlight:

Oil & Natural Gas Corporation (ONGC) added 1.19%. The company's consolidated net profit declined 25% to Rs 10,272.50 crore despite of 7.3% increase in revenue from operations to Rs 1,58,329.09 crore in Q2 FY25 over Q2 FY24.

Blue Dart Express shed 0.77%. The company's consolidated net profit declined 14% to Rs 62.84 crore on 9.4% increase in net sales to Rs 1448.46 crore in Q2 FY25 over Q2 FY24.

NMDC fell 3.49%. The company reported 18.1% jump in net profit to Rs 1,211.57 crore on 22.5% increase in net sales to Rs 4,918.91 crore in Q2 FY25 over Q2 FY24. The company's board approved the issuance of bonus shares in the ratio of 2:1.

Britannia Industries declined 2.27% after the company's consolidated net profit declined 9.6% to Rs 531.45 crore despite of 4.5% increase in net sales to Rs 4,556.23 crore in Q2 FY25 over Q2 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.72% to 6.902 as compared with previous close 6.897.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4000, compared with its close of 84.3850 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.17% to Rs 75,479.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 105.60.

The United States 10-year bond yield added 0.93% to 4.350.

In the commodities market, Brent crude for January 2024 settlement fell 19 cents or 0.26% to $71.64 a barrel.

Global Markets:

Asian stocks declined on Tuesday as China's much-anticipated economic stimulus package fell short of expectations. Investors were also closely monitoring developments in the U.S. following the recent election.

Last week, markets rallied on hopes that a new administration would implement business-friendly policies. However, Beijing's stimulus plan, which focused primarily on debt relief for local governments, failed to inspire confidence.

Concerns about potential trade tensions between the U.S. and China, particularly regarding tariffs on Chinese goods, contributed to the market's downturn.

The US stock market closed on a high note on Monday, with all major indexes hitting record highs. The Dow Jones Industrial Average surpassed the 44,000 mark for the first time, gaining 0.69% to 44,293.13. The S&P 500 and Nasdaq also rose, up 0.10% to 6,001.35 and 0.06% to 19,298.76, respectively.

Tesla's stock surged 9%, boosting its market value to over $1.1 trillion. Microsoft, Amazon, and Meta Platforms saw slight declines of around 1% each. Nvidia's stock fell 1.6%. Bitcoin miners MARA Holdings and Riot Platforms stocks rallied 30% and 17%, respectively.

While the market has been on a strong upward trend, investors are becoming cautious ahead of the release of key consumer price index (CPI) inflation data on Wednesday.

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