SSPL WEALTH PVT LTD

Mid - Session

Market behaviours during the course of the trading session.

Market opens on a firm note; breadth strong

12-Jul-24 09:35 Hrs IST

The key benchmark indices traded with decent gains in early trade. The Nifty traded above the 24,400 level. IT, media and oil & gas shares advanced while realty and auto shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 281.81 points or 0.35% to 80,178.19. The Nifty 50 index added 114.90 points or 0.47% to 24,424.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.61% and the S&P BSE Small-Cap index added 0.41%. The S&P BSE MId-Cap index hit an all-time high at 47,858.24.

The market breadth was strong. On the BSE, 1,901 shares rose and 821 shares fell. A total of 118 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,137.01 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,676.47 crore in the Indian equity market on 11 July 2024, provisional data showed.

Stocks in Spotlight:

Tata Consultancy Services (TCS) added 2.45%. The company's consolidated net profit declined 3.17% to Rs 12,040 crore in Q1 FY25 as against Rs 12,434 crore reported in Q4 FY24. Revenue from operations grew by 2.25% quarter on quarter (QoQ) to Rs 62,613 crore in Q1 FY25.

Anand Rathi Wealth rose 0.56%. The company reported 38% increase in consolidated net profit to Rs 73.4 crore in Q1 FY25 as compared with Rs 53.2 crore in Q1 FY24. Total Income jumped 38% to Rs 245.4 crore in the quarter ended 31 June 2024 as compared with Rs 178.4 crore posted in the corresponding quarter last year.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.10% to 6.975 as compared with previous close 6.982.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5250, compared with its close of 83.5300 during the previous trading session.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 104.49.

The United States 10-year bond yield added 0.72% to 4.220.

In the commodities market, Brent crude for September 2024 settlement added 22 cents or 0.26% to $85.62 a barrel.

Global Markets:

Asian stocks traded mixed on Friday, with technology-heavy indexes plunging as investors cashed in on recent gains.

Regional markets largely mirrored the previous day's sell-off on Wall Street, where heavyweight technology stocks, especially chipmakers and AI-related companies, faced significant profit-taking pressure. The Nasdaq Composite index plummeted nearly 2%.

The decline in equities coincided with softer-than-expected US consumer price index data for June, which fueled expectations of potential Federal Reserve interest rate cuts as early as September. Investors shifted their focus to economically sensitive sectors poised to benefit from lower borrowing costs.

While the Dow Jones Industrial Average edged up 0.1%, the broad-based S&P 500 fell 0.9%. The tech-heavy Nasdaq Composite Index ended a seven-day winning streak with a 2% drop.

US Consumer Price Index (CPI) rose 3% year-over-year, down from 3.3% in May. The annual core CPI, excluding volatile food and energy prices, increased by 3.3%, slowing from the previous month's 3.4%. On a monthly basis, overall CPI dipped 0.1%, while core CPI edged up 0.1%.