Barometers drop in early trade; breadth weak

The frontline indices traded with major losses in early trade. The Nifty traded below the 24,100 level. All the sectoral indices on NSE were in the red with media, oil & gas and consumer durables shares declining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex dropped 697 points or 0.87% to 79,026.69. The Nifty 50 index slipped 210 points or 0.87% to 24,093.85.

In the broader market, the S&P BSE Mid-Cap index declined 0.98% and the S&P BSE Small-Cap index fell 1.29%.

The market breadth was weak. On the BSE, 1,081 shares rose and 2,157 shares fell. A total of 145 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 211.93 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 377.33 crore in the Indian equity market on 1 November 2024, provisional data showed.

Stocks in Spotlight:

Hero Motocorp slipped 2.13%. The company said that its total sales jumped 18.12% to 679,091 units in October 2024 as compared with 574,930 units in October 2023.

Atul Auto declined 2.81%. The auto maker said its total sales grew by 24.77% to 3,818 units in October 2024 as against 3,060 units sold in October 2023.

SML Isuzu added 0.17%. The company has sold 801 units in October 2024, registering de-growth of 8.2% from 873 units sold in the same period last year.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.20% to 6.923 as compared with previous close 6.841.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0675, compared with its close of 84.0750 during the previous trading session.

MCX Gold futures for 5 Dec 2024 settlement shed 0.56% to Rs 78,421.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.61% to 103.64.

The United States 10-year bond yield fell 1.38% to 4.307.

In the commodities market, Brent crude for Jan 2025 settlement gained $1.09 or 1.49% to $74.19 a barrel.

Global Markets:

Most Asian stocks rose on Monday as investors looked for clues on fiscal stimulus from an upcoming meeting of China's top policymakers. However, gains were limited by pre-US election risk aversion and a regional trading holiday in Japan.

Chinese stocks were upbeat as the National People's Congress Standing Committee began a four-day meeting. The body is expected to outline further fiscal spending measures.

In the US, the S&P 500 closed higher on Friday as a significant miss on job gains in the October payrolls report solidified expectations of a Fed rate cut next week. A rally in Amazon also lifted consumer stocks. The S&P 500 gained 0.4% to 5,728.8 points, the NASDAQ Composite rose 0.8% to 18,239.92 points, and the Dow Jones Industrial Average increased 0.7% to 42,052.19 points.

The US economy added only 12,000 jobs in October, far below the expected 106,000 and a sharp decline from the revised 223,000 in September. However, these figures were impacted by recent hurricanes and ongoing labor actions. The softer-than-expected payrolls data has intensified expectations of further interest rate cuts by the Federal Reserve.

All eyes are on the Federal Reserve's meeting this week, where the central bank is widely anticipated to implement a 25-basis-point interest rate cut, following a 50-basis-point reduction in September.

After the market closed on Thursday, tech giants Apple and Amazon released their quarterly results. Apple's stock fell more than 1% after the company's revenue outlook for the current quarter was projected in the low- to mid-single-digit range, potentially signaling caution ahead of the holiday shopping season.

In contrast, Amazon's stock surged over 6% as the e-commerce giant reported an 11% year-over-year increase in overall quarterly revenue, benefiting from "once-in-a-lifetime" opportunities presented by generative AI.

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