At 09:30 IST, the barometer index, the S&P BSE Sensex, advanced 199.42 points or 0.25% to 79,422.53. The Nifty 50 index added 27.60 points or 0.11% to 24,032.35.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.38% and the S&P BSE Small-Cap index slipped 0.84%.
The market breadth was negative. On the BSE, 1,264 shares rose and 1,836 shares fell. A total of 167 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 4,227.25 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 820.60 crore in the Indian equity market on 3 January 2025, provisional data showed.
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HDFC Bank shed 0.30%. The companys average deposits were Rs 24,52,700 crore for the December 2024 quarter, a growth of around 15.9% over Rs 21,17,100 crore for the December 2023 quarter, and around 4.2% over 23,54,000 crore for the September 2024 quarter.
Vedanta shed 0.83%. The companys total aluminum production rose 3% to 6,14,000 tonnes in Q3 FY25 as compared with 5,99,000 tonnes posted in Q3 FY24.
HG Infra Engineering shed 0.21%. The company received a letter of intent (LoI) from Gujarat Urja Vikas Nigam for setting up a 250 MW/500 MWH standalone battery storage system in Gujarat.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.87% to 6.906 as compared with the previous close of 6.779.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.7875, compared with its close of 85.7950 during the previous trading session.
MCX Gold futures for the 5 February 2024 settlement were shed 0.06% to Rs 77,265.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 108.88.
The United States 10-year bond yield rose 0.54% to 4.620.
In the commodities market, Brent crude for March 2025 settlement declined 16 cents or 0.21% to $76.35 a barrel.
Global Markets:
The Dow Jones index futures were down 58 points, signaling a mildly negative opening for U.S. stocks today.
Asian equities traded mixed on Monday, following a positive close on Wall Street where major indices snapped a five-day losing streak, buoyed by renewed demand for technology stocks.
China's services sector expanded in December at the fastest pace in seven months, driven by robust domestic demand. The Caixin services PMI surged to 52.2, exceeding both market expectations of 51.4 and the November reading of 51.5.
In South Korea, a court dismissed an appeal by lawyers of impeached President Yoon Suk Yeol against an arrest warrant, according to a local media report Sunday.
Investor sentiment remains mixed after a turbulent end to 2024. While anticipated monetary policy easing and the potential of artificial intelligence to drive growth remain supportive factors, the threat of escalating US-China trade tensions could derail any market rally. Investors are also closely monitoring Beijing for further stimulus measures.
US tech stocks staged a strong rebound on Friday, recovering from the losses seen in the final week of 2024. Investors had capitalized on the year-end rally, a period often characterized by positive market movements known as the "Santa Rally."
On Friday, the Dow Jones Industrial Average rose 0.8% to 42,732.13, the S&P 500 gained 1.3% to 5,942.47, and the NASDAQ Composite surged 1.8% to 19,621.68.
This week will feature a shortened trading schedule as the New York Stock Exchange will be closed on Thursday to honor the passing of former President Jimmy Carter.
The minutes from the Federal Reserve's December 17-18 meeting, scheduled for release on Wednesday, will provide further insights into the Fed's interest rate outlook. Recent statements have indicated a more cautious approach to rate cuts this year due to persistent inflation and a resilient economy.
The US December jobs report is due on Friday.
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