Barometers nudge higher; breadth strong

The headline equity benchmarks traded with minor gains in early trade. The Nifty traded above the 23,750 mark. IT, financial services and media shares advanced while realty, FMCG and PSU Bank stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex rose 105.points or 0.15% to 78,612.01. The Nifty 50 index added 37.95 points or 0.16% to 23,780.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.10% and the S&P BSE Small-Cap index gained 0.24%.

The market breadth was strong. On the BSE, 1,950 shares rose and 948 shares fell. A total of 111 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 1,782.71 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,690.37 crore in the Indian equity market on 1 January 2025, provisional data showed.

Stocks in Spotlight:

NMDC rose 0.94%. The company reported iron ore total sales stood at 3.91 million tonnes as on December 2024, down 6.7% YoY. Iron ore total production was at 4.71 MT, up 5.1% year-on-year in December 2024.

Tata Motors rose 0.48%. The companys total domestic sales rose 1% up to Rs 76,599 units, while total commercial vehicles sales fell 1% YoY to 33,875 units and total passenger vehicle (including EV) sales rose 1% YoY to 44,289 units in December 2024 over December 2023.

South Indian Bank added 1.39% after the banks gross advances jumped 12% on a yearly basis to Rs 86,965 crore in the October-December quarter and reported a 6.28% growth in deposits at Rs 1.05 lakh. The CASA ratio fell to 31.16% from 31.80% in the year-ago quarter.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.15% to 6.901 as compared with the previous close of 6.890.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.7400, compared with its close of 85.6450 during the previous trading session.

MCX Gold futures for the 5 February 2024 settlement rose 0.18% to Rs 77,028.

Global Markets:

The Dow Jones index futures were up 97 points, signaling a positive opening for U.S. stocks today.

Asian stocks began the New Year on a cautious note on Thursday after an inauspicious end to an otherwise stellar 2024 for global equity investors.

Singapore's gross domestic product (GDP) rose 0.1% in the three months to December 31, advance government data showed on Thursday. The reading slowed sharply from the 3.2% seen in the prior quarter.

The US market was closed on Wednesday for New Year's Day.

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