At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 292.10 points or 0.36% to 80,075.51. The Nifty 50 index lost 87.95 points or 0.36% to 24,380.35.
In the broader market, the S&P BSE Mid-Cap index shed 0.15% and the S&P BSE Small-Cap index added 0.79%.
The market breadth was positive. On the BSE, 1,465 shares rose and 1,038 shares fell. A total of 113 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 548.69 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 730.13 crore in the Indian equity market on 29 October 2024, provisional data showed.
Economy:
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The Indian diaspora's confidence in the Indian economy has soared, as evidenced by the significant increase in Non-Resident Indian (NRI) deposits. According to the Reserve Bank of India's (RBI) latest monthly bulletin, inflows into NRI deposit schemes surged to $7.82 billion in the period of April-August 2024, more than double the $3.74 billion recorded in the same period last year.
Both dollar-denominated (FCNR(B)) and rupee-denominated (NRE(RA)) deposits witnessed substantial growth.
Among the various NRI deposit schemes, Foreign Currency Non-Resident (FCNR) deposits witnessed the highest inflow, attracting $3.47 billion during the period, compared to $1.55 billion in the corresponding period a year ago. These deposits, denominated in foreign currencies, offer security against currency fluctuations and provide attractive returns.
Non-Resident External (NRE) deposits, which are rupee-denominated accounts, also saw a significant increase, with inflows of $2.51 billion during this period, compared to an inflow of $868 million in the corresponding period a year ago.
Non-Resident Ordinary (NRO) deposits, which are also rupee-denominated, also saw inflows worth $1.84 billion from AprilAugust, 2024, compared to $1.32 billion during the same period a year ago.
This surge can be attributed to factors such as attractive returns in Indian markets, strong economic fundamentals, and a more stable domestic monetary policy environment compared to many global economies.
With total outstanding NRI deposits reaching $158.94 billion as of August 2024, the Indian diaspora's continued trust in the country's economic prospects is evident.
Stocks in Spotlight:
Marico jumped 6.33% after the company reported 19.83% increase in consolidated net profit to Rs 423 crore in Q2 FY25 as compared with Rs 353 crore posted in Q2 FY24. Revenue from operations increased 7.59% YoY to Rs 2,664 crore in Q2 FY25, with underlying volume growth of 5% in the domestic business and constant currency growth of 13% in the international business.
Star Health and Allied Insurance declined 4.15% after the companys standalone net profit declined 11% to Rs 111 crore in Q2 FY25 as compared with Rs 125 crore in Q2 FY24. Net premium jumped 16% YoY to Rs 3,704 crore during the quarter.
Motisons Jewellers added 1.53% after the companys standalone net profit surged 100% to Rs 10 crore on 21.11% increase in revenue from operations to Rs 109 crore in Q2 FY25 over Q2 FY24.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 0.04% to 7.048 as compared with previous close 7.045.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9250, compared with its close of 82.9600 during the previous trading session.
MCX Gold futures for 5 April 2024 settlement rose 0.28% to Rs 79,455.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 104.30.
The United States 10-year bond yield shed 0.63% to 4.248.
In the commodities market, Brent crude for April 2024 settlement added 37 cents or 0.52% to $71.49 a barrel.
Global Markets:
Asian stocks fell on Wednesday as risk appetite was quashed by anticipation of a tight U.S. presidential election and a barrage of key economic readings this week.
Japanese markets remained the outliers, extending recent gains as heightened political uncertainty in the country fueled more bets that the Bank of Japan will not raise interest rates further.
In the US, indices marked a mixed close on Tuesday, as investors piled into technology stocks, but avoided most other sectors. The NASDAQ Composite rose 0.8% to a record-high close of 18,717.58 points, while the S&P 500 rose 0.2% to 5,832.92 points. But the Dow Jones Industrial Average lagged, falling 0.4% to 42,233.05 points.
Sentiment was underpinned by strong earnings from Alphabet Inc. Tech majors Meta Platforms Inc and Microsoft Corporation are set to report on Wednesday, while Amazon.com Inc and Apple Inc are due on Thursday.
A slew of key U.S. economic readings are also due in the coming days, while the Federal Reserve is set to meet next week. Third-quarter gross domestic product data is due on Thursday, while PCE price index data- the Federal Reserves preferred inflation gauge- and nonfarm payrolls data are due on Friday. The three readings are likely to factor into the outlook for interest rates, and come before a Fed meeting next week where the central bank is widely expected to cut rates by a smaller 25 basis points.
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