Indices drift higher in early trade; Breadth strong

The key benchmark indices traded with limited gains in early trade. The Nifty traded above the 24,450 mark. Metal, Media, IT shares advanced while Private bank, FMCG and bank shares declined.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 220.76 points or 0.28% to 80,249.51. The Nifty 50 index advanced 78.30 points or 0.32% to 24,484.40.

In the broader market, the S&P BSE Mid-Cap index added 0.82% and the S&P BSE Small-Cap index rose 0.56%.

The market breadth was strong. On the BSE, 2,289 shares rose and 681 shares fell. A total of 105 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 2,605.49 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,431.69 crore in the Indian equity market on 25 July 2024, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal advanced 1.63% to 7.065 as compared with previous close 6.964.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.7225, compared with its close of 83.7800 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.50% to Rs 68,732.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 104.30.

The United States 10-year bond yield slipped 0.28% to 4.247.

In the commodities market, Brent crude for September 2024 settlement added 15 cents or 0.18% to $82.52 a barrel.

Stocks in Spotlight:

Adani Energy solutions jumped 2.06% after the companys consolidated revenue rose 47% YoY to Rs 5,379 crore in Q1 FY24 as compared with Rs 3,664 crore in Q1 FY24. The company reported net loss of Rs 1,190 crore as compared with net profit of Rs 182 crore in Q1 FY24.

Tech Mahindra declined 3%. The companys consolidated net profit jumped 28.7% to Rs 851 crore in Q1 FY25 as compared with Rs 661 crore in Q1 FY24. Revenue rose 1% YoY to Rs 13,005 crore in Q1 FY25.

Jupiter wagons rose 1.88% after the companys consolidated net profit stood at Rs 92 crorein Q1 FY25, up 46.2% as compared with Rs 63 crore in Q1 FY24. Revenue increased 16.8% Rs 880 crore in Q1 FY25.

Global Markets:

Dow Jones Futures were up 137 points, indicating a positive opening in the US stocks today.

Asian stocks rose on Friday as investors digested Tokyo's latest inflation data and awaited key U.S. economic figures. Japans headline inflation eased slightly to 2.2% in July, while core inflation held steady at 2.2%.

The market's focus now shifts to the U.S., where the release of the personal consumption expenditure (PCE) index the Federal Reserve's preferred inflation gauge is expected to influence interest rate expectations.

Meanwhile, U.S. stocks experienced a rotation away from technology shares on Thursday, with the Nasdaq Composite and S&P 500 declining. The Dow Jones Industrial Average bucked the trend with a modest gain. This shift is a common occurrence during bull markets as market leadership evolves.

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