Indices nudge lower; breadth strong

The domestic equity benchmarks traded with moderate losses in early trade. The Nifty traded below the 24,150 mark. IT, pharma and healthcare shares declined while media, PSU bank and oil & gas stocks advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex fell 218.42 points or 0.28% to 79,719.58. The Nifty 50 index lost 51.70 points or 0.21% to 24,136.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% and the S&P BSE Small-Cap index gained 0.56%.

The market breadth was strong. On the BSE, 2,157 shares rose and 831 shares fell. A total of 108 shares were unchanged.

 

Foreign portfolio investors (FPIs) bought shares worth Rs 1,506.75 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 22.14 crore in the Indian equity market on 2 January 2025, provisional data showed.

Stocks in Spotlight:

Bharti Airtel shed 0.31%. The company has signed an agreement for acquisition of 26% stake in AMP Energy Green Three, a special performance vehicle formed for the purpose of owning and operating the captive power plant.

Hindustan Zinc rose 0.63%. The company has reported 2% YoY decline in mined metal production to 265 kilometers for Q3 FY25.

Hero Motocorp declined 2.73% after the companys total sales declined 17.5% to 3.24 lakh units and the domestic sales fell 22% at 2.94 lakh units.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.18% to 6.912 as compared with the previous close of 6.899.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.7725, compared with its close of 85.7500 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement added 0.15% to Rs 77,825.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 109.18.

The United States 10-year bond yield declined 0.33% to 4.563.

In the commodities market, Brent crude for March 2025 settlement gained 23 cents, or 0.30% to $76.16 a barrel.

Global Markets:

The Dow Jones index futures were up 64 points, signaling a positive opening for U.S. stocks today.

Most Asian stocks advanced on Friday, defying the gloomy sentiment on Wall Street, where US stocks extended their losing streak to a fifth consecutive day. Equity trading in Japan was closed for a holiday. Chinese stocks are under scrutiny after their worst start to the year since 2016.

US stocks declined on Thursday, erasing early gains following a series of security incidents across the United States in recent days. The Dow Jones Industrial Average shed 156 points, or 0.4%, while the S&P 500 index lost 10 points, or 0.2%, and the NASDAQ Composite dipped by 30 points, or 0.2%.

Investors are closely monitoring the US House Speaker vote on Friday to determine if Mike Johnson will retain his position. Internal disagreements within the Republican party regarding his reelection could potentially hinder the agenda of the President-elect.

Tesla shares plummeted over 6% after the EV manufacturer reported a record number of vehicle deliveries in the fourth quarter, as announced on Thursday. However, these deliveries fell short of consensus expectations.

Apple is offering discounts on its latest iPhone models in China, an unusual move that signifies escalating competition from domestic rivals in the world's largest smartphone market. As a result, the company's shares declined by nearly 3% on Thursday.

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