Indices open slightly lower; breadth strong

The key equity indices traded with limited losses in early trade. The Nifty traded below the 25,450 mark. Financial services, media and bank shares advanced while IT, metal and pharma stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was down 54.63 points or 0.07% to 83,024.97. The Nifty 50 index shed 15.35 points or 0.06% to 25,403.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.06% and the S&P BSE Small-Cap index fell 0.04%.

The market breadth was strong. On the BSE, 1,645 shares rose and 869 shares fell. A total of 124 shares were unchanged.

 

Foreign portfolio investors (FPIs) bought shares worth Rs 482.69 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 874.15 crore in the Indian equity market on 17 September 2024, provisional data showed.

Stocks in Spotlight:

Satin Creditcare Network added 1.34% after the company informed that a meeting of its board is scheduled to be held on Friday, 20 September 2024 to consider the fund raising proposal by way of issuance of non-convertible bonds (NCDs).

Ceigall India jumped 5.40% after the company has received as L1 bidder from National Highway Authority of India for the construction of the 4/6 lane northern Ayodhya Bypass, with a bid project cost of Rs 1,199.3 crore, and the 4/6 lane southern Ayodhya Bypass, with a bid project cost of Rs 1,299.2 crore.

Numbers to Track:

MCX Gold futures for 4 October 2024 settlement rose 0.21% to Rs 73,251.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 100.82.

The United States 10-year bond yield rose 0.03% to 3.645.

In the commodities market, Brent crude for November 2024 settlement lost 36 cents or 0.49% to $73.34 a barrel.

Global Markets:

Most Asian shares traded mixed on Wednesday as investors eagerly awaited the Federal Reserve's interest rate decision. Despite muted trading volumes due to holidays in Hong Kong and South Korea, most regional stocks rose.

While Chinese markets remained relatively stable after resuming trading from an extended break, investors also looked ahead to the Bank of Japan's policy meeting later in the week. The BoJ is expected to maintain current interest rates but may adopt a more hawkish stance, signaling potential future rate hikes.

In the United States, stock markets closed mixed on Tuesday as uncertainty persisted regarding the magnitude of the Federal Reserve's anticipated rate cut. The Dow Jones Industrial Average fell 0.04% while the S&P 500 rose 0.3%, reversing momentum from earlier in the day, when they were at or near record levels. The Nasdaq Composite, meanwhile, finished higher by 0.2%.

Market participants are widely expecting the Fed to reduce interest rates, with opinions divided between a 25 or 50 basis point cut. However, bets on a larger 50 basis point reduction have been gaining momentum. Additionally, the Fed's announcement is anticipated to signal the beginning of an easing cycle, which is generally positive for risk-oriented stock markets.

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