Market trade sideways in early trade; breadth strong

The headline equity benchmarks traded sideways in early trade. The Nifty traded above the 24,000 level. Metal, auto and pharma shares advanced while FMCG, realty and oil & gas stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex shed 34.63 points or 0.04% to 78,754.28. The Nifty 50 index added 12.50 points or 0.05% to 24,007.85.

In the broader market, the S&P BSE Mid-Cap index added 0.06% and the S&P BSE Small-Cap index rose 0.19%.

The market breadth was strong. On the BSE, 1,970 shares rose and 993 shares fell. A total of 103 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 4,329.79 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,936.08 crore in the Indian equity market on 4 November 2024, provisional data showed.

Stocks in Spotlight:

Indian Railway Catering and Tourism Corporation (IRCTC) shed 0.40%. The company reported 4.5% increase in consolidated profit to Rs 307.9 crore in Q2 FY25 as compared with Rs 294.7crore in Q2 FY24. Revenue jumped 7.2% YoY to Rs 1064 crore in Q2 FY25 as compared with Rs 992.4 crore posted in corresponding quarter last year.

Dhampur Bio Organics slipped 2.83% after the company reported net loss of Rs 23.4 crore during the quarter as compared with net profit of Rs 0.06 crore in Q2 FY24. Revenue fell 4.8% YoY to Rs 633.6 crore in Q2 FY25.

Tilaknagar Industries soared 8.49% after the companys consolidated net profit jumped 57.2% YoY to Rs 58.2 crore during the quarter as compared with Rs 37 crore posted in same quarter last year. Revenue increased 5.8% to Rs 374.9 crore in Q2 FY25 as compare with Rs 354.4 crore in Q2 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.08% to 6.915 as compared with previous close 6.909.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.1200, compared with its close of 84.1100 during the previous trading session.

MCX Gold futures for 5 Dec 2024 settlement shed 0.15% to Rs 78,301.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 103.90.

The United States 10-year bond yield fell 0.26% to 4.303.

In the commodities market, Brent crude for Jan 2025 settlement gained 9 cents or 0.12% to $75.17 a barrel.

Global Markets:

Asian shares traded mixed on Tuesday as investors remained cautious ahead of the closely watched U.S. presidential election later in the day. Chinese markets were buoyed by strong business activity data. Investors are also closely monitoring the meeting of China's National People's Congress this week, anticipating further clues on fiscal spending.

Regional markets took a neutral stance following a negative session on Wall Street. The S&P 500 declined 0.28%, the NASDAQ Composite fell 0.33% and the Dow Jones Industrial Average dropped 0.61%.

The US Federal Reserve's meeting is scheduled for this week, with a 25 basis point rate cut widely expected, following a 50 basis point cut in September.

Third-quarter earnings have delivered mixed results, with a slew of middling big-tech earnings reported last week. Berkshire Hathaway Inc. fell 2% after missing operating earnings estimates. In contrast, data software firm Palantir Technologies Inc. rallied nearly 13% in after-market trading as its earnings surpassed expectations.

Dollar Tree Inc. rose 6.3% after announcing that CEO Rick Dreiling would resign, and Chief Operating Officer Michael Creedon Jr. would take over on an interim basis.

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