Barometers edge higher, Nifty above 19,150 mark

The headline equity indices were trading with minor gains in early trade. The Nifty traded above the 19,150 mark. Realty, PSU bank and pharma stocks were in demand while oil & gas, IT and private banks shares decline.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 62.30 points or 0.10% to 64,174.95. The Nifty 50 index added 20.10 points or 0.11% to 19,161.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 0.71%.

The market breadth is strong, On the BSE, 1,977 shares rose and 607 shares fell. A total of 89 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,761.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,328.47 crore in the Indian equity market on 30 October, provisional data showed.

Stocks in Spotlight:

Tata Motors rose 1.19%. The company has won an arbitral award of Rs 766 crore plus interest to compensate for its investment in the automobile manufacturing facility at Singur (West Bengal) plant.

TVS Motor Company added 0.24%. The company has recorded 32% growth in net profit to Rs 537 crore in Q2 FY24 from Rs 408 crore in Q2 FY23. During the quarter, the company�s operating revenue grew by 13% to Rs 8,145 crore as against Rs 7,219 crore in Q2 of last year.

DLF advanced 2.33%. The company reported consolidated net profit of Rs 621.89 crore in Q2 FY24 from Rs 477.20 crore in Q2 FY23. Total income rose to Rs 1476.42 crore as against Rs 1360.30 crore in Q2 of last year.

Marico rose 0.43%. The company reported consolidated net profit of Rs 360 crore in Q2 FY24 from Rs 307 crore in Q2 FY23. Total income was Rs 2514 crore as against Rs 2515 crore in Q2 of last year.

Procter & Gamble Hygiene & Health Care gained 0.85%. The company has recorded a profit after tax (PAT) of Rs 211 crore for the quarter ended on 30 September 2023, up 36% versus year ago led by acceleration of volume growth coupled with product price-mix and productivity. The company�s PAT for the same period last year was Rs 154 crore. During the quarter, the company delivered sales of Rs 1,138 crore, up 9% from Rs 1,045 crore recorded in the year ago period.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.07% to 7.364 from its previous close of 7.369.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2675, compared with its close of 83.2650 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.19% to Rs 61,162.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.16% to 106.39.

The United States 10-year bond yield fell 0.04% to 4.877.

In the commodities market, Brent crude for December 2023 settlement gained 54 cents or 0.62% to $87.99 a barrel.

Global Markets:

Most of the Asian stocks were trading lower on Tuesday ahead of a key monetary policy decision by the Bank of Japan, and as investors assessed manufacturing data from China.

The Bank of Japan will conclude its two-day policy meeting later in the day, with investors watching for any signs of the central bank raising its inflation forecasts. The U.S. Federal Reserve and Bank of England are also meeting this week. The U.S. monthly jobs report is due on Friday.

China purchasing manager�s index data for October came in at 49.5. A PMI reading below 50 signifies a contraction.

US stocks rallied on Monday as traders started a big week filled with a Federal Reserve rate decision, employment report and Apple�s earnings.

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