BAROMETERS EDGE HIGHER IN EARLY TRADE; BREADTH NEGATIVE

The headline equity benchmarks trade near flatline with minor gains in early trade. The Nifty traded above the 24,100 level. IT and auto shares advanced while realty, FMCG and media shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 13.83 points or 0.02% to 78,969.86. The Nifty 50 index added 2.80 points or 0.01% to 24,141.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.03% and the S&P BSE Small-Cap index shed 0.25%.

The market breadth was negative. On the BSE, 1,369 shares rose and 1,526 shares fell. A total of 128 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,107.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,239.96 crore in the Indian equity market on 13 August 2024, provisional data showed.

Due to the observance of Independence Day on Thursday, 15 August 2024, the domestic market will be closed. Consequently, the Nifty weekly options expiry has been shifted to today.

Stocks in Spotlight:

Hero MotoCorp declined 1.67%. The company�s consolidated net profit climbed 36% to Rs 1,122.63 crore during the quarter as compared with Rs 824.72 crore in Q1 FY24. Revenue jumped 15.7% YoY to Rs 10,143.73 crore in Q1 FY25.

NBCC (India) advanced 1.90% after the company�s consolidated net profit jumped 38% to Rs 107.19 crore in Q1 FY25 as compared with Rs 77.41 crore posted in corresponding quarter last year. Revenue climbed 11.3% YoY to Rs 2,144.16 crore during the quarter.

Apollo Hospitals Enterprise rose 0.59%. The company reported 82% increase in consolidated net profit to Rs 315.50 crore in Q1 FY25 as compared with Rs 173.40 crore in Q1 FY24. Revenue increased 15.1% YoY to Rs 5,085.60 crore in Q1 FY25.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was up 1.61% to 6.991 as compared with previous close 7.005.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9150, compared with its close of 83.9700 during the previous trading session.

MCX Gold futures for 5 September 2024 settlement fell 0.15% to Rs 70,250.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies rose 0.09% to 102.65.

The United States 10-year bond yield was flat at 3.857.

In the commodities market, Brent crude for October 2024 settlement grew 46 cents or 0.57% to $81.15 a barrel.

Global Markets:

Most Asian stocks advanced on Wednesday, buoyed by Wall Street`s rally following upbeat US inflation data. This strengthened expectations that the Federal Reserve could initiate monetary easing as early as September.

New Zealand`s dollar tumbled after the central bank unexpectedly cut interest rates by 25 basis points to 5.25%.

Chinese equities declined as data revealed a contraction in bank loans to the real economy for the first time in 19 years. Investors are eagerly awaiting earnings results from Tencent Holdings and details of its planned share buyback.

US stocks surged on Tuesday, nearing recent record highs, after a milder-than-expected producer price index (PPI) report. The Dow Jones Industrial Average gained 1.04%, the Nasdaq Composite jumped 2.43%, and the S&P 500 climbed 1.68%.

The PPI, a measure of wholesale inflation, rose 0.1% last month. This data buoyed investor sentiment ahead of Wednesday`s more closely watched consumer price index (CPI) report, which is expected to show a modest increase of 0.2% month-over-month.

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