BAROMETERS NUDGE LOWER; NIFTY SLIPS BELOW 24,500

The domestic equity benchmarks traded with small losses in early trade. The Nifty traded below 24,500 level. PSU bank, healthcare and metal shares advanced while realty, consumer durables and private bank shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 233.94 points or 0.29% to 80,370.71. The Nifty 50 index shed 68.20 points or 0.28% to 24,462.70.

In the broader market, the S&P BSE Mid-Cap index declined 0.24% and the S&P BSE Small-Cap index slipped 0.71%.

The market breadth was negative. On the BSE, 1,155 shares rose and 1,923 shares fell. A total of 175 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,506.12 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 461.56 crore in the Indian equity market on 19 July 2024, provisional data showed.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.13% to 6.975 as compared with previous close 6.966.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.6425, compared with its close of 83.6375 during the previous trading session.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.07% to 104.25.

The United States 10-year bond yield grew 0.58% to 4.211.

In the commodities market, Brent crude for September 2024 settlement lost 35 cents or 0.41% to $84.76 a barrel.

Stocks in Spotlight:

Reliance Industries fell 1.91% after its consolidated net profit declined 4.04% to Rs 17,448 crore in Q1 FY25 as against Rs 18,182 crore posted in Q1 FY24. Gross revenue rose by 11.55% year on year (YoY) to Rs 257,823 crore in the quarter ended 30 June 2024, led by O2C on higher oil & product prices and oil & gas segment with strong growth in volumes. Steady growth in consumer businesses also contributed to increase in revenue.

HDFC Bank rose 0.70% after its net profit increased 35.33% to Rs 16,174.75 crore on 44.77% jump in total income to Rs 83,701.25 crore in Q1 FY25 over Q1 FY24.

Kotak Mahindra Bank declined 3.33%. The bank�s net profit surged 81.03% to Rs 6,249.82 crore on 18.9% rise in total income to Rs 15,675.15 crore in Q1 FY25 over Q1 FY24.

Global Market:

Most Asian markets fell on Monday following Joe Biden`s decision to withdraw from the US presidential race, which added fresh uncertainty to the situation. Despite China`s attempt to stimulate its struggling economy by reducing interest rates, traders seemed unaffected.

On Sunday, Biden endorsed Vice President Kamala Harris as his successor.

In the meantime, China implemented a reduction in benchmark lending rates during the monthly fixing on Monday. The one-year loan prime rate (LPR) was decreased by 10 basis points to 3.35% from 3.45%, while the five-year LPR was also lowered by the same margin to 3.85% from 3.95%.

US stocks experienced a decline on Friday due to a chaos caused by a global technical outage resulting from a software glitch, amplifying the existing market unease. The S&P 500 dropped 0.71%, closing at 5,505.00. Nasdaq Composite slid 0.81% to end at 17,726.94. The Dow Jones Industrial Average fell 377.49 points, or 0.93%, to 40,287.53.

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