BAROMETERS OPEN ON A STRONG NOTE

The benchmark indices traded with major gains in early trade. The Nifty traded above the 24,300 level. All the sectoral indices on the NSE, traded in the green.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 868.86 points or 1.10% to 79,628.26. The Nifty 50 index gained 264.35 points or 1.10% to 24,309.75.

The broader market outperformed the headline indices, the S&P BSE Mid-Cap index added 1.69% and the S&P BSE Small-Cap index gained 1.96%.

The market breadth was strong. On the BSE, 2,558 shares rose and 450 shares fell. A total of 97 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 10,073.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 9,155.55 crore in the Indian equity market on 5 August 2024, provisional data showed.

Stocks in Spotlight:

Oil and Natural Gas Corporation (ONGC) gained 2.71%. The company reported 11.19% decline in consolidated net profit to Rs 10,235.64 crore during the quarter as compared with Rs 11,526.53 crore posted previous quarter. Revenue fell marginally YoY to Rs 1,66,567.75 crore.

Bharti Airtel rose 0.64%,. The company reported a consolidated net profit of Rs 4,159.9 crore in Q1 FY25, steeply higher than Rs 1,612.5 crore posted in Q1 FY24. Revenue from operations increased 2.84% YoY to Rs 38,506.4 crore in Q1 FY25.

The growth was impacted by currency devaluation in Africa. Average revenue per user (ARPU) for the quarter stood at Rs 211, up 5.5% as compared to Rs 200 in Q1 FY24.

Tata Chemicals added 0.75%. The company�s consolidated net profit declined 67.63% to Rs 190 crore in Q1 FY25 as compared with Rs 587 crore posted in same quarter last year. Revenue dropped 10.18% to Rs 3,789 crore in Q1 FY25 from Rs 4,218 crore in Q1 FY24.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was up 1.95% to 6.994 as compared with previous close 6.971.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.8500, compared with its close of 83.0975 during the previous trading session.

MCX Gold futures for 5 October 2024 settlement rose 0.03% to Rs 69,327.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.15% to 102.84.

The United States 10-year bond yield gained 1.60% to 3.840.

In the commodities market, Brent crude for October 2024 settlement added 79 cents or 1.04% to $77.09 a barrel.

Global Markets:

Dow Jones Futures were up 379 points, indicating a bounce in the US stocks today.

Asian stocks surged on Tuesday, recovering from steep losses in the previous session. Japanese markets led the rally, bouncing back after plunging into bear market territory. Bargain hunting also fueled gains, as investors snapped up discounted stocks with solid fundamentals.

US stocks tumbled on Monday, triggered by recession fears. The Dow dropped 1,033.99 points, or 2.6%, to end at 38,703.27. The Nasdaq Composite lost 3.43% and closed at 16,200.08, while the S&P 500 slid 3% to end at 5,186.33.

Friday`s disappointing US jobs report intensified concerns about a potential recession. Investors are growing increasingly frustrated with the Federal Reserve`s reluctance to cut interest rates despite slowing economic growth. The central bank opted to maintain rates at a 22-year high during its last meeting.

Adding to market volatility, the unwinding of the yen carry trade is gaining momentum. After the Bank of Japan raised interest rates last week, narrowing the interest rate differential with the US, the yen strengthened against the dollar. This has forced investors to unwind positions that involved borrowing in yen to invest in higher-yielding assets.

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