BAROMETERS TRADE FLAT; BROADER MKT RALLIES

The key equity indices traded near the flat line with some negative bias in early trade. The Nifty traded below 24,350 mark. Auto, IT and media shares advanced while consumer durables and banking stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was down 44.63 points or 0.06% to 79,951.97. The Nifty 50 index declined 0.60 points to 24,323.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.40% and the S&P BSE Small-Cap index fell 0.55%.

The market breadth was strong. On the BSE, 1,984 shares rose and 1,081 shares fell. A total of 135 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,241.33 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,651.36 crore in the Indian equity market on 5 July 2024, provisional data showed.

Stocks in Spotlight:

Dabur India rose 1.72%. The company witnessed sequential improvement in demands trends with rural growth picking up, consolidated revenue expected to register mid to high single-digit growth, India business expected to record mid-single digit volume growth, In India business, HPC & Healthcare segment expected to grow in high-single digits, gross margins likely to witness some expansion, operating profit expected to grow marginally ahead of revenue for the end of Q1 FY24.

Titan Company slipped 3.94%. The firm�s jewellery business jumped 9% year-on-year in Q1 FY25, the watches and wearables business increased 15% year-on-year, the Eyecare business grew 3% YoY in Q1 FY25,Carat Lane business jumped 18% YoY, emerging business grew 4% YoY during the period under review. TCL business grew 9% YoY in Q1 FY25.

Marico gained 3.77%. The FMCG company�s international business delivered double-digit growth constant currency growth, consolidated revenue grew in high single digits, operating operating profit expected to grow slightly ahead of revenue, gross margin to expand on a year-on-year basis, expecting consolidated revenue growth to trend upwards during the year for the end of Q1 FY25.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.11% to 6.985 as compared with previous close 6.993.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4550, compared with its close of 83.4950 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement declined 0.16% to Rs 72,931.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.04% to 104.92.

The United States 10-year bond yield grew 0.61% to 4.294.

In the commodities market, Brent crude for September 2024 settlement lost 11 cents or 0.13% to $86.43 a barrel.

Global Markets:

The Dow Jones index futures were down 60 points, indicating a weak opening in the US stocks today.

Asian stocks tumbled on Monday, with China leading the decline. Investor concerns swirled around a potential trade war with the West, fueled by the EU`s tariffs on Chinese electric vehicles mirroring similar US actions. This escalation heightened fears of a wider conflict and retaliation from China. Additionally, disappointing economic data from Japan and Australia dampened overall sentiment.

In stark contrast, US stocks soared on Friday, reaching record highs. Investors interpreted a weaker-than-expected jobs report as a sign of potential future interest rate cuts from the Federal Reserve. The S&P 500 and Nasdaq both closed at all-time highs, while the Dow Jones also gained slightly.

The US economy added 206,000 new nonfarm jobs in June, exceeding economist expectations. However, the unemployment rate rose slightly to 4.1%, which was unexpected. All eyes are now on Fed Chair Jerome Powell`s comments and key inflation data this week for further clues on the direction of US monetary policy.

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