BENCHMARKS NUDGE HIGHER; SENSEX ADDS 147 PTS

The key equity indices traded with minor gains in early trade. The Nifty traded above the 24,600 level. IT, oil & gas and healthcare stocks advanced while realty and media shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, jumped 147.01 points or 0.18% to 80,571.69. The Nifty 50 index added 56.80 points or 0.23% to 24,629.45.

In the broader market, the S&P BSE Mid-Cap index added 0.21% and the S&P BSE Small-Cap index gained 0.27%.

The market breadth was strong. On the BSE, 2,118 shares rose and 880 shares fell. A total of 125 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,667.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,802.92 crore in the Indian equity market on 19 August 2024, provisional data showed.

Stocks in Spotlight:

HCL Technologies declined 0.43%. The firm�s board appointed Shiv Walia as chief financial officer (CFO) with effect from 6 September 2024, however Pratik Aggarawal has resigned from the position to pursue opportunities outside HCL Tech.

Nucleus Software Exports surged 14.81% after the company informed that its board is scheduled to meet on 22 August 2024 to consider the proposal for the buyback of equity shares.

IndusInd Bank rose 1.21% after received the RBI�s nod for undertaking mutual fund business via a new subsidiary.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper jumped 1.72% to 6.982 as compared with previous close 6.978.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.8700, compared with its close of 83.8775 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement fell 0.06% to Rs 71,541.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, added 0.05% to 101.94.

The United States 10-year bond yield gained 0.41% to 3.887.

In the commodities market, Brent crude for October 2024 settlement lost 60 cents or 0.77% to $77.06 a barrel.

Global Markets:

Most Asian stocks climbed on Tuesday, mirroring Wall Street`s gains fueled by anticipation of potential Federal Reserve rate cut hints later this week.

China`s benchmark lending rates remained unchanged as expected, with minimal market impact.

Investor focus is on the Fed`s July meeting minutes, due Wednesday, and Chair Jerome Powell`s Jackson Hole speech on Friday for clues on the U.S. rate outlook.

Risk appetite was also bolstered by Israeli Prime Minister Benjamin Netanyahu`s acceptance of a U.S.-proposed interim deal to address the Gaza conflict.

U.S. stocks rallied on Monday, extending their strongest weekly performance of the year. The Dow Jones Industrial Average rose 0.6%, the S&P 500 gained 1%, and the Nasdaq Composite jumped 1.4%. Tech giants like Nvidia, Microsoft, and Alphabet contributed to the Nasdaq`s outperformance.

The upcoming Jackson Hole Economic Symposium, starting Thursday, will be closely watched for insights into the Fed`s transition from a restrictive to neutral monetary policy stance.

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