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Indices edge lower in early trade; media shares in demand

Published on Jun 27, 2024 09:33

The key equity indices traded with minor losses in early trade. The Nifty traded below 23,850 mark. Media, metal and consumer durables stocks advanced while IT, PSU bank and bank shares declined. Trading could be volatile due to monthly F&O series expiry today.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 177.71 points or 0.23% to 78,484.31. The Nifty 50 index lost 42.60 points or 0.18% to 23,826.20.

The Sensex clocked an all-time high of 78,771.64 in early trade. Further, the Nifty Bank registered a life high of 52,988.30 in early trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.47% and the S&P BSE Small-Cap index added 0.39%.

The market breadth was strong. On the BSE, 1,776 shares rose and 1,087 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,535.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,103.67 crore in the Indian equity market on 25 June 2024, provisional data showed.

Stocks in Spotlight:

Navin Fluorine International shed 0.15%. The company said that its board will meet on Saturday, 29 June 2024 to consider raising funds by way of issuance of equity shares or other eligible securities aggregating to Rs 750 crore.

KEC International rallied 6.21% after the company received a new order worth Rs 1,025 crore for its transmission and cable business.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.09% to 7.003 as compared with previous close 6.997.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5100, compared with its close of 83.5750 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement shed 0.24% to Rs 70,915.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.10% to 105.94.

The United States 10-year bond yield added 0.61% to 4.344.

In the commodities market, Brent crude for August 2024 settlement lost 21 cents or 0.25% to $85.04 a barrel.

Global Markets:

Dow Jones futures are trading down 114 points, indicating a negative opening in the US stocks later today.

Most Asian stocks fell on Thursday as technology shares tracked weakness in their U.S. peers following underwhelming guidance from chipmaking major Micron.

Chinese markets extended losses as lackluster industrial profit data and ongoing trade war anxieties dampened investor confidence. China`s industrial profits rose a meager 0.7% year-over-year in May, down from 4.0% growth in April.

US stocks ended a smidge higher in choppy trade. Middling revenue outlook triggered a selloff in chip stocks. Investor sentiment remained cautious ahead of key U.S. data releases, including the PCE price index and the much-anticipated Presidential debate.

Micron plunged nearly 8% in extended trading. Despite exceeding quarterly earnings expectations, the company`s revenue guidance for the current quarter fell short of investor hopes, raising concerns about the sustainability of the AI-fueled demand boom. This disappointment also spurred some profit-taking in the previously hot tech sector.

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