Indices edge lower; Nifty below 19,450

Key benchmark indices were trading with minor losses in early trade. The Nifty traded below 19,450 level. FMCG, media and pharma shares declined while realty, auto and consumer durables stocks advanced.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 17.59 points or 0.03% to 64,958.02. The Nifty 50 index lost 8.40 points or 0.04% to 19,435.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.20% while the S&P BSE Small-Cap index gained 0.30%.

The market breadth was strong. On the BSE, 1,670 shares rose and 954 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 84.55 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 524.47 crore in the Indian equity market on 8 November, provisional data showed.

Stocks in Spotlight:

Tata Power Company declined 2.43%. The company reported 9% rise in consolidated net profit to Rs 1017 crore on 9% rise in revenue to Rs 15442 crore in Q2 FY24 over Q2 FY23.

Pidilite Industries rose 0.77%. The company reported 36% rise in consolidated net profit to Rs 459 crore on 2% rise in net sales to Rs 3065 crore in Q2 FY24 over Q2 FY23.

BHEL fell 0.64%. The company posted a net loss of Rs 233 crore in in Q2 FY24 as against a profit of Rs 10 crore in Q2 FY23. Revenue from operations rose slightly to Rs 5,125 crore from Rs 5,203 crore in Q2 FY23.

United Spirits slipped 1.34%. The company reported consolidated net profit of Rs 339.3 crore in Q2 FY24 as compared to net profit of Rs 547.7 crore in Q2 FY23. Total income dropped to Rs 6776.6 crore in Q2 FY24 from Rs 8290.3 crore in Q2 FY23.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.19% to 7.252 from its previous close of 7.266.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2875, compared with its close of 83.3000 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.22% to Rs 59,879.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 105.54.

The United States 10-year bond yield fell 0.55% to 4.502.

In the commodities market, Brent crude for January 2024 settlement gained 23 cents or 0.29% to $79.77 a barrel.

Global markets:

Asian stocks are trading higher on Thursday after US equities hit their hottest winning streak in two years, as investors cling to hopes that interest rates have peaked. Meanwhile, China slid back into deflation. Government data showed October consumer prices shrank 0.2% year-on-year in China. Producer prices declined 2.6%.

In US, the S&P 500 and Nasdaq eked out small gains on Wednesday to extend their recent winning streaks as investors weighed Federal Reserve officials` recent comments for signals on the path of interest rates and focused on the direction of Treasury yields. The Dow`s decline snapped a seven-session winning streak.

Fed Chair Jerome Powell will appear on a panel discussing monetary policy challenges later Thursday. Atlanta Fed President Raphael Bostic and his Richmond counterpart Tom Barkin are also slated to speak Thursday, as is Bank of England chief economist Huw Pill.

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