INDICES NUDGE LOWER; BREADTH STRONG

The key equity indices traded with limited losses in early trade. The Nifty traded below the 25,050 mark. Oil & gas, PSU bank and financial services shares advanced while auto, IT and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 130.37 points or 0.16% to 81,700.58. The Nifty 50 index lost 40.65 points or 0.16% to 25,016.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% and the S&P BSE Small-Cap index added 0.17%.

The market breadth was strong. On the BSE, 1,581 shares rose and 999 shares fell. A total of 137 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,748.71 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,654.96 crore in the Indian equity market on 15 October 2024, provisional data showed.

Stocks in Spotlight:

KEI Industries tumbled 5.13%. The company�s consolidated net profit jumped 10.71% to Rs 155 crore as compared with Rs 140 crore in Q2 FY24. Revenue increased 17.22% YoY to Rs 2,280 crore in during the quarter. The board approved to raise Rs 2000 crore from QIP.

Rallis India soared 11.21% after the company reported a 20% jump in standalone net profit to Rs 98 crore during the quarter as compared with Rs 82 crore in Q2 FY24. Revenue increased 11.5% to Rs 928 crore in Q2 FY25.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 1.55% to 6.874 as compared with previous close 6.880.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0625, compared with its close of 84.0425 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement rose 0.12% to Rs 76,455.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 103.20.

The United States 10-year bond yield declined 0.90% to 4.088.

In the commodities market, Brent crude for December 2024 settlement added 18 cents or 0.24% to $74.43 a barrel.

Global Markets:

Most Asian stocks traded lower on Wednesday, primarily due to a weak outlook from ASML, a leading chipmaker. Cooling optimism about Chinese stimulus measures also contributed to the market`s downturn.

Regional markets followed Wall Street`s lead, where a drop in chipmaking stocks pulled U.S. benchmarks from record highs. At the close in NYSE, the Dow Jones Industrial Average lost 0.75%, while the S&P 500 index fell 0.76%, and the NASDAQ Composite index lost 0.98%.

ASML, a major supplier of chipmaking equipment, provided disappointing sales guidance for 2025, citing softer demand in non-AI sectors. Its U.S. shares plummeted 16% overnight.

NVIDIA, a market darling, fell 4.5%, while AMD and Intel declined by 5.2% and 3.3%, respectively. All three stocks stabilized after the market closed.

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