INDICES NUDGE LOWER IN EARLY TRADE; BREADTH STRONG

The headline equity benchmarks traded with minor losses in early trade. The Nifty traded below the 25,050 mark. Realty, private bank and metal shares declined while pharma, FMCG and PSU bank stocks traded higher.

At 09:30 IST, the barometer index, the S&P BSE Sensex, fell 102.12 points or 0.13% to 81,823.62. The Nifty 50 index lost 27.25 points or 0.11% to 25,013.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.10% and the S&P BSE Small-Cap index gained 0.35%.

The market breadth was strong. On the BSE, 1,843 shares rose and 1,104 shares fell. A total of 128 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,208.23 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 275.37 crore in the Indian equity market on 10 September 2024, provisional data showed.

Stocks in Spotlight:

Ashoka Buildcon rose 0.06%. The company has finalized the agreement to transfer its complete 90% stake in ABL Indira Projects JV LLP for a sum of Rs 5.44 crore to Indira Projects & Development (Tamnil Nadu).

Indian Renewable Energy Development Agency (IREDA) added 0.24%. The company said that that the International Financial Service Centre Authority (IFSCA) granted provisional registration to IREDA Global Green Energy Finance (IFSC), a wholly owned subsidiaries of the company, as finance company at Gift City on 4 September.

Reliance Industries gained 0.16%. The company said said that Reliance Retail Ventures and Delta Galil Industries have entered a strategic partnership in India. Through the joint venture with Reliance Retail, Delta Galil will expand its presence in India and establish an apparel innovation platform focused on the Indian market.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.17% to 6.953 as compared with previous close 6.965.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9675, compared with its close of 83.9800 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement rose 0.17% to Rs 72,040.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.20% to 101.43.

The United States 10-year bond yield fell 0.53% to 3.625.

In the commodities market, Brent crude for November 2024 settlement gained 37 cents or 0.53% to $69.56 a barrel.

Global Markets:

Asian stocks slipped on Wednesday, reflecting investor caution as they anticipate a crucial U.S. presidential debate and the release of key inflation data. Crude oil prices remained near three-year lows, below $70 per barrel, due to concerns about weak demand.

The upcoming debate between Vice President Kamala Harris and former President Donald Trump could significantly influence the U.S. election. Investors will then turn their attention to the U.S. Consumer Price Index (CPI) report, which could provide clues about potential Federal Reserve interest rate cuts.

While the Fed is expected to lower rates next week, the magnitude of the cut remains uncertain, especially after a mixed jobs report last Friday.

U.S. stock markets experienced a volatile session on Tuesday, closing mixed as investors prepared for the CPI report. The S&P 500 (+0.5%) and Nasdaq Composite (+ 0.9%) finished slightly higher, while the Dow Jones Industrial Average (-0.2%) closed lower.

Apple shares declined after the company lost a legal battle in the EU over a $14 billion tax bill. This followed the recent launch of the iPhone 16, which was met with some disappointment regarding its artificial intelligence capabilities.

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