INDICES NUDGE LOWER IN EARLY TRADE; IT SHARES ADVANCE

The headline equity indices traded with minor losses in early trade. The Nifty traded below 23,700 level. IT and media stocks advanced while metal, realty and auto shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 88.03 points or 0.10% to 77,972.67. The Nifty 50 index lost 44.60 points or 0.19% to 23,676.70.

The Sensex clocked an all-time high of 78,188.16 in early trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.45% and the S&P BSE Small-Cap index rose 0.05%.

The market breadth was positive. On the BSE, 1,545 shares rose and 1,378 shares fell. A total of 101 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,175.91 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 149.45 crore in the Indian equity market on 25 June 2024, provisional data showed.

Stocks in Spotlight:

Yes bank shed 0.42%. The bank said that its board of directors will meet on Friday, 23 August 2024 to consider raising funds by issuing debt securities through various modes.

Vishnu Prakash R. Punglia soared 8.27% after the company received an Rs 273.11 crore order from Uttar Pradesh Jal Nigam.

Mazagon Dock Shipbuilders rallied 5.39% after the company said the Department of Public Enterprises approved the proposal for the grant of Navratna status to the company.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.01% to 6.984 as compared with previous close 6.983.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4425, compared with its close of 83.4300 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement shed 0.07% to Rs 71,416.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.04% to 105.65.

The United States 10-year bond yield gained 0.59% to 4.263.

In the commodities market, Brent crude for August 2024 settlement added 33 cents or 0.39% to $85.34 a barrel.

Global Markets:

Asian stocks were mixed today, mirroring the cautious sentiment on Wall Street. While cyclical sectors underperformed in the US, the tech-heavy Nasdaq surged on Tuesday.

In the US, investors awaited key inflation data due later this week, with some Federal Reserve officials acknowledging inflationary risks.

The US consumer confidence index dipped slightly to 100.4 from a downwardly revised 101.3 in May, reflecting a more cautious outlook on business conditions, jobs, and income. This could signal potential headwinds for consumer spending, a key driver of economic growth.

Market participants are closely watching the release of the personal consumption expenditures (PCE) price index on Friday. This data point, the Fed`s preferred inflation gauge, will be crucial for assessing future monetary policy decisions.

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