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Indices turn rangebound; consumer durables in demand

Published on Jul 09, 2024 14:33

The equity barometers traded in a narrow range with modest gains in mid-afternoon trade. The Nifty traded above 24,400 level. Consumer durables shares advanced after declining in the past three trading sessions.

At 14:30 IST, the S&P BSE Sensex, was up 355.23 points or 0.44% to 80,317.83. The Nifty 50 index added 92.65 points or 0.38% to 24,413.20.

The Nifty clocked an all-time high of 24,437.90 respectively in early afternoon trade.

In the broader market, the S&P BSE Mid-Cap index added 0.20% and the S&P BSE Small-Cap index rose 0.26%. The S&P BSE Mid-Cap index hit an all-time high at 47,659.70.

The market breadth was positive. On the BSE, 2,009 shares rose and 1,882 shares fell. A total of 107 shares were unchanged.

Buzzing Index:

The Nifty Consumer Durables index added 1.49% to 38,552.40. The index fell 1.38% in the past three trading sessions.

Blue Star (up 6.98%), Kajaria Ceramics (up 3.3%), Amber Enterprises India (up 2.68%), Crompton Greaves Consumer Electricals (up 2.2%), Titan Company (up 1.57%), Havells India (up 1.56%), Rajesh Exports (up 1.09%), Whirlpool of India (up 1.08%), Voltas (up 0.66%) and Cera Sanitaryware (up 0.64%) edged higher.

On the other hand, Century Plyboards (India) (down 1.11%), Bata India (down 0.93%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.04% to 6.986 as compared with previous close 6.985.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4875, compared with its close of 83.5000 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.04% to Rs 72,364.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.06% to 105.06.

The United States 10-year bond yield added 0.54% to 4.289.

In the commodities market, Brent crude for September 2024 settlement lost 36 cents or 0.42% to $85.39 a barrel.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.84%. The company�s precision engineering systems business vertical of L&T secured �significant� order for construction of two fleet support ships from Hindustan Shipyard.

Shyam Metalics and Energy shed 0.97%. The company announced that its stainless steel production surged 100.69% YoY to 7,015 MT in June 2024 as compared with 3,496 MT produced in June 2023.

Inox Wind gained 2.15% after the wind energy solutions provider has bagged an order for 200 megawatt (MW) from a renewable C&I power producer.

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