MARKET DRIFT LOWER IN EARLY TRADE; BREADTH STRONG

The key equity indices traded with modest losses in early trade. The Nifty traded below 24,200 level. Financial services, private bank and bank shares declined while pharma, healthcare and PSU bank stocks advanced.

At 09:25 IST, the barometer index, the S&P BSE Sensex was down 40.49 points or 0.58% to 79,583.39. The Nifty 50 index declined 103.80 points or 0.43% to 24,198.35.

In the broader market, the S&P BSE Mid-Cap index shed 0.17% and the S&P BSE Small-Cap index fell 0.37%.

The market breadth was strong. On the BSE, 1,788 shares rose and 1,151 shares fell. A total of 89 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,575.85 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,375.18 crore in the Indian equity market on 4 July 2024, provisional data showed.

Stocks in Spotlight:

HDFC Bank declined 3.34%. The bank�s gross advances fell 0.8% QoQ at Rs 24.87 lakh crore, while the deposits were flat to Rs 23.79 lakh crore. CASA deposits were down 5% quarter-on-quarter at Rs 6.83 lakh crore for the quarter ended 30 June 2024.

Raymond rallied 3.84% after the company�s board approved the demerger of the real estate arm, Raymond Realty subject to approval of shareholders and regulators. The company will issue 6.65 crore shares of Raymond Realty having a face value of Rs 10 per share, upon demerger. One share of Raymond Realty will be given for every share held in the parent firm.

Poonawalla Fincorp rose 1.27% after the company`s total disbursement stood at Rs 7,400 crore, up 5% year-on-year and AUM jumped 52% to Rs 26,970 crore, for the quarter ended 300 June 2024.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.01% to 6.999 as compared with previous close 6.990.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4725, compared with its close of 83.5025 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.11% to Rs 72,460.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.14% to 104.98.

The United States 10-year bond yield grew 0.42% to 4.362.

In the commodities market, Brent crude for September 2024 settlement lost 22 cents or 0.25% to $ 87.12 a barrel.

Global Markets:

Asian shares traded mixed on Friday, lifted by expectations of the U.S. Federal Reserve cutting interest rates in September. This positive investor sentiment was further bolstered by the euro`s rise to a three-week high in anticipation of the French elections.

Japan`s household spending dropped to 1.8% in May, falling short of expectations for a 0.1% gain. This metric is closely watched by the Bank of Japan as an indicator of a healthy economic cycle where wages and prices rise together.

The United States stock market was closed on Thursday, July 4th, in observance of Independence Day.

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