Market drifts lower in early trade, Nifty below 21,650 mark

The benchmark indices were trading with limited losses in the early trade. The Nifty traded below the 21,650 mark. Oil & gas, FMCG and consumer durables stocks advanced while IT, metal and bank shares declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 161.22 points or 0.22% to 71,731.26. The Nifty 50 index lost 40.25 points or 0.19% to 21,625.55.

In the broader market, the S&P BSE Mid-Cap index shed 0.01% and the S&P BSE Small-Cap index gained 0.36%.

The market breadth was strong. On the BSE, 1,910 shares rose and 1,055 shares fell. A total of 104 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,602.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,959.04 crore in the Indian equity market on 2 January, provisional data showed.

Stocks in Spotlight:

Adani group stocks are in the spotlight following the Supreme Court`s decision today. The Supreme Court will today pronounce the judgment in a batch of petitions filed on the Adani-Hindenburg issue. SC will on Wednesday reportedly pronounce judgement on a batch of petitions seeking court-monitored investigation into the allegations made by made by US-based firm Hindenburg Research against the Adani group of companies regarding violations of the stock market.

Hero MotoCorp rose 1.37%. Hero MotoCorp dispatched 393,952 units of motorcycles and scooters in December 2023. The company sold 394,179 units in December 2022.

Coal India (CIL) declined 1.30%. CIL supplied an all-time high volume of 98 million tonnes (mts) to non-regulated sector (NRS) consumers till December FY 2024. This converts to a whopping 23 mt increase with 31% growth over 75 mts of same period last fiscal.

Avenue Supermarts slipped 2.25%. The company`s standalone revenue from operations for the quarter ended (QE) 31 December 2023 stood at Rs 13,247.33 crore. Revenue from operations for the quarter ended (QE) 31 December 2023 stood at Rs 11,304.58 crore.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.01% to 7.205 as compared with previous close 7.206.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3000, compared with its close of 83.3200 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement added 0.12% to Rs 63,331.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 102.14.

The United States 10-year bond yield gained 0.05% to 3.949.

In the commodities market, Brent crude for March 2024 settlement declined 12 cents or 0.16% to $75.77 a barrel.

Global Markets:

Asian markets declined on Wednesday, with stocks in South Korea and Taiwan leading declines as major tech firms including chipmakers came under pressure after Barclays downgraded Apple. Apple shares dropped on Tuesday, after Barclays cut the iPhone maker�s rating to underweight and trimmed its price target to $160 from $161. Japan�s markets are closed until Thursday.

US stocks retreated Tuesday, setting Wall Street up for a downbeat start to 2024 after a winning year that left the S&P 500 just short of a new record high. Tech stocks lost ground after Barclays analysts downgraded their rating on Apple`s stock, citing concerns about demand for new iPhones.

The U.S. manufacturing sector shrank more than expected in December, according to a new purchasing manager�s index from S&P Global. The Manufacturing PMI came in at 47.9 in December, down from 49.4 in November.

Market focus is now on the Fed minutes for the December policy meeting due later in the day. The ISM survey on U.S. manufacturing is also due later on Wednesday, as well as job openings data, before a private payrolls report and jobless claims results on Thursday. The closely watched U.S. nonfarm payrolls report is due on Friday.

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