Market nudge lower in early trade; breadth positive

The equity benchmarks were trading with minor losses in early trade. The Nifty traded below the 19,400 level. Pharma, healthcare and oil & gas stocks advanced while realty, bank and private bank shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 163.78 points or 0.25% to 64,794.91. The Nifty 50 index lost 43.90 points or 0.23% to 19,367.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 1,679 shares rose and 1,043 shares fell. A total of 113 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 549.37 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 595.70 crore in the Indian equity market on 6 November, provisional data showed.

Stocks in Spotlight:

Bajaj Finance rose 0.93%. The NBFC firm has launched the qualified institutions placement (QIP) on 6 November 2023. The floor price is fixed at Rs 7,533.81 per share. The company may, at its discretion, offer a discount of not more than 5% on the floor price so calculated for the issue.

HPCL added 0.06%. The company has reported a consolidated net profit of Rs 5,826.96 crore in Q2 FY24 as compared to net loss of Rs 2,475.69 crore in Q2 FY23. Total income fell to Rs 1,03,010.71 crore in Q2 FY24 from Rs 1,14,497.65 crore in Q2 FY23. Average GRMs (Gross of export duty) for the period Jul-Sep 2023 were US$ 13.33 per barrel (US$ 8.41 per barrel during the corresponding period of previous year).

Gland Pharma jumped 5.10%. The company reported 20% fall in consolidated net profit to Rs 194.1 crore as compared to consolidated net profit of Rs 241.2 crore in Q2 FY23. Total revenue from operations rose 32% to Rs 1373.4 crore in Q2 FY24 from Rs 1044.4 crore in Q2 FY23.

Emami was up 1.33%. The company has reported a consolidated net profit of Rs 179.99 crore in Q2 FY24 as compared to net profit of Rs 180.13 crore in Q2 FY23. Total income rose to Rs 875.98 crore in Q2 FY24 from Rs 855.74 crore in Q2 FY23.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose 0.10% to 7.312 from its previous close of 7.305.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2550, compared with its close of 83.2125 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.38% to Rs 60,541.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.14% to 105.36.

The United States 10-year bond yield slipped 0.49% to 4.643.

In the commodities market, Brent crude for January 2024 settlement lost 44 cents or 0.52% to $84.74 a barrel.

Global Markets:

Asian stocks tumbled across the board ahead of trade data coming out of China, as well as a rate decision by the Reserve Bank of Australia. As per reports, the RBA is likely to raise its key policy rate by 25 basis points to 4.35%.

US stocks eked out small gains on Monday as hopes continued to prevail that the Federal Reserve is ready to call an end to tightening.

Office-sharing company WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court Monday. The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing.

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