MARKET OPENS HIGHER IN EARLY TRADE; BREADTH STRONG

The domestic equity benchmarks traded with major gains in early trade, following positive momentum in global markets. The Nifty traded near the 24,400 level. All the sectoral indices on NSE were in the green with IT, auto and media shares gaining the most.

At 09:25 IST, the barometer index, the S&P BSE Sensex jumped 861.69 points or 1.04% to 79,934.45. The Nifty 50 index added 251.20 points or 1.04% to 24,394.95.

In the broader market, the S&P BSE Mid-Cap index gained 1% and the S&P BSE Small-Cap index rose 1.02%.

The market breadth was strong. On the BSE, 2,226 shares rose and 816 shares fell. A total of 103 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,595.27 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,236.21 crore in the Indian equity market on 14 August 2024, provisional data showed.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper jumped 1.98% to 6.994 as compared with previous close 6.858.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9450, compared with its close of 83.9400 during the previous trading session.

MCX Gold futures for 5 September 2024 settlement advanced 0.24% to Rs 70,040.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies shed 0.04% to 102.92.

The United States 10-year bond yield fell 0.59% to 3.911.

In the commodities market, Brent crude for October 2024 settlement shed 20 cents or 0.25% to $80.84 a barrel.

Stocks in Spotlight:

Glenmark Pharmaceuticals slipped 3.58%. The company�s consolidated net profit jumped 96.53% to Rs 340 crore in Q1 FY25 as compared with Rs 173 crore in Q1 FY24. Revenue increased 6.85% YoY to Rs 3,244 crore during the quarter.

Ola Electric Mobility zoomed 14.74%. The firm reported consolidated net loss of Rs 347 crore in Q1 FY25 as compared with net loss of Rs 267 crore in Q1 FY24. Revenue jumped 32% YoY to Rs 1,644 crore in Q1 FY24.

Entero Healthcare Solutions rose 1.21% after the company�s consolidated net profit surged to Rs 20.5 crore in Q1 FY25 from Rs 6.4 crore in Q1 FY24. Revenue increased 22.02% YoY to Rs 1,097 crore during the quarter.

Global Markets:

Asian stocks surged on Friday, buoyed by upbeat US economic data that tempered recession fears.

Robust US retail sales and a decline in jobless claims fueled a rally in global equities and sent bond yields higher. These positive economic indicators, following the benign inflation report earlier in the week, have strengthened expectations for interest rate cuts by the Federal Reserve. However, market sentiment suggests these cuts will be gradual.

US stocks closed sharply higher on Thursday, with the Dow Jones Industrial Average gaining 1.4%, the S&P 500 rising 1.6%, and the Nasdaq Composite jumping 2.3%.

Retail sales increased 1.0% after a downwardly revised 0.2% drop in June, easing fears of a sharp economic slowdown fanned by a jump in the unemployment rate last week.

Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 227,000 for the week ended Aug. 10, the Labor Department said.

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