SENSEX, NIFTY HITS NEW LIFE HIGH IN EARLY TRADE; BREADTH STRONG

The key domestic indices traded with minor gains in early trade. The Nifty traded above the 24,150 mark. Oil & gas, IT and media shares advanced while auto, private bank and healthcare shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 88.2 points or 0.11% to 79,564.39. The Nifty 50 index added 24.05 points or 0.10% to 24,166.

The Sensex and Nifty clocked an all-time high of 79,855.87 and 24,236.35, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.17% and the S&P BSE Small-Cap index rose 0.57%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,869.53 and 53,297.26, respectively.

The market breadth was strong. On the BSE, 2,155 shares rose and 977 shares fell. A total of 119 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 426.03 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,917.43 crore in the Indian equity market on 1 July 2024, provisional data showed.

Stocks in Spotlight:

Maruti Suzuki India shed 0.29%. The car major`s total output dipped 2.94% year-over-year, with production reaching 133,095 units compared to 137,133 units in June 2023.

Tata Motors slipped 0.36%. The total domestic sales are down 8% year-on-year at 74,147 units in June. Total commercial vehicle sales were down 7% at 31,980 units, total PV sales were down 8% at 43,624 units and total EV sales were down 34% at 4,657 units. The company reported FY25 Q1 sales data in which total domestic sales were up 2% year-on-year at 2.25 lakh units, total CV sales were up 6% at 91,209 units, total

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.06% to 7.009 as compared with previous close 7.013.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5650, compared with its close of 83.4400 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement slipped 0.01% to Rs 71,647.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.02% to 105.92.

The United States 10-year bond yield fell 0.62% to 4.451.

In the commodities market, Brent crude for September 2024 settlement gained 18 cents or 0.21% to $ 86.78 a barrel.

Global Markets:

Most Asian stocks traded higher, contrasting with a positive close on Wall Street led by tech stocks.

Megacap growth stocks, like Apple and Tesla, propelled the tech-heavy Nasdaq to a strong start for the new quarter. The broader market also participated in the gains, with the Dow and S&P 500 edging higher in pre-holiday trading.

Investors are awaiting key U.S. labor market data later this week, hoping for insights into the Federal Reserve`s interest rate plans. The Dow Jones Industrial Average rose 0.13%, the S&P 500 gained 0.27%, and the Nasdaq Composite surged 0.83%. Notably, the tech sector jumped 1.3% in the first trading session of July.

While the US manufacturing PMI data for June indicated continued contraction, a bright spot emerged: prices paid dropped to a six-month low. This could be a welcome sign for the Fed`s fight against inflation. Despite this, market expectations remain for around two interest rate cuts later this year, beginning in September, according to LSEG FedWatch.

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