Barometers nudge higher; breadth strong

The equity indices traded with moderate gains in early trade. The Nifty traded above the 25,000 level. Barring the Nifty pharma index, all the other sectoral indices on the NSE were traded in green.

At 09:28 IST, the barometer index, the S&P BSE Sensex rose 204.47 points or 0.25% to 81,655.96. The Nifty 50 index added 64.05 points or 0.26% to 25,046.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.41% and the S&P BSE Small-Cap index rose 0.73%.

The market breadth was strong. On the BSE, 2,112 shares rose and 686 shares fell. A total of 130 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,562.71 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,508.61 crore in the Indian equity market on 9 October 2024, provisional data showed.

Ratan Tata, the Chairman Emeritus of Tata Sons and a recipient of India's second-highest civilian honor, the Padma Vibhushan, passed away on Wednesday at Mumbai's Breach Candy Hospital. He was 86 years old. Tata had been in critical condition and under intensive care. On Monday, he had disclosed that he was undergoing routine medical examinations due to his age and associated health conditions.

Stocks in Spotlight:

GTPL Hathway slipped 2.51% after the company's consolidated net profit declined 61.69% to Rs 13.74 crore in Q2 FY25 as compared with Rs 35.87 crore in Q2 FY24. Revenue increased 9.8% YoY to Rs 855.56 crore in Q2 FY25.

Western Carriers (India) shed 0.33%. The company reported 8.24% increase in consolidated net profit to Rs 18.9 crore in Q2 FY25 as compared with Rs 17.46 crore in Q2 FY24. Revenue rose 5.26% to Rs 422.71 crore during the quarter.

Sonata Software added 0.77%. The company has partnered with with iNube to provide a digital insurance platform.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.08% to 6.875 as compared with previous close 6.881.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9550, compared with its close of 83.9650 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement rose 0.09% to Rs 74,999.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 102.86.

The United States 10-year bond yield gained 0.12% to 4.074.

In the commodities market, Brent crude for December 2024 settlement gained 60 cents or 0.78% to $77.18 a barrel.

Global Markets:

Asian stocks climbed on Thursday, buoyed by Wall Street's gains and anticipation for Beijing's additional fiscal stimulus measures. The region's markets were positively influenced by the Dow Jones Industrial Average hitting a new record closing high after the Federal Reserve's September meeting minutes indicated a preference for a 50-basis-point interest rate cut. However, the minutes also clarified that the Fed has not committed to a specific pace of rate reductions.

In the U.S., the S&P 500 rose 0.7% on Wednesday, while the Dow Jones Industrial Average surged 1% to a record closing high of 42,512.0. The NASDAQ Composite gained 0.6%. Investors are now closely watching the third-quarter earnings season, with several major banks scheduled to report on Friday. Additionally, concerns about potential damage from Hurricane Milton are being monitored.

The key focus has shifted to the consumer price index data due on Thursday, which will provide valuable insights into inflation trends and their implications for interest rates. Persistent inflation could limit the Fed's ability to rapidly cut rates.