Indices trade with major gains; Nifty above 24,250

The key equity indices traded with major gains in early trade. The Nifty traded above the 24,250 mark. All sectoral indices traded in green on the NSE.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 851.35 points or 1.08% to 79,443.33. The Nifty 50 index gained 273.95 points or 1.14% to 24,269.60.

In the broader market, the S&P BSE Mid-Cap index added 1.30% and the S&P BSE Small-Cap index rose 0.76%.

The market breadth was strong. On the BSE, 2,173 shares rose and 289 shares fell. A total of 91 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,531.24 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,357.45 crore in the Indian equity market on 6 August 2024, provisional data showed.

Stocks in Spotlight:

Tata Power shed 0.16%. The company’s consolidated net profit rose 4% to Rs 1,189 crore during the quarter as compared with Rs 1,141 crore posted in Q1 FY23. Revenue from operations jumped 13.7% YoY to Rs 17,294 crore in Q1 FY25. The company will acquire a 40% stake in Khorluchhu Hydro Power for Rs 830 crore and company to terminate the Global Depository Shares program.

Lupin gained 4.05% after the company’s consolidated net profit jumped 78% to Rs 805.54 crore in Q1 FY25 as compared with Rs 453.33 crore posed in corresponding quarter last year. Revenue increased 16.3% YoY to Rs 5,600 crore during the quarter.

Indigo Paints fell 3.73% after the company’s consolidated net profit declined 16% to Rs 27 crore during the quarter as compared with Rs 32 crore in Q1 FY24. Revenue stood at Rs 311 crore in Q1 FY25, up 8% as compared with Rs 288 crore posted in Q1 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.80% to 6.996 as compared with previous close 6.985.

In the foreign exchange market, the rupee remains constant against the dollar. The partially convertible rupee was hovering at 83.9200, compared with its close of 83.9200 during the previous trading session.

MCX Gold futures for 5 October 2024 settlement remains flat to Rs 68,965.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.29% to 103.27.

The United States 10-year bond yield gained 0.62% to 3.908.

In the commodities market, Brent crude for October 2024 settlement added 1 cent or 0.01% to $76.49 a barrel.

Global Markets:

Dow Jones Futures were up 207 points, indicating a bounce in the US stocks today.

Asian stocks rebounded on Wednesday, recovering from sharp losses earlier in the week. Japan's markets surged following encouraging comments on interest rates from the Bank of Japan. However, lingering concerns about a global economic slowdown tempered overall sentiment.

Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Wednesday the central bank won't raise interest rates when financial markets are unstable.

Regional markets drew support from a strong Wall Street close, though the U.S. recovery remained fragile after Monday's steep decline. Recent comments from Federal Reserve officials alleviated immediate recession fears, boosting investor confidence. The S&P 500 and Nasdaq rallied 1% on Tuesday, erasing some of the previous day's losses.

The Fed has indicated that interest rate cuts might be necessary to prevent a recession, indicating a cautious outlook. The Dow Jones Industrial Average gained 294.39 points to close at 38,997.66, while the S&P 500 rose 53.7 points to 5,240.03. The Nasdaq Composite added 166.77 points, ending at 16,366.86.