Market drift higher; breadth positive

The key equity benchmarks traded with decent gains in early trade. The Nifty traded above the 24,400 level. FMCG, pharma and financial services advanced while consumer durables, metal and realty shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, added 158.58 points or 0.20% to 80,224.66. The Nifty 50 index rose 37.35 points or 0.15% to 24,436.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.42% and the S&P BSE Small-Cap index added 0.58%.

The market breadth was positive. On the BSE, 1,042 shares rose and 1,654 shares fell. A total of 117 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,062.45 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,620.47 crore in the Indian equity market on 23 October 2024, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.01% to 6.934 as compared with previous close 6.935.

In the foreign exchange market, the rupee was flat against the dollar. The partially convertible rupee was hovering at 84.0750.

MCX Gold futures for 31 October 2024 settlement lost 0.35% to Rs 78,055.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.08.

The United States 10-year bond yield shed 0.26% to 4.190.

In the commodities market, Brent crude for December 2024 settlement gained 17 cents or 0.23% to $74.55 a barrel.

Stocks in Spotlight:

United Breweries shed 0.36%. The company's consolidated net profit jumped 23% YoY to Rs 132.33 crore during the quarter. Revenue from operations (excluding excise duty) increased 12.01% YoY to Rs 2,114.68 crore in Q2 FY25.

Radico Khaitan jumped 6.13% after the company's consolidated net profit jumped 25% to Rs 81 crore on 20% increase in revenue from operations (excluding excise duty) to Rs 1,116.30 crore in Q2 FY25 over Q2 FY24.

Global Markets:

Most Asian stocks rose on Friday, mirroring a slightly positive close on Wall Street. However, Japanese shares declined in anticipation of a hotly contested general election this Sunday. Concerns about potential currency market intervention by the Japanese government, as the yen approached three-month lows, also weighed on sentiment.

Soft inflation data further pressured the yen. The October headline Tokyo Consumer Price Index (CPI) rose 1.8% year-over-year (YoY), compared to 2.2% in the previous month, according to the Statistics Bureau of Japan.

U.S. equities were mixed on Thursday as investors prepared for a series of major tech earnings reports. Rising geopolitical tensions in the Middle East, with Israel threatening a strike against Iran, also dampened risk appetite. The Dow Jones Industrial Average fell 0.33%, while the S&P 500 rose 0.21%, and the NASDAQ Composite gained 0.76%.

Tesla led the broader market index, surging nearly 22% after reporting third-quarter results that exceeded expectations. This marked its best day since 2013. Whirlpool and UPS also climbed after posting strong results.

IBM dragged down the Dow, falling over 6% as its consulting revenue narrowly missed estimates. Boeing slipped 1.2% after its machinists rejected a new labor contract.