BAROMETERS NUDGE LOWER; BREADTH POSITIVE

The headline equity benchmarks traded with minor losses in early trade. The Nifty traded below the 23,650 mark. Media and private bank shares advanced while realty, consumer durables and PSU bank shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 247.26 points or 0.32% to 77,901.23. The Nifty 50 index fell 72.95 points or 0.31% to 23,616.00.

In the broader market, the S&P BSE Mid-Cap index shed 0.25% and the S&P BSE Small-Cap index rose 0.02%.

The market breadth was positive. On the BSE, 1,438 shares rose and 1,420 shares fell. A total of 121 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,362.18 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,716.28 crore in the Indian equity market on 8 January 2025, provisional data showed.

Stocks in Spotlight:

Hindalco Industries rose 1.42% after its direct subsidiary, Novalis, decided to propose offer of $500 million aggregate principal amount of its senior unsecured notes due 2030 in a private offering.

Kotak Mahindra Bank added 1.01% after the company said that its board will meet on 18 January 2025, to consider a proposal for raising funds by way of issuance of unsecured, redeemable, non-convertible debentures, on a private placement basis, in one or more tranches / series, during FY 2025-26.

Afcons Infrastructure shed 0.78%. The company has received letter of intent from Defence Research and Development Organisation (DRDO) for Rs 1,084.5 crore infrastructure project.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 1.96% to 6.878 as compared with the previous close of 6.878.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.9225, compared with its close of 85.9100 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement were added 0.20% to Rs 77,921.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.03% to 109.03.

The United States 10-year bond yield shed 0.58% to 4.666.

In the commodities market, Brent crude for March 2025 settlement declined 07 cents or 0.09% to $76.09 a barrel.

Global Markets:

The Dow Jones index futures were down 42 points, signaling a negative opening for U.S. stocks today. Investors grappled with the prospect of slower interest rate cuts in 2025 while also speculating over increased trade tariffs under President Donald Trump.

Asian shares traded mixed on Thursday as Wall Street investors remained cautious ahead of Friday`s crucial jobs report, which will provide further insights into the state of the US labor market. Key economic data in Asia today will include China`s inflation reading.

US markets are closed today for a national day of mourning to honor the passing of former President Jimmy Carter.

Wall Street indexes moved in a tight range on Wednesday after marking a weak start to 2025.

The S&P 500 rose 0.1% to 5,917.30 points on Wednesday, while the NASDAQ Composite fell 0.1% to 19,475.93 points. The Dow Jones Industrial Average rose 0.3% to 42,635.20 points.

Technology stocks weighed on Wall Street sentiment as investors booked profits after a strong 2024 performance. Market participants are now keenly awaiting the start of the fourth-quarter earnings season next week, with major banks set to release their results.

The minutes of the Federal Reserve`s December meeting revealed that policymakers are increasingly inclined towards a slower pace of interest rate cuts this year, citing concerns about persistent inflationary pressures.

The minutes reiterated the central bank`s hawkish stance, confirming a reduction in the projected number of rate cuts for 2025 from four to two. Some Fed officials expressed concerns that protectionist policies implemented under the Trump administration could continue to fuel inflation and hinder economic growth. The minutes highlighted the potential impact of "changes in trade and immigration policy" on the inflation outlook, suggesting that the fight against inflation may be more prolonged than initially anticipated.

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