MARKET OPENS AT RECORD HIGH; BREADTH STRONG

The headline equity benchmarks traded with minor gains in early trade. The Nifty traded above the 26,200 level. IT, metal and pharma shares advanced while realty, media and auto stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex rose 33.33 points or 0.03% to 85,857.68. The Nifty 50 index added 17.55 points or 0.07% to 26,233.60.

The Sensex and Nifty clocked an all-time high of 85,955.50 and 26,250.55, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.22% and the S&P BSE Small-Cap index gained 0.43%.

The market breadth was strong. On the BSE, 1,944 shares rose and 903 shares fell. A total of 114 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 629.96 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,405.12 crore in the Indian equity market on 26 September 2024, provisional data showed.

Stocks in Spotlight:

Infosys rallied 3.33% after the company announced a strategic collaboration with Sally Beauty to bring enterprise scale IT efficiencies from hyper automation.

Indian Bank rose 0.61%. The company�s board has approved raising additional long term infrastructure bonds aggregating up to Rs 5,000 crore over and above Rs 5,000 crore already raised in the current fiscal.

Escorts Kubota shed 0.06%. The company�s Unit, Escort Kubota Finance received RBI certification to begin NBFC business.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.24% to 6.845 as compared with previous close 6.848.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.6425, compared with its close of 83.6600 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement rose 0.06% to Rs 76,296.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.13% to 100.66.

The United States 10-year bond yield grew 0.05% to 3.797.

In the commodities market, Brent crude for November 2024 settlement lost 24 cents or 0.34% to $70.85 a barrel.

Global Markets:

Most of the Asian stocks traded higher on Friday as Tokyo�s inflation rate for September eased to 2.2% from 2.6%, while core inflation was in line with expectations at 2%.

China�s central bank cut its 7-day reverse repurchase rate to 1.5% from 1.7%, as well as lowered the reserve requirement ratio for banks by 50 basis points. China�s industrial profit data for August saw a 17.8% plunge year on year, following a 4.1% year-on-year increase in July.

The People`s Bank of China unveiled one of its most aggressive policy packages in years on Tuesday, aimed at boosting the slowing economy and restoring investor confidence.

US stocks surged on Thursday, with the S&P 500 reaching a new all-time high. Investors welcomed positive economic data and Micron`s strong earnings report.

The Dow Jones Industrial Average gained 0.62%, the S&P 500 rose 0.4%, and the tech-heavy Nasdaq Composite increased 0.6%. Micron`s shares soared, driving gains in the broader chip sector.

The US economy grew at a 3% annual rate in the second quarter, driven by consumer spending, inventory investment, and business investment. Additionally, weekly jobless claims fell to the lowest level since mid-May, indicating a strong labor market.

Micron Technology`s shares jumped 17.3% after the company forecast higher-than-expected revenue for the upcoming quarter due to strong demand for memory chips.

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