MARKET OPENS ON A FIRM NOTE; NIFTY TOPS 25,500 LEVEL

The key equity indices traded with minor gains in early trade. The Nifty traded a tad above the 25,500 level. Metal, realty and PSU bank shares advanced while consumer durables and media shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, added 224.04 points or 0.28% to 83,420.61. The Nifty 50 index rose 62.35 points or 0.25% to 25,500.65.

In the broader market, the S&P BSE Mid-Cap index added 0.19% and the S&P BSE Small-Cap index rose 0.32%.

The market breadth was strong. On the BSE, 1,929 shares rose and 641 shares fell. A total of 111 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,547.53 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,012.86 crore in the Indian equity market on 19 September 2024, provisional data showed.

Stocks in Spotlight:

Reliance Infrastructure rallied 4.44% after the company informed that its board has approved raising of funds up to Rs 3,000 crore through qualified institutional placement (QIP) and upto Rs 3,014.40 crore through preferential allotment, aggregating to Rs 6,014.40 crore.

NTPC fell 0.11%. The company received investment approval for Darlipali Project at an estimated cost of Rs 11,131 crore and received investment approval for Sipat project at an estimated cost of Rs 9,791 crore.

Power Grid Corporation of India rose 0.30%. The company said that it has been declared as a successful bidder for establishing an inter-state transmission system the Khavda project in Gujarat.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 1.67% to 6.871 as compared with previous close 6.869.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5725, compared with its close of 83.6575 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement rose 0.06% to Rs 73,482.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was fell 0.08% to 100.53.

The United States 10-year bond yield declined 0.77% to 3.721.

In the commodities market, Brent crude for November 2024 settlement lost 12 cents or 0.16% to $74.76 a barrel.

Global Markets:

Asian stocks traded higher on Friday, following a significant interest rate cut in the United States the previous day.

The yen remained volatile ahead of a Bank of Japan monetary policy decision, as traders anticipated clues about potential tightening.

Japan`s consumer price index inflation rose as expected in August, reflecting increased consumption driven by higher wages. This reading came just before the Bank of Japan`s meeting later that day.

Core CPI, excluding volatile fresh food prices, increased by 2.8% year-on-year in August, reaching a 10-month high. This figure was in line with expectations and up from the 2.7% recorded in the previous month. A core reading that excludes both fresh food and energy prices, closely watched by the BOJ as a gauge of underlying inflation, rose to 2% in August from 1.9% in the prior month. Headline CPI inflation reached a 10-month high of 3% in August, up from 2.8% in the previous month.

In China, the central bank maintained its benchmark lending rates, disappointing hopes for immediate policy support to bolster its struggling economy.

US stocks surged to new all-time highs on Thursday, as markets welcomed the Federal Reserve`s aggressive interest rate cut to protect the labor market. The S&P 500 gained 1.7%, reaching 5,713.64, while the tech-heavy Nasdaq Composite Index jumped 2.5% to 18,013.98.

The Fed on Wednesday reduced its key lending rate by 0.50%, opting for a larger cut after considering a quarter-point move.

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