Barometers edge higher; breadth strong

Domestic indices were trading with minor gains in early trade. The Nifty traded above 19,400 level. Pharma, realty and oil & gas shares advanced while financial services, bank and private bank shares declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 36.85 points or 0.06% to 64,979.25. The Nifty 50 index added 23.50 points or 0.12% to 19,430.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.67% while the S&P BSE Small-Cap index gained 0.72%.

The market breadth was strong. On the BSE, 1,978 shares rose and 721 shares fell. A total of 81 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 497.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 700.28 crore in the Indian equity market on 7 November, provisional data showed.

Stocks in Spotlight:

Power Grid Corporation of India rose 0.02%. The company reported consolidated net profit of Rs 3,781.42 crore in Q2 FY24 as compared to net profit of Rs 3,650.29 crore in Q2 FY23. Total income rose to Rs 11,530.43 crore in Q2 FY24 from Rs 11,349.44 crore in Q2 FY23.

Shree Cement fell 0.56%. The company reported consolidated net profit of Rs 446.62 crore in Q2 FY24 as compared to net profit of Rs 183.24 crore in Q2 FY23. Total income rose to Rs 4932.11 crore in Q2 FY24 from Rs 4197.37 crore in Q2 FY23.

Apollo Tyres rallied 4.61% after the company reported consolidated net profit of Rs 474.26 crore in Q2 FY24 as compared to net profit of Rs 179.39 crore in Q2 FY23. Total income rose to Rs 6304.88 crore in Q2 FY24 from Rs 6962.89 crore in Q2 FY23.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.21% to 7.265 from its previous close of 7.280.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2450, compared with its close of 83.2750 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement advanced 0.11% to Rs 60,412.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.04% to 105.58.

The United States 10-year bond yield advanced 0.44% to 4.591.

In the commodities market, Brent crude for January 2024 settlement gained 3 cent or 0.04% to $81.64 a barrel.

Global markets:

Asian stocks were trading mixed on Wednesday, while Japanese blue-chip stocks stayed afloat after a positive business sentiment survey.

U.S. stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in U.S. Treasury yields buoyed megacap growth stocks while investors sought more clarity on interest rates from the Federal Reserve. Fed Chair Jerome Powell is set to speak on Wednesday and Thursday.

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