EQUITY BENCHMARKS EDGE LOWER; MARKET BREADTH IN FAVOR OF SELLERS

The key equity benchmarks edge lower in early trade as the bourses witnessed across the board selling in key index pivotals. The Nifty traded below the 19,450 mark. Shares across sectors declined with IT, FMCG and financials falling the most.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 286.68 points or 0.44% to 64,972.77. The Nifty 50 index lost 76.80 points or 0.39% to 19,448.75.

In the broader market, the S&P BSE Mid-Cap index slipped 0.37% while the S&P BSE Small-Cap index fell 0.42%.

The market breadth was negative. On the BSE, 1236 shares rose and 1598 shares fell. A total of 105 shares were unchanged.

On the macro front, India`s inflation rate for October will be unveiled on 13 November 2023. India`s inflation based on wholesale price index (WPI) for October will be unveiled on 14 November 2023.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose 0.07% to 7.306 from its previous close of 7.300.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2875, compared with its close of 83.2800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.24% to Rs 59,610.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.02% to 105.85.

The United States 10-year bond yield rose 0.71% to 4.661.

In the commodities market, Brent crude for January 2024 settlement lost 71 cents or 0.87% to $80.72 a barrel.

Stocks in Spotlight:

Dr Reddy`s Laboratories was down 0.07%. The drugmaker acquired a 26% stake in a SPV called O2 Renewable Energy for Rs 24 crore for accessing renewable power through the Inter-State Transmission System under a captive structure. O2 Renewable Energy generates electricity using other non-conventional sources.

Glenmark Pharmaceuticals dropped 4%. The company has posted a net loss of Rs 61.6 crore in Q2 FY24 as compared with a net profit of Rs 278.6 crore in Q2 FY23. Revenue rose by 6.3% YoY to Rs 3,207.4 crore during the period under review.

Housing & Urban Development Corporation (HUDCO) shed 0.44%. HUDCO has recorded 13.9% increase in net profit to Rs 452 crore on a 7.7% rise in total income to Rs 1,881 crore in Q2 FY24 over Q2 FY23.

Global markets:

Asian stocks are trading higher on Monday, bouncing off declines in the previous session as investors look to more economic data ahead of high-stakes talks between the U.S. and China. U.S. President Joe Biden and China�s President Xi Jinping are set this week for their first in-person meeting in about a year.

Japan�s wholesale inflation slowed sharply last month, in a sign that cost pressures were gradually cooling, according to data released by the Bank of Japan. The central bank�s corporate goods price index rose 0.8% in October from a year earlier.

Ratings agency Moody�s Investors Service on Friday downgraded its ratings outlook on the U.S. government to negative from stable, pointing to rising risks to the nation�s fiscal strength.

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