Equity indices trade in a narrow range; broader market outperforms

The domestic equity benchmarks traded in a narrow range in afternoon trade. The Nifty traded tad above the 19,250 mark.

At 13:19 IST, the barometer index, the S&P BSE Sensex, was up 387.98 points or 0.61% to 64,468.88. The Nifty 50 index added 123.55 points or 0.65% to 19,256.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 1.06%.

The market breadth was strong. On the BSE, 2,405 shares rose and 1,173 shares fell. A total of 142 shares were unchanged.

Economy:

The S&P Global India services Purchasing Managers` Index (PMI) declined to 58.4 in October as compared to 61 in September, signaling the slowest rate of expansion since March. Still, the headline figure remained well above the 50-mark separating growth from contraction for the 27th straight month.

Anecdotal evidence indicated that growth was underpinned by the securing of new work, favourable demand trends and positive market conditions. Competitive pressures and inflationary forces restricted the increase, according to surveyed firms.

Meanwhile, the S&P Global India Composite PMI Output Index fell from 61 in September to 58.4 in October, indicating the weakest rate of expansion since March.

Stocks in Spotlight:

Tata Motors advanced 2.23%. The auto major reported a consolidated net profit of Rs 3,764 crore in Q2 FY24 as against a net loss of Rs 944.61 crore recorded in Q2 FY23. Total revenue from operations stood at Rs 1,05,128.24 crore in the quarter ended 30 September 2023, rising 32.05% YoY. Tata Motors said that it continued strong performance in Q2 FY24 as all auto verticals continued their profitable growth trajectory.

Maruti Suzuki India was up 0.01%. The company reported total production at 1.76 lakh units in October 2023 from 1.56 lakh units in the same month last year.

Larsen & Toubro (L&T) shed 0.08%. L&T has announced the divestment of its 100% stake in L&T Infrastructure Engineering Limited (LTIEL), a provider of standalone engineering consultancy services for the infrastructure sector in India. The stake has been acquired by STUP Consultants Private Limited, a subsidiary of Assystem SA of France.

Adani Ports and Special Economic Zone (APSEZ) advanced 2.63% to Rs 792.15 after the company recorded its highest ever monthly cargo volume of 37 million metric tons (MMT) in October 2023, implying a YoY growth of 48%.

Global Markets:

Asian stocks advanced on Friday, with investors awaiting a fresh round of data for more clues on the health of services activity through the region. Services purchasing managers� index data from major economies including China and India are set to be released throughout the day. Japan markets were shut for a public holiday.

US stocks rose on Thursday as Treasury yields fell, with investors betting the Federal Reserve could be done raising rates for 2023.

Powered by Capital Market - Live News