Indices decline in early trade; breadth positive

Key domestic indices were trading with limited losses in early trade. The Nifty traded below the 19,350 mark. Consumer durables, auto and FMCG shares declined while realty and oil & gas shares advanced.

At 09:34 IST, the barometer index, the S&P BSE Sensex, was down 201.26 points or 0.31% to 64,630.94. The Nifty 50 index lost 48.50 points or 0.25% to 19,346.80.

In the broader market, the S&P BSE Mid-Cap index fell 0.26% while the S&P BSE Small-Cap index shed 0.09%.

The market breadth was positive. On the BSE, 1,501 shares rose and 1,254 shares fell. A total of 106 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,712.33 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,512.14 crore in the Indian equity market on 9 November, provisional data showed.

Stocks in Spotlight:

Aurobindo Pharma rose 0.64%. The company reported consolidated net profit of Rs 751.94 crore in Q2 FY24, higher from Rs 410.37 crore posted in Q2 FY23. Total income rose to Rs 7406.4 crore in Q2 FY24 from Rs 5796.56 crore in Q2 FY23.

Muthoot Finance advanced 0.79%. The company reported consolidated net profit of Rs 1,095.28 crore in Q2 FY24, higher from Rs 901.62 crore posted in Q2 FY23. Total income rose to Rs 3631.94 crore in Q2 FY24 from Rs 2841.85 crore in Q2 FY23.

Ashok Leyland shed 0.29%. The board of directors of Ashok Leyland has approved an investment of Rs 1200 crore in Switch Mobility as equity through its holding company Optare PLC UK. The funds infused will be used for capital expenditure, R&D and meeting operational requirements both in UK and India.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose 0.28% to 7.289 from its previous close of 7.269.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2875, compared with its close of 83.3000 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.14% to Rs 60,200.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.02% to 105.89.

The United States 10-year bond yield fell 0.39% to 4.615.

In the commodities market, Brent crude for January 2024 settlement gained 27 cents or 0.34% to $80.28 a barrel.

Global markets:

Asian stocks were trading lower on Friday, retreating from small gains made in the previous session amid a downbeat tone set by U.S. markets overnight.

US stocks declined on Thursday, effectively ending the S&P 500`s eight day win streak that delivered a gain of more than 6%. The decline in stocks came after Federal Reserve Chairman Jerome Powell made hawkish comments during a panel discussion at an International Monetary Fund conference.

Fed Chair Jerome Powell said in a speech Thursday that the central bank thinks more may be needed to bring down inflation. �The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time; we are not confident that we have achieved such a stance,� he said in his prepared speech.

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