Indices edge lower; breadth negative

The key equity indices traded with limited losses in early trade. The Nifty traded above the 19,000 level. Auto, media and Consumer durables shares declined while oil & gas and realty shares advanced.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 93.02 points or 0.15% to 63,689.78. The Nifty 50 index lost 33.45 points or 0.18% to 19,013.80.

In the broader market, the S&P BSE Mid-Cap index fell 0.48% while the S&P BSE Small-Cap index shed 0.38%.

The market breadth is negative, On the BSE, 1,268 shares rose and 1,481 shares fell. A total of 148 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,500.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 313.69 crore in the Indian equity market on 27 October, provisional data showed.

Stocks in Spotlight:

Reliance Industries (RIL) advanced 1.63% after the Mukesh Ambani-led diversified company reported 28.15% increase in consolidated net profit to Rs 19,878 crore in Q2 FY24 as against Rs 15,512 crore posted in Q2 FY23. Gross revenue rose by 1.2% year on year (YoY) to Rs 255,996 crore in the quarter ended 30 September 2023, supported by continuing growth momentum in consumer businesses.

NTPC shed 0.44%. The company reported consolidated net profit of Rs 4726.40 crore in Q2 FY24 as against net profit of Rs 3417.67 crore in Q2 FY23. Total income rose to Rs 45384.64 crore in the quarter ended September 2023 as against Rs 44681.50 crore during the previous quarter ended September 2022.

UltraTech Cement added 0.35%. The board of directors approved the 3rd phase of growth with an investment of Rs 13,000 crore towards increasing the capacity by another 21.9 mtpa with a mix of brown field and green field projects.

BPCL advanced 1.58% after the state-owned oil marketing firm reported a standalone net profit of Rs 8,501.17crore in Q2 FY24 as against a net loss of Rs 304.17 crore posted in Q2 FY23. Net sales (excluding excise duty) declined 10.3% to Rs 1,02,985.56 crore in Q2 FY24 from Rs 1,14,807.59 crore recorded in the corresponding quarter previous year.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper advanced 0.11% to 7.359 from its previous close of 7.351.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2550, compared with its close of 83.2525 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.32% to Rs 61,349.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.03% to 106.59.

The United States 10-year bond yield advanced 0.60% to 4.877.

In the commodities market, Brent crude for December 2023 settlement lost 0.99cents or 1.09% to $89.49 a barrel.

Global Market:

Asian stocks were trading mixed ahead of a week of key economic data from around the region. Monetary policy decisions from Japan and Malaysia, inflation data from South Korea, and gross domestic growth figures from Taiwan and Hong Kong will be in focus this week.

Risk appetite was dulled by Israel`s push to surround Gaza`s main city in a self-declared "second phase" of a three-week war against Iranian-backed Hamas militants.

US stocks ended the day mixed on Friday as renewed selling occurred on Wall Street on fears of a recession. The Federal Reserve decision looms on Wednesday, where the central bank is widely expected to hold its benchmark interest rate at the same level. The Bank of England will announce its interest rate decision on Thursday.

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