MARKET ADVANCES IN EARLY TRADE, NIFTY ABOVE 19,200 LEVEL

Domestic equity barometers were trading with decent gains in early trade on buying demand in index pivotals. The Nifty traded above the 19,200 level. All the sectoral indices on the NSE were in the green with metal, healthcare and IT stocks gaining the most.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 373.96 points or 0.58% to 64,454.86. The Nifty 50 index added 111.80 points or 0.58% to 19,245.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.42% while the S&P BSE Small-Cap index gained 0.83%.

The market breadth was strong. On the BSE, 2,074 shares rose and 545 shares fell. A total of 90 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,261.19 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,380.15 crore in the Indian equity market on 2 November, provisional data showed.

Stocks in Spotlight:

Tata Motors advanced 2.17% after 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 added 0.31%. 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) rose 0.73%. 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.

JK Lakshmi Cement rallied 5.85% after the company reported 41% rise in standalone net profit to Rs 83.03 crore in Q3 FY24 from Rs 58.95 crore in Q2 FY23. Net sales rose by 12% year-over-year to Rs 1,452.62 crore in the second quarter.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.10% to 7.315 from its previous close of 7.322.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2500, compared with its close of 83.2200 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.03% to Rs 60,893.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.03% to 106.10.

The United States 10-year bond yield fell 0.19% to 4.661.

In the commodities market, Brent crude for January 2024 settlement gained 9 cents or 0.10% to $86.94 a barrel.

Global Markets:

Asian stocks were trading higher 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.

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