Market drifts higher in early trade, Nifty above 19,150 mark

The benchmark indices were trading with strong gains in early trade, as investors found solace in the U.S. Federal Reserve`s decision to maintain its benchmark interest rate unaltered. The Nifty traded above the 19,150 mark. All the sectoral indices on the NSE were in the green with banking, realty and media stocks gaining the most.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 560.46 points or 0.88% to 64,151.79. The Nifty 50 index added 174.10 points or 0.92% to 19,163.25.

In the broader market, the S&P BSE Mid-Cap index gained 1.03% while the S&P BSE Small-Cap index rose 0.97%.

The market breadth is strong, On the BSE, 2,180 shares rose and 464 shares fell. A total of 114 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,816.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,622.05 crore in the Indian equity market on 1 November, provisional data showed.

Stocks in Spotlight:

Hero Motocorp added 0.25%. The two wheeler major reported a net profit of Rs 1,053.81 crore in Q2 FY24, registering a growth of 47.17% as compared with Rs 716.07 crore in Q2 FY23. Revenue from operations increased 4.08% YoY to Rs 9,445.42 crore in Q2 FY24.

Tata Steel declined 0.39%. The steel major reported consolidated net loss of Rs 6511 crore in Q2 FY24 as compared with net profit of Rs 1297 crore in Q2 FY23. Turnover fell to Rs 59,490 crore in Q2 FY24 from Rs 59,878 crore in Q2 FY23.

Britannia Industries rallied 3.32%. The company reported consolidated net profit of Rs 586.50 crore in Q2 FY24 as compared with net profit of Rs 490.58 crore in Q2 FY23. Total income rose to Rs 4,485.23 crore in Q2 FY24 from Rs 4,432.85 crore in Q2 FY23.

State Bank of India (SBI) gained 1.02%. SBI raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for the current financial year. The bonds are issued for 15 years tenor, with the first call option after 10 years.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper declined 0.45% to 7.325 from its previous close of 7.358.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1950, compared with its close of 83.2850 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.18% to Rs 60,881.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.48% to 106.37.

The United States 10-year bond yield slippped 1.40% to 4.722.

In the commodities market, Brent crude for January 2023 settlement gained 80 cents or 0.95% to $85.43 a barrel.

Global Markets:

Asian stocks were trading higher as investors took comfort from the U.S. Federal Reserve�s decision to leave its benchmark interest rates unchanged, while parsing inflation and trade data from across the region.

US stocks advanced on Wednesday after the Federal Reserve kept interest rates unchanged for a second consecutive time � leading investors to think the central bank would stay put for the rest of the year.

The Federal Reserve on Wednesday held rates steady at a range of 5.25%-5.5%. amid signs of economic growth, while labor market conditions and inflation remain above the central bank�s target. The decision also included an upgrade to the Fed�s general assessment of the economy.

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