MARKET OPENS AT FRESH LIFE HIGH; BREADTH POSITIVE

The domestic equity benchmarks traded with decent gains in early trade. The Nifty traded above the 26,000 level and hit record high of 26,056. IT, FMCG and realty shares advanced while consumer durables, PSU bank and oil & gas stocks declined. The market could be volatile due to monthly expiry.

At 09:30 IST, the barometer index, the S&P BSE Sensex rose 170.30 points or 0.20% to 85,335.52. The Nifty 50 index added 40.10 points or 0.15% to 26,044.25.

The Sensex and Nifty clocked an all-time high of 85,372.17 and 26,056, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.30% and the S&P BSE Small-Cap index shed 0.15%.

The market breadth was positive. On the BSE, 1,503 shares rose and 1,364 shares fell. A total of 134 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 973.94 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,778.99 crore in the Indian equity market on 24 September 2024, provisional data showed.

Stocks in Spotlight:

Oil & Natural Gas Corporation (ONGC) declined 1.99%. The company�s board approved Rs 10,501 crore investments in ONGC Petro additions.

Vedanta rose 0.40%. The company�s board will consider the fourth interim dividend on 8 October 2024.

Hindustan Copper shed 0.88%. The firm said that its board has approved the sale of the malanjkhand copper ore tailing plant n Madhya Pradesh.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.05% to 6.844 as compared with previous close 6.848.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.6925, compared with its close of 83.5800 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement slipped 0.06% to Rs 75,270.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 100.93.

The United States 10-year bond yield grew 0.03% to 3.786.

In the commodities market, Brent crude for November 2024 settlement gained 6 cents or 0.08% to $73.52 a barrel.

Global Markets:

Dow Jones Futures were up 96 points, indicating a positive opening in the US stock market today.

Asian stocks advanced on Thursday, driven by continued optimism surrounding China`s recent stimulus measures and a robust rally in technology stocks, particularly semiconductor manufacturers. The latter was fueled by strong earnings from U.S. chipmaker Micron.

Chinese markets have been on a roll this week following Beijing`s announcement of a series of stimulus measures, including a reduction in bank reserve requirements and lower mortgage rates. These measures have sparked a wave of bargain buying, as Chinese markets had been lagging behind global peers for some time due to concerns about a slowing economy.

U.S. stocks experienced a pullback on Wednesday, with the three major indices closing mixed as investors weighed the health of the economy and the likelihood of further interest rate cuts. The Dow Jones Industrial Average declined by around 0.7%, while the S&P 500 fell 0.19% and Nasdaq Composite (+0.04%) saw more modest gains.

On the economic data front, new home sales in the United States decreased in August compared to the previous month, primarily due to high mortgage rates and elevated prices deterring potential buyers. However, mortgage applications rose to their highest level since 2022, driven by homeowners seeking to refinance their loans as interest rates decline.

This week`s market focus is on Federal Reserve Chair Jerome Powell`s upcoming speech and the release of the PCE price index, the Fed`s preferred inflation gauge.

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