Nifty hits record high in early trade; breadth strong

The key domestic indices traded with minor gains in early trade. The Nifty traded above 24,600 level. Realty, Auto and consumer durables shares advanced while healthcare, IT and pharma shares declined.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 99.46 points or 0.12% to 80,758.48. The Nifty 50 index rose 29.75 points or 0.12% to 24,616.45.

Nifty50 index hit an all time high at 24,650.05 in early trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.20% and the S&P BSE Small-Cap index added 0.51%.

The market breadth was strong. On the BSE, 2,086 shares rose and 822 shares fell. A total of 104 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,684.78 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 331 crore in the Indian equity market on 15 July 2024, provisional data showed.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was down 0.09% to 6.975 as compared with previous close 6.986.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5800, compared with its close of 83.6100 during the previous trading session.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.15% to 104.34.

The United States 10-year bond yield declined 0.38% to 4.211.

In the commodities market, Brent crude for September 2024 settlement declined 21 cents or 0.25% to $84.64 a barrel.

Stocks in Spotlight:

Hatsun Agro Product rallied 9.43% after the company�s revenue increased 10% to Rs 2,375 crore in Q1 FY25 as comapred with Rs 2,151 crore. Net profit jumped 63% YoY to Rs 131 crore in Q1 FY25. The company declared dividend of Rs 6 per share.

Jio Financial Services declined 1.93%. The company�s revenue was flat at Rs 417.8 crore in Q1 FY25 as compared with Rs 418.1 crore in Q1 FY24. Net profit increased marginally to Rs 312.6 crore in Q1 FY25 a compared with Rs 310.6 crore posted inc corresponding quarter last year.

Spicejet jumped 6.82% after the company reported consolidated Net profit of Rs 127 crore as on 30 June 2024 as compared with net loss of Rs 6.2 crore in Q1 FY24. Revenue declined 19% to Rs 1738 crore in Q1 FY25 as compared with Rs 2,145 crore in Q1 FY24.

Global Market:

Asian stocks trading lower, dismissing gains on Wall Street due to concerns of a potential second term for Donald Trump, leading to worries about trade and geopolitical issues. China and Hong Kong shares fell amid fears of Trump`s proposed tariffs.

Investor concerns grew as China`s GDP growth unexpectedly slowed, primarily due to weakened consumer spending undermining export growth. The implications have raised pressure on policymakers to boost support measures at an upcoming economic meeting.

In the U.S., the Dow Jones Industrial Average surged to an all-time high after Trump announced JD Vance as his running mate, leading to a 31% increase in Trump Media & Technology Group Corp. Trump`s growing odds of victory have positively influenced various industries.

Meanwhile, Federal Reserve Chair Jerome Powell expressed confidence in the second-quarter economic data, hinting at possible near-term interest-rate cuts but refrained from specifying the timing.

On Monday, the Dow Jones Industrial Average moved up 0.5% and the S&P 500 gained 0.28%. The tech-heavy Nasdaq composite climbed 0.42%.

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