Barometers drift lower; Nifty below 24,800; breadth negative

The domestic equity benchmarks traded with small losses in early trade. The Nifty traded below 24,800 level. Metal, oil & gas and healthcare shares declined while FMCG, PSU Bank and IT shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 79.64 points or 0.10% to 81,263.82. The Nifty 50 index shed 32.15 points or 0.13% to 24,768.70.

The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively in early trade.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.59% and the S&P BSE Small-Cap index fell 0.54%.

The market breadth was negative. On the BSE, 1,031 shares rose and 1,839 shares fell. A total of 121 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,483.63 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,904.25 crore in the Indian equity market on 18 July 2024, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.13% to 6.975 as compared with previous close 6.966.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.6425, compared with its close of 83.6375 during the previous trading session.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.07% to 104.25.

The United States 10-year bond yield grew 0.58% to 4.211.

In the commodities market, Brent crude for September 2024 settlement lost 35 cents or 0.41% to $84.76 a barrel.

Stocks in Spotlight:

Infosys rallied 3.05%. The companys consolidated net profit declined 20.08% to Rs 6,374 crore in Q1 FY25 as compared with Rs 7,975 crore in Q4 FY24. Revenue from operations increased 3.67% QoQ to Rs 39,315 crore in Q1 FY25. In terms of guidance, the company has revised its FY25 revenue guidance to 3% - 4% in constant currency and operating margin guidance at 20%-22%.

Persistent Systems fell 5.97% after the company reported 2.5% increase consolidated revenue to Rs 1,269 crore in Q1 FY25 as compared with Rs 1,301 crore in Q4 FY24. Net profit jumped 3.2% QoQ to Rs 162 crore during the quarter.

Tata Technologies declined 1.21% after the companys revenue declined 2.5% to Rs 1,269 crore in Q1 FY25 as compared with Rs 1,301 crore in Q4 FY24. Net profit jumped 3.2% to Rs 162 crore as on 30 June 2024 as compared with Rs 157 crore as on 31 March 2024.

Global Market:

Asian stock declined on Friday. This is due to a combination of factors including political tensions (US-China trade war, US election), China's weak economic data, and a lack of clear plans from Chinese government to boost their economy.

U.S. stocks fell on Thursday, snapping a winning streak for the Dow after large technology companies continued to lose ground. This comes amid concerns about overvaluation after a strong 2024 driven by AI optimism. The VIX, a gauge of investor fear, jumped 10%, potentially reflecting anxieties surrounding the upcoming presidential election. The Dow Jones Industrial Average closed down 1.3%, ending its three-day record run. The broader S&P 500 and tech-heavy Nasdaq also saw losses.

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