Barometers nudge lower in early trade; breadth strong

The key equity indices traded with minor losses in early trade. The Nifty traded below the 25,150 mark. IT, realty and metal shares advanced while PSU bank, bank, financial services shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 220.11 points or 0.03% to 82,172.91. The Nifty 50 index shed 9.95 points or 0.04% to 25,141.75.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% and the S&P BSE Small-Cap index added 0.79%.

The market breadth was strong. On the BSE, 1,920 shares rose and 982 shares fell. A total of 131 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 688.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,970.74 crore in the Indian equity market on 5 September 2024, provisional data showed.

Stocks in Spotlight:

Akzo Nobel India added 2.77% after the company informed that it has commenced the commercial production of the powder coating products from its plant at Gwalior, Madhya Pradesh on 5 September 2024 with an installed production capacity of 5166 T per annum.

KEC International rallied 4.12% after the company received new orders worth Rs 1,423 crore fro the supply and installation of 380 KV transmission lines in Saudi Arabia.

Rashtriya Chemicals and Fertilizers (RCF) rose 0.78%. The companys board approved the issue of secured/unsecured non convertible debentures aggregating to Rs 1,400 crore in the period of next twelve months through a private placement basis.

Numbers to Track:

The yield on India's 10-year benchmark federal paper jumped 1.66% to 6.969 as compared with previous close 6.969.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9500, compared with its close of 83.9700 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement rose 0.10% to Rs 71,991.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 101.

The United States 10-year bond yield fell 0.46% to 3.715.

In the commodities market, Brent crude for November 2024 settlement rose 5 cent or 0.07% to $72.74 a barrel.

Global Markets:

Asian stocks traded lower on Friday as investors shifted their focus to the upcoming U.S. payrolls report. The report is expected to shed light on the potential magnitude of a rate cut by the Federal Reserve later this month.

Japans household spending data for July rose 0.1% in real terms from the previous year as compared to a 1.4% fall in June. Data from the Japans statistics bureau said the average household monthly expenditure for July 2024 was 290,931 yen ($2,031.35), up 3.3% in nominal terms from the previous year.

Hong Kongs markets will be shut today due to Super Typhoon Yagi.

Overnight in the U.S., all three major indexes declined amid ongoing concerns about the economic outlook. The S&P 500 fell by 0.3%, extending its losing streak to three days, while the Dow Jones Industrial Average dropped 0.54%. However, the tech-heavy Nasdaq Composite managed a modest gain of 0.25%.

Adding to the economic uncertainty, ADP reported that private sector job growth in August was the weakest in over three and a half years. Companies hired only 99,000 workers, falling short of both the downwardly revised July figure and market expectations. This marked the weakest month for job growth since January 2021, according to data from the payrolls processing firm.

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