Benchmarks open at record high levels; breadth strong

The domestic equity indices traded with minor gains in early trade. The Nifty traded above 24,100 level. Oil & gas, metal and pharma stocks advanced while realty, private bank and auto shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 253.37 points or 0.32% to 79,496.75. The Nifty 50 index rose 86.40 points or 0.36% to 24,130.90.

The Sensex and Nifty clocked an all-time high of 79,546.19 and 24,137.50, respectively in morning trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.49% and the S&P BSE Small-Cap index added 0.79%.

The market breadth was strong. On the BSE, 2,101 shares rose and 712 shares fell. A total of 109 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 7,658.77 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,605.93 crore in the Indian equity market on 27 June 2024, provisional data showed.

Stocks in Spotlight:

TVS Motor Company (TVSM) shed 0.18%. The company informed that it has incorporated a wholly owned subsidiary (WOS), TVS Motor Company DMCC in Dubai, United Arab Emirates (UAE).

Bharat Heavy Electricals gained 2.63% after the company has secured a Rs 13,300 crore contract to set up a 1600 MW thermal power plant in Koderma in Jharkhand from Damodar Valley Corp.

Numbers to Track:

The yield on India's 10-year benchmark federal remains constant to 7.000 as compared with previous close 7.000.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4075, compared with its close of 83.4500 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement shed 0.21% to Rs 71,422.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.13% to 106.04.

The United States 10-year bond yield gained 0.63% to 4.316.

In the commodities market, Brent crude for August 2024 settlement added 39 cents or 0.45% to $86.78 a barrel.

Global Markets:

Asian stocks traded higher on Friday as investors look forward to U.S. core PCE data later today, which could solidify expectations of a Fed rate cut.

Tokyo consumer prices rose in June. While headline Consumer Price Index (CPI) inflation rose to 2.3% year-on-year in June, compared to 2.2% in May, core inflation print that excludes both fresh food and energy prices, grew to 1.8% in June from 1.7% in May.

US stock market ended with minor gains on Thursday as treasury yields eased ahead of the fresh inflation data. The Dow Jones Industrial Average gained 0.09%, while the S&P 500 rose 0.09%. The Nasdaq Composite ended 0.30%.

Alphabet shares rose 0.83% and Meta Platforms stock price gained 1.25%. Amazon shares rallied 2.19%, while Nvidia shares declined 1.90%.

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