Benchmarks turn rangebound; consumer durables rally for 7th day

The key equity benchmarks traded in a narrow range with minor gains in mid-afternoon trade. The Nifty hovered above the 25,400 level after hitting the days low of 25,352.25 in morning trade. Consumer durables stocks extended gains for the seven consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex advanced 132.86 points or 0.16% to 83,114.34. The Nifty 50 index rose 45.70 points or 0.18% to 25,429.45.

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

The market breadth was weak. On the BSE, 1,711 shares rose and 2,209 shares fell. A total of 97 shares were unchanged.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 1.31% (Provisional) for the month of August, 2024 (over August, 2023). Positive rate of inflation in August, 2024 is primarily due to increase in prices of food articles, processed food products, other manufacturing, manufacture of textiles and manufacture of machinery & equipment etc. However, this is the lowest WPI inflation in last four months.

Buzzing Index:

The Nifty Consumer Durables index rose 0.53% to 43,526.25. The index advanced 4.80% in seven consecutive trading sessions.

Century Plyboards (India) (up 4.78%), Kalyan Jewellers India (up 1.68%), Crompton Greaves Consumer Electricals (up 1.32%), Titan Company (up 0.76%) and Havells India (up 0.58%), Dixon Technologies (India) (up 0.56%) and Kajaria Ceramics (up 0.5%) edged higher.

On the other hand, Blue Star (down 2.58%), Amber Enterprises India (down 1.01%) and Voltas (down 0.74%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal advanced 1.85% to 6.887 as compared with previous close 6.874.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.7350, compared with its close of 83.8650 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement fell 0.14% to Rs 73,383.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 100.65.

The United States 10-year bond yield fell 0.25% to 3.615.

In the commodities market, Brent crude for November 2024 settlement lost 3 cents or 0.04% to $72.72 a barrel.

Stocks in spotlight:

RailTel Corporation of India added 1.65% after the company informed that it has received a work order from Health Insurance TPA of India for service aggregating to Rs 48.70 crore.

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