Indices nudge lower in early trade; breadth positive

The key equity indices traded with tiny losses in early trade. The Nifty traded below the 25,400 level. FMCG, oil & gas and pharma shares advanced while realty, auto and IT stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was down 63.84 points or 0.05% to 82,940.57. The Nifty 50 index shed 6.60 points or 0.02% to 25,379.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.02% and the S&P BSE Small-Cap index rose 0.01%.

The market breadth was positive. On the BSE, 1,379 shares rose and 1,233 shares fell. A total of 148 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,634.98 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 754.09 crore in the Indian equity market on 16 September 2024, provisional data showed.

Stocks in Spotlight:

Reliance Infrastructure added 2.94% after the company informed that its board is scheduled to meet on Thursday, 19 September 2024, to approve raising of long term resources from domestic and/or global markets.

Torrent Power gained 2.05% after the company entered into MoU with the government of Gujarat for execution of 5GW solar, Wind or solar wind hybrid project in Dwarka.

Numbers to Track:

The yield on India's 10-year benchmark federal paper jumped 1.64% to 6.873 as compared with previous close 6.874.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.8575, compared with its close of 83.8650 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement shed 0.12% to Rs 73,410.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 100.70.

The United States 10-year bond yield fell 0.06% to 3.622.

In the commodities market, Brent crude for November 2024 settlement added 35 cents or 0.48% to $73.10 a barrel.

Global Markets:

Asia-Pacific stocks traded mixed on Tuesday as investors awaited for the Federal Reserve to kick off its monetary loosening cycle.

Regional markets were influenced by a mixed performance on Wall Street, where technology stocks pulled down the Nasdaq Composite. Conversely, the Dow Jones Industrial Average reached a new high, driven by optimism about lower interest rates.

Trading volumes were subdued due to market holidays in China and South Korea. Sentiment towards China was dampened by concerns about a potential escalation in trade tensions with the West.

The Fed is set to meet Tuesday and Wednesday and is widely anticipated to lower rates for the first time since it began its hiking cycle in March 2022. Markets are pricing in at least 100 basis points of cuts this year.

In the United States, the S&P 500 gained 0.13%, while the Dow Jones Industrial Average rose 0.55%, notching a record close. The tech-heavy Nasdaq Composite declined by 0.52%.

Apple shares fell by 2.8% following analyst reports suggesting weaker demand for iPhone 16 Pro models compared to the previous year. Chip stocks, such as Nvidia, which led the market rebound last week, also faced selling pressure as investors took profits.

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