Market hit new record high; Nifty above 25,900; Auto shares rally

The frontline indices traded with modest gains in mid-afternoon trade. The Nifty scaled above 25,900 level. Auto shares witnessed buying demand for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, advanced 320 points or 0.39% to 84,868.41. The Nifty 50 index rose 132.40 points or 0.51% to 25,923.35.

The Sensex and Nifty clocked an all-time high of 84,903.27 and 25,934.85, respectively in mid-afternoon trade.

In the broader market, the S&P BSE Mid-Cap index added 0.59% and the S&P BSE Small-Cap index gained 0.75%.The S&P BSE Small-Cap index hit an all-time high at 57,551.33.

The market breadth was positive. On the BSE, 2,380 shares rose and 1,681 shares fell. A total of 127 shares were unchanged.

Economy :

The headline HSBC Flash India Composite Output Index dipped to 59.3 in September from 60.7 in August. The index pointed to another rapid monthly increase in business activity, albeit one that was the least pronounced in 2024 so far. Softer expansions were seen across both the manufacturing and services sectors.

The HSBC Flash India Manufacturing PMI posted 56.7 in September, down from 57.5 in August. The reading signaled a further marked strengthening in business conditions for goods producers, but the rate of improvement was the softest since January.

Further, India's forex reserves rose by $223 million to a new all-time high of $689.458 billion for the week ended on September 13, according to the Reserve Bank data released on Friday.

The overall forex kitty had jumped by $5.248 billion to a high of $689.235 billion for the previous reporting week ended on September 6.

The foreign currency assets decreased by $515 million to $603.629 billion, the data showed.

Gold reserves increased by $899 million to $62.887 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) dropped by $53 million to $18.419 billion, the apex bank said.

India's reserve position with the IMF declined by $108 million to $4.523 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty Auto index added 1.28% to 26,732.45. The index rallied 3.59% in the three consecutive trading sessions.

Mahindra & Mahindra (up 3.02%), Bajaj Auto (up 2.72%), Bosch (up 2.15%), Samvardhana Motherson International (up 1.94%), Hero MotoCorp (up 1.27%), Exide Industries (up 1.1%), TVS Motor Company (up 0.94%), Apollo Tyres (up 0.91%), MRF (up 0.63%) and Balkrishna Industries (up 0.56%) advanced.

On the other hand, Eicher Motors (down 1.54%), Bharat Forge (down 0.85%) and Ashok Leyland (down 0.08%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.70% to 6.876 as compared with previous close 6.761.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5425, compared with its close of 83.5200 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement rose 0.03% to Rs 74,065.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.44% to 101.16.

The United States 10-year bond yield grew 0.27% to 3.738.

In the commodities market, Brent crude for November 2024 settlement lost 13 cents or 0.17% to $74.36 a barrel.

Stocks in spotlight:

Vodafone Idea jumped 4.68% after the company announced the conclusion of a mega $3.6 billion (Rs 30,000 crore) deal with Nokia, Ericsson and Samsung, for supply of network equipment over a period of three years.

Hind Rectifiers hit an upper limit of 5% after the company said it secured a supply order worth over Rs 200 crore from Indian Railways.

Bajaj Healthcare rallied 3.47% after the company informed that it has entered into a development and supply agreement for an active pharmaceutical ingredient (API) with a European entity.

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