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Future contracts of US indices traded lower as market await more quarterly earnings. The S&P 500 futures were trading 0.11% down at 5,899.75, and Dow Jones Industrial Average ended 0.08% down at 43,485.0 as of 3:27 p.m. IST. The Nadaq 100 futures was 0.27% down at 20,425.75 as of 3:28 p.m. IST.
Rupee closed flat at 84.066 against the US dollar.
It closed at 84.074 on Friday.
Source: Bloomberg
Nifty and Sensex were back in the negative territory after one-day breather
Nifty ends 0.45% or 112.50 points down at 24741.55
Sensex ends 0.09% or 73.48 points lower at 81151.27
Intraday, the Nifty rose as much as 0.50% and Sensex gained as much as 0.7%.
Broader indices underperformed; Nifty Midcap 100 ended 1.75% down and Nifty Smallcap 250 closed 1.8% lower
Except Nifty Auto, all sectoral indices were lower at close
Bajaj Auto and HDFC Bank were top Nifty gainers
Tata Consumer and Kotak Mahindra Bank fell the most
European indices were mixed as investors waited for earnings outcome of key companies of the region including Germany's SAP. At 2.28 p.m. pan European Euro Stoxx 50 was down 0.1% at 4,978.65, UK's FTSE 100 rose 0.1% to 8,367.03, France's CAC 40 fell 0.3% to 7,593.00, Germany's DAX was 0.3% down at 19,596.95, and Spain's Ibex fell 0.4% to 11,874.30.
After China's central bank announced a cut in prime lending rate of one and five years by 25 bps, indices in the Asia-Pacific region saw mixed closing. Hong Kong's Hang Seng lost 1.6% to close at 20,478.46 while Japan indices Nikkei and Topix lost 0.07% and 0.34% respectively.
Among the gainers were South Korea's Kospi which closed 0.4% up at 2,604.92, Australia's S&P ASX 200 which ended 0.7% higher at 8,344.4, and Taiwan's Taiex which gained 0.16% to close at 23,525.77.
PNC Infratech share price hit the 20% lower circuit in trade today after the Ministry of Road Transport & Highways disqualified the company from participating in any bids by the ministry for a period of one year starting Oct. 18, 2024, in linkage with ongoing CBI investigation pertaining to a bribery case.
Domestic prices of gold, which track global rates, hit an all-time high of Rs 78,230 per 10 grams on the Multi Commodity Exchange at 9:30 am today. The prices are driven higher by heightened geopolitical tension in West Asia and the South China sea.
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At pre–open, the NSE Nifty 50 was trading 0.41% higher at 24,956.15, and the BSE Sensex was 0.67% higher at 81,770.02.
"The market is expected to open positively, buoyed by a rally in global markets and better-than-anticipated quarterly results from companies like HDFC Bank, Tata Consumer, Tech Mahindra, and Oberoi Realty," said Vikas Jain, head of research at Reliance Securities. "Additionally, China has reduced its one-year lending rate by 25 basis points, and foreign institutional investors (FIIs) are shifting to long positions in Nifty Futures, which may further support the market."
The yield on the 10-year bond opened flat at 6.81%.
It closed at 6.81% on Friday.
Source: Bloomberg
Rupee opened flat at 84.07 against the US dollar.
It closed at 84.07 on Friday.
Source: Bloomberg
After Kotak Bank released it earnings for the September quarter, Bernstein has maintained market perform with a target of Rs 1,750 implying 6% downside. It said first full quarter after RBI’s embargo and its impact was very visible and the bank saw a slowdown in higher yielding loan segments driving a NIM compression.
Motilal Oswal also maintained neutral with target of Rs 1950, 4% upside. It said the bank's operating performance was inline and card delinquencies drive an increase in slippage run-rate.
360 ONE WAM, Authum Investment & Infrastructure, Aurionpro Solutions, Bajaj Housing Finance, Balu Forge Industries, Bhansali Engineering Polymers, CG Power and Industrial Solutions, City Union Bank, Cyient DLM, Gravita India, HFCL, Jana Small Finance Bank, Mahindra Logistics, Maharashtra scooters, Rajratan Global Wire, Route Mobile, Solara Active Pharma Sciences, Supreme Petrochem, Swaraj Engines, Ultratech Cement, Union Bank of India.
Citi Research also kept rating unchanged at 'buy' but a lower target price of Rs 1990 compared to Rs 2,020 earlier. The new target implies upside of 18%. It said NIMs, Fee, credit cost surprised positively and the bank is better positioned to manage retail stress cycle and NIM.
Spot gold price gained more after crossing the crucial $2,700-mark on Friday amid tensions in the middle east and US elections. As of 8:20 a.m., spot gold traded 0.25% higher to $2,728.91 an ounce.
At 7:47 a.m., Brent Crude futures were 0.1% at $72.96 a barrel and WTI Crude was also 0.1% down at $69.15 a barrel.
In the US, Dow Jones and S&P 500 rose 0.09% and 0.40% respectively to close at 43,2275.91 and 5,864.67 on Friday. Nasdaq Composite was up 0.15% at 19,884.81. Both S&P 500 and Dow Jones hit their lifetime highs of 5,872.17 points and 43,325.09 points respectively. Market will now track more corporate earnings.
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