Sensex, was down 119.50 pts ; pharma shares slide.

Domestic equity barometers pared most of the losses but traded with minor cuts in mid-morning trade. The Nifty traded above the 19,650 level after hitting day's low of 19,512.35 in early trade. Pharma shares saw profit booking after gaining in past two consecutive trading sessions.

The barometer index, the S&P BSE Sensex, was down 119.50 points or 0.18% to 65,757.52. The Nifty 50 index lost 19.65 points or 0.10% to 19,651.45.

In the broader market, the S&P BSE Mid-Cap index slipped 0.29% while the S&P BSE Small-Cap index added 0.04%.

The market breadth was strong. On the BSE, 1,615 shares rose and 1,880 shares fell. A total of 170 shares were unchanged.

Earnings Today:

Hindustan Unilever (down 0.18%), ITC (up 0.25%), Ultratech Cement (up 0.11%), Nestle India (down 0.46%), Havells India (up 0.79%), Tata Communications (down 0.85%), Mphasis (up 1.94%), United Breweries (down 0.54%), Jindal Stainless (down 1.90%), Metro Brands (down 0.34%), Voltas (down 0.62%), Cyient (up 2.26%), PVR Inox (up 0.13%), Tanla Platforms (down 0.38%), Equitas Small Finance Bank (down 0.05%), Ramkrishna Forgings (up 1.27%), HFCL (up 0.93%), Mastek (up 1.27%), South Indian Bank (down 1.27%), Tata Coffee (down 1.15%), Aarti Drugs (down 1.75%), Kirloskar Pneumatic (up 2.67%), Ganesh Housing Corp (up 0.44%), Sagar Cements (down 0.38%), Indoco Remedies (up 0.17%), Wendt (India) (up 1.49%) wil announce their quarterly earnings later today.

Buzzing Index:

The Nifty Pharma index declined 0.63% to 15,235.05. The index rose 1.1% in past two trading sessions.

Biocon (down 1.63%), Ipca Laboratories (down 1.5%), Granules India (down 1.1%), Natco Pharma (down 1.01%), Dr Reddys Laboratories (down 0.97%), Aurobindo Pharma (down 0.91%), Cipla (down 0.85%), Glenmark Pharmaceuticals (down 0.81%), Sun Pharmaceuticals Industries (down 0.77%) and Divis Laboratories (down 0.75%) slipped.

On the other hand, Lupin (up 0.46%), Glaxosmithkline Pharmaceuticals (up 0.22%) and Zydus Lifesciences (up 0.15%) edged higher.

The Nifty Metal index declined 1.26% to 6,776.80. The index decreased 1.81% in two trading sessions.

APL Apollo Tubes (down 2.58%), Jindal Stainless (down 2.02%), Tata Steel (down 1.61%), Welspun Corp (down 1.55%), Hindalco Industries (down 1.53%), Jindal Steel & Power (down 1.41%), National Aluminium Company (down 1.37%), Ratnamani Metals & Tubes (down 1.29%), JSW Steel (down 0.89%) and Vedanta (down 0.22%) slipped.

On the other hand, Hindustan Copper (up 0.68%) ,Hindustan Zinc (up 0.51%) and NMDC (up 0.12%) edged higher.

Stocks in Spotlight:

KFin Technologies rose 2.67% after the company said that it has won a high value multi-year contract from LIC Pension Fund for investment management solution.

Bandhan Bank dropped 3.97%. The Kolkata-based private lender reported a net profit of Rs 721.17 crore in Q2 FY24, steeply higher than Rs 209.27 crore recorded in Q2 FY23. Total income jumped 18.4% to Rs 5,032.19 crore in the second quarter of FY24 from Rs 4,249.87 crore posted in Q2 FY23.

Global Markets:

Asian stocks fell across the board, taking cues from U.S. markets overnight, while the Bank of Korea kept its interest rates steady at 3.5% for the sixth time in a row.

South Korea's central bank kept its benchmark policy rate at 3.5%, in line with expectations. In its release, the Bank of Korea said that inflation in the country is ?projected to continue its underlying trend of a slowdown,? but there are uncertainties regarding the future path of inflation.

US stocks ended sharply lower on Wednesday as Treasury yields rose again and investors assessed the latest batch of quarterly corporate results and forecasts. Mounting tensions in the Middle East stoked risk aversion.

Investors have been worried about repercussions from the Israel-Hamas conflict that began October 7 with a Hamas attack on Israeli civilians and soldiers. U.S. President Joe Biden, during a lightning visit on Wednesday, pledged solidarity with Israel and said a deadly blast at a Gaza hospital seemed to have been caused by a rocket misfired by militants.

U.S. Treasury yields jumped to multiyear highs, with the 10-year Treasury yield breaking above 4.9% for the first time since 2007.

The U.S. economy showed ?little or no change? over the past six weeks, the Federal Reserve reported Wednesday in its Beige Book report. Spending was described as ?mixed? while prices increased ?at a modest pace,? the report said. Companies said they expect inflation to continue rising, thought at a slower pace.

Street Investment

Domestic equity barometers pared all the gains and traded near the day's low with modest losses in mid-morning trade. The Nifty slipped below the 19,800 level. Financial services stocks declined after gaining in the past trading session.

The barometer index, the S&P BSE Sensex, was down 329.84 points or 0.50% to 66,098.25. The Nifty 50 index lost 69.30 points or 0.35% to 19,742.20.

In the broader market, the S&P BSE Mid-Cap index shed 0.46% while the S&P BSE Small-Cap index declined 0.22%.

The market breadth was negative. On the BSE, 1,447 shares rose and 2,065 shares fell. A total of 168 shares were unchanged.

Earnings Today:

Wipro (down 0.04%), LTIMindtree (down 0.99%), Bajaj Auto (up 0.62%), IndusInd Bank (up 0.02%), Polycab India (down 0.42%), ICICI Lombard General Insurance (down 0.53%), Astral (down 0.11%), Bandhan Bank (down 0.23%), Persistent Systems (down 0.42%), Oracle Financial Services Software (down 0.45%), Zee Entertainment Enterprises (up 1.33%), IIFL Finance (up 0.51%), UTI Asset Management (up 0.29%), Titagarh Rail Systems (up 3.07%), Shoppers Stop (down 0.61%), Tips Industries (up 1.73%), SG Finserve (up 1.90%), Heritage Foods (down 2.55%), RPG Life Sciences (down 2.36%) and 5paisa Capital (up 1.42%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Financial Services index declined 1.13% to 19,718.35. The index rose 0.65% in the past trading session.

ICICI Prudential Life Insurance Company Ltd (down 3.5%), Cholamandalam Investment & Finance Company Ltd (down 2.23%), Bajaj Finance Ltd (down 1.95%), Bajaj Finserv Ltd (down 1.26%), HDFC Bank Ltd (down 1.21%), ICICI Bank Ltd (down 1.16%), Axis Bank Ltd (down 1.08%), Kotak Mahindra Bank Ltd (down 1.07%), Shriram Finance Ltd (down 0.98%) and REC Ltd (down 0.75%) edged lower.

Stocks in Spotlight:

L&T Technology Service declined 4.35%. The company's consolidated net profit rose marginally to Rs 315.4 crore in Q2 FY24 as against Rs 311.1 crore recorded in Q1 FY24. Revenue from operations grew by 3.7% quarter on quarter (QoQ) to Rs 2,386.5 crore in Q2 FY24.

Bajaj Electricals rose 2.30% after the company received contract worth Rs 347.29 crore from Power Grid Corporation of India for new transmission line in Bhadla, Rajasthan.

Indian Railway Catering and Tourism Corporation declined 1.41%. The company said that it has tied up with Zomato for supply and delivery of pre-ordered meals through IRCTC's E-catering portal as a proof of concept (PoC).

Orient Cement spurted 10.14% amid media reports that the company's promoter, CK Birla, has approached Gautam Adani to sell his stake. According to the media reports, CK Birla has approached Gautam Adani to sell his promoter stake in Orient Cement. Executives from both sides have reportedly met to discuss the potential deal. If this transition occurs, it could trigger an open offer for an additional 26% stake, as per takeover laws.

Global Markets:

Asian stocks traded mixed on Wednesday as a blast at a Gaza hospital dealt a blow to hopes for containing the crisis.

Economic data from China showed stronger-than-expected growth. China posted 4.9% growth in the July to September quarter from a year earlier, according to a release from China's National Bureau of Statistics on Wednesday. However, this figure was lower than the 6.3% year-on-year expansion seen in the second quarter.

US stocks closed near the flat line on Tuesday as investors analyzed the latest bond yield moves and the corporate earnings season gained steam.

Street Investment

The benchmark indices further continued to trade with decent gains in early afternoon trade. The Nifty continued to hover above the 19,800 level. Pharma shares saw buying demand after declining in the previous trading session.

The barometer index, the S&P BSE Sensex, was up 303.29 points or 0.46% to 66,470.22. The Nifty 50 index added 95.25 points or 0.48% to 19,827.

In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index gained 0.78%.

The market breadth was strong. On the BSE, 2,328 shares rose and 1,209 shares fell. A total of 175 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.45% to 10.69. The Nifty 26 October 2023 futures were trading at 19,835.20, at a premium of 8.20 points as compared with the spot at 19,827.

The Nifty option chain for the 26 October 2023 expiry showed maximum Call OI of 41.6 lakh contracts at the 20,000 strike price. Maximum Put OI of 47.1 lakh contracts were seen at 19,500 strike price.

Buzzing Index:

The Nifty Pharma added 0.73% to 15,275.30. The index had declined 0.46% to end at 15,164.75 on Monday.

Glenmark Pharmaceuticals (up 1.47%), Dr Reddys Laboratories (up 1.3%), Ipca Laboratories (up 1.2%), Lupin (up 1.02%), Cipla (up 1%), Aurobindo Pharma (up 1%), Biocon (up 0.9%), Torrent Pharmaceuticals (up 0.87%), Zydus Lifesciences (up 0.67%) and Natco Pharma (up 0.67%) edged higher.

Stocks in Spotlight:

Aurobindo Pharma rose 0.85% after the company's step down subsidiary, Eugia Pharma Specialities launched green-field manufacturing unit in Andhra Pradesh.

CEAT jumped 4.56% after the company's consolidated net profit soared 3125.5% to Rs 207.7 crore on 5.5% increase in net sales to Rs 3053.32 crore in Q2 September 2023 over Q2 September 2022.

Bombay Dyeing & Manufacturing Company added 3.20% after the company announced that it has signed the conveyance deed with Goisu Realty and transferred the land along with associated FSI of Phase-I located at Worli, Mumbai.

Jio Financial Services (JFSL) rose 0.33%. The company reported 101.31% increase in consolidated net profit to Rs 668 crore in Q2 FY24 as compared with Rs 332 crore in Q1 FY24. Total revenue from operations jumped 46.82% to Rs 608 crore from Rs 414 crore.

Grasim Industries declined 0.18%. The company said that its board has approved the proposal of raising of funds not exceeding Rs 4,000 crore by way of a rights issue to the eligible equity shareholders

Global Markets:

Asian stocks traded higher on Tuesday, recovering a measure of recent losses tracking strength in Wall Street, although markets still remained on edge over the Israel-Hamas war and key upcoming economic readings from China.

New Zealand's consumer inflation hit a two-year low in the third quarter. Consumer prices rose 5.6% from a year ago, slower than the 6% increase in the second quarter, according to Statistics New Zealand data published Tuesday.

China's third-quarter gross domestic product data is due on Wednesday, and is expected to show continued weakness in economic growth.

US stocks ended sharply higher on Monday as investors were optimistic about the start of the earnings season, while transportation and small-cap shares also jumped.

Street Investment

The domestic equity benchmarks continued to trade near the flat line in mid-morning trade. The Nifty traded above the 19,750 mark. PSU bank shares saw bargain buying after declining in the past three trading sessions.

The barometer index, the S&P BSE Sensex, was down 49.43 points or 0.07% to 66,233.31. The Nifty 50 index added 3 points or 0.02% to 19,754.05.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.51%.

The market breadth was positive. On the BSE, 2,126 shares rose and 1,435 shares fell. A total of 199 shares were unchanged.

Earnings Today:

HDFC Bank (down 0.39%), CEAT (down 0.96%), Choice International (up 0.43%), Cyient DLM (up 0.39%), Federal Bank (up 0.60%), ICICI Securities (up 0.28%), Jio Financial Services (up 0.16%), Bank of Maharashtra (up 0.75%), NELCO (up 0.57%), Oriental Hotels (up 0.49%), Tinplate Company of India (up 1.37%) and Yatra Online (up 0.62%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty PSU Bank index rose 0.78% to 5,088.55. The index had declined 2.2% in past three trading sessions.

Union Bank of India (up 1.75%), Canara Bank (up 1.69%), Indian Bank (up 1.23%), Punjab National Bank (up 1.13%), Bank of Maharashtra (up 0.75%), Punjab & Sind Bank (up 0.58%), Bank of Baroda (up 0.32%), Indian Overseas Bank (up 0.23%), Central Bank of India (up 0.21%) and State Bank of India (up 0.16%) advanced.

Buzzing Index:

The Nifty Consumer Durables index rose 0.80% to 29,396.75. The index slipped 0.17% in the past trading session.

Rajesh Exports Ltd (up 3.23%), Blue Star Ltd (up 1.44%), Titan Company Ltd (up 1.32%), Kajaria Ceramics Ltd (up 1.3%), Relaxo Footwears Ltd (up 1.06%), V-Guard Industries Ltd (up 0.97%), Dixon Technologies (India) Ltd (up 0.62%), Havells India Ltd (up 0.42%), Voltas Ltd (up 0.42%) and Crompton Greaves Consumer Electricals Ltd (up 0.25%) advanced.

On the other hand, Amber Enterprises India Ltd (down 0.79%), Whirlpool of India Ltd (down 0.62%) and TTK Prestige Ltd (down 0.48%) edged lower.

Stocks in Spotlight:

J.Kumar Infraprojects advanced 2.79% after the civil construction services provider announced that it has received a letter of acceptance (LOA) from Mumbai Metropolitan Regional Development Authority (MMRDA).

Tata Steel Long Products gained 0.86% to after the company's consolidated net loss narrowed to Rs 438.11 crore in Q2 FY24 as compared to a net loss of Rs 646.22 crore recorded in Q2 FY23.

Dalmia Bharat added 0.11%. The cement manufacturer reported a consolidated net profit of Rs 123 crore in Q2 FY24, steeply higher than Rs 47 crore posted in Q2 FY23. Revenue from operations grew by 6% year on year to Rs 3,149 crore in the quarter ended 30 September 2023.

Kalpataru Projects International added 2.05% after the company said that it has bagged new orders/notification of awards of Rs 2,217 crore.

BLS International Services surged 7.35% after the company announced that it has signed an exclusive global visa outsourcing contract for Slovakia in 18 countries with more than 54 offices.

Anant Raj rose 1.92% after the company announced the start of two new projects. The first project, called Anant Raj Centre, is located in Mehrauli, South Delhi, and encompasses approximately 700,000 square feet. The second project, Anant Raj Aashray-11, is an affordable housing project situated in the Electronic Manufacturing Cluster 2 (EMC 2) in Tirupati, Andhra Pradesh.

Global Markets:

Asian stocks declined across the board as investors look ahead to key economic data from China and Japan this week. Most notably, China will release its third-quarter gross domestic product numbers on Wednesday. Japan's September inflation data is expected on Friday. South Korea's central bank will also announce its rate decision on Thursday.

US stocks ended the day mixed on Friday, pressured by a spike in oil prices and rising inflation expectations. Deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks.

Street Investment

The frontline indices traded in a narrow range with significant cuts in mid-morning trade. The Nifty traded below the 19,700 level. IT stocks declined for the third day in a row.

The barometer index, the S&P BSE Sensex, was down 363.85 points or 0.55% to 66,044.54. The Nifty 50 index shed 102.50 points or 0.52% to 19,691.50.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.06% while the S&P BSE Small-Cap index gained 0.18%.

The market breadth was positive. On the BSE, 1,794 shares rose and 1,682 shares fell. A total of 160 shares were unchanged.

Economy:

India's retail inflation, as measured by the Consumer Price Index (CPI), declined to a three-month low of 5.02% in September due to easing food prices, according to data released by the National Statistics Office (NSO) on Thursday. In July 2023, India's CPI stood at 7.44%, while in August 2023, it was at 6.83%.

Industrial output as measured by the Index of Industrial Production (IIP) was 10.3% in August 2023. Factory output measured in terms of the IIP had contracted by 0.7% in August 2022.

Buzzing Index:

The Nifty IT index declined 0.97% to 31,692.40. The index fell 2.69% in three trading sessions.

Mphasis (down 3.29%), Infosys (down 2.42%), Wipro (down 1.76%), Tech Mahindra (down 1.29%), LTIMindtree (down 1.02%), Coforge (down 0.95%), Persistent Systems (down 0.9%), L&T Technology Services (down 0.28%) slipped.

On the other hand, HCL Technologies (up 1.32%) and Tata Consultancy Services (up 0.41%) edged higher.

Infosys declined 2.42% after the IT major trimmed its FY24 revenue guidance agsin to 1% - 2.5%. The company has lowered its FY24 revenue guidance from the previous quarter's projection of 1% - 3.5% to 1% - 2.5% in constant currency, while maintaining the operating margin guidance at 20% - 22% for the same fiscal year.

The IT giant's consolidated net profit rose 4.5% to Rs 6,215 crore on 2.8% increase in revenues to Rs 38,994 crore in Q2 FY24 over Q1 FY24. On a year on year basis, the company's net profit and revenues grew by 3.1% and 6.7%, respectively as compared with Q2 FY23. The total contract value (TCV) of large deal wins was $7.7 billion in Q2 FY24, with net new of 48%.

HCL Technologies added 1.32% after the IT major reported 8.43% rise in consolidated net profit to Rs 3,832 crore on 1.43% increase in revenue from operations to Rs 26,672 crore in Q2 FY24 over Q1 FY24. Compared with Q2 last year, the company's net profit and revenue were higher by 9.83% and 8.05%, respectively.

For FY24, the company slashed its revenue growth guidance to 5%-6% YoY in CC from 6%-8% estimated in the previous quarter, while maintaining the EBIT margin guidance at 18% - 19%. Services revenue guidance is revised to be in between 4.5%-5.5% from 6.5%-8.5% YoY in CC and company's organic revenue growth is expected to be between 4%-5% YoY in CC for the same fiscal year. In Q2 FY24, the company bagged 16 large deals - 10 in the Services segment & 6 in the Software segment. Total contract value (TCV) of new deal wins was $3,969 million.

Stocks in Spotlight:

Anand Rathi Wealth fell 2.45%. The company reported 34% rise in consolidated net profit to Rs 57.7 crore on a 37% increase in total income to Rs 189.1 crore in Q2 FY24 as compared with Q2 FY23.

Panacea Biotec declined 1.25%.the drug maker said that the United States Food and Drug Administration (USFDA) conducted an inspection at its material wholly-owned subsidiary, Panacea Biotec Pharma at Baddi facility, Himachal Pradesh. The inspection was conducted from 3 October 2023 to 12 October 2023 at Baddi, Himachal Pradesh, India facility.

At the end of inspection, USFDA issued a FDA Form 483 with nine observations which are related to improvements in existing procedures and are addressable.

Global Markets:

Asian stocks declined across the board on Friday as Treasury yields surged after the latest US inflation data bolstered bets on Federal Reserve rate hikes. Latest data on continued weakness in China's economy added to the gloom.

China's Consumer Price Index (CPI) stagnated at 0% YoY in September after accelerating by 0.1% in August. China's Producer Price Index (PPI) dropped 2.5% YoY in September, compared with a 3% decline registered previously.

Singapore's central bank kept its monetary policy unchanged for a second straight meeting, maintaining the rate of appreciation of its Singapore dollar nominal effective exchange rate policy band. Singapore's GDP grew faster than expected and expanded 0.7% year-on-year in the third quarter, advanced estimates from the government showed.

US stocks indices fell on Thursday after a treasury auction sent bond yields higher.

Consumer prices rose 3.7% over last year in September, matching August's increase. On a month-over-month basis, consumer prices rose 0.4%.

Street Investment

The benchmark indices traded with significant gains in morning trade. The Nifty traded above the 19,800 level. Realty shares extended gains for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 431.19 points or 0.65% to 66,510.55. The Nifty 50 index added 126.35 points or 0.64% to 19,816.20.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.98% while the S&P BSE Small-Cap index gained 1.01%.

Buyers outnumbered sellers. On the BSE, 2,527 shares rose and 818 shares fell. A total of 181 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 0.91% to 611.70. The index jumped nearly 5% in two trading sessions.

Prestige Estates Projects (up 2.61%), Phoenix Mills (up 2.55%), Macrotech Developers (up 2.26%), Mahindra Lifespace Developers (up 1.58%) Godrej Properties (up 0.47%), Swan Energy (up 0.31%) and DLF (up 0.12%) edged higher.

On the other hand, Sobha (down 0.96%), Brigade Enterprises (down 0.19%) and Oberoi Realty (down 0.05%) declined.

Stocks in Spotlight:

Laxmi Organic Industries surged 11.01% after the specialty chemicals maker announced the successful conclusion of its qualified institutions placement (QIP) for the company's equity shares. The QIP, which commenced on 5 October 2023, concluded on 10 October 2023, with a total of 9,625,579 equity shares being allotted. The shares were priced at Rs 269.20 per share, resulting in an issue size of approximately Rs 259.12 crore.

The issue price of Rs 269.20 is at a discount of Rs 14.07 or 4.97%, to the floor price of Rs 283.27 per equity share set for the QIP issue.

NCL Industries advanced 2.48% after the company announced that its cement production for the second quarter of FY24 was 659,300 MT, registering a growth of 9% on YoY basis. Cement dispatches increased by 11% to 669,587 in Q2 FY24 as compared with Q2 FY23.

Shiva Cement jumped 5.28% after the company announced the receipt of approval from Odisha's pollution control board for doubling its existing production capacity.

Tata Consultancy Services (TCS) added 0.13%. Country's largest software services firm TCS will announce its Q2 results today, 11 October 2023. Moreover, TCS board will also consider a proposal for share buyback in its meeting.

Titan Company rose 0.34%. The meeting of the board of directors of the company is scheduled on 17 October 2023 to consider and approve the proposal for issuance of rated, listed, redeemable, unsecured Non-Convertible Debentures on a private placement basis, within the permissible borrowing limits under Section 180 of the Companies Act 2013.

Wipro gained 0.87%. The IT major had signed a definitive agreement to subscribe to equity share capital in FPEL Ujwal Private Limited (FPEL), engaged in the business of developing, building, and managing a portfolio of solar power assets. The company has completed its subscription in equity share capital of FPEL on 10 October 2023.

Bank of Baroda slipped 2.01%. The Reserve Bank of India has directed Bank of Baroda to suspend, with immediate effect, any further onboarding of customers onto its 'bob World' mobile application, based on certain supervisory concerns that RBI had observed in the Bank's mobile banking onboarding processes. Further onboarding of customers on the ?bob World? application will be subject to further strengthening of related processes by the Bank to the satisfaction of RBI.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.34% to 7.326 from its previous close of 7.351.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2250, compared with its close of 83.2500 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.04% to Rs 57,652.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 105.77.

The United States 10-year bond yield fell 0.39% to 4.635.

In the commodities market, Brent crude for December 2023 settlement gained 25 cents or 0.29% to $87.90 a barrel.

Global Markets:

Asian stocks were trading higher on Wednesday mirroring moves on Wall Street as U.S. Treasury yields fell and oil prices slightly eased.

US stocks climbed on Tuesday as investors awaited key inflation data out of the world's largest economy, with the producer price index and consumer price index readings for September out Wednesday and Thursday, respectively.

Street Investment

The domestic equity benchmarks extended gains in morning trade. The Nifty traded above the 19,600 level. Realty shares witnessed buying demand after declining in the past trading session.

The barometer index, the S&P BSE Sensex, was up 339.80 points or 0.52% to 65,852.19. The Nifty 50 index added 99.35 points or 0.51% to 19,611.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 1.08%.

Buyers outnumbered sellers. On the BSE, 2,505 shares rose and 785 shares fell. A total of 151 shares were unchanged.

Buzzing Index:

The Nifty Realty index advanced 2.95% to 600.05. The index declined 0.79% in the past trading session.

Prestige Estates Projects (up 5.73%), DLF (up 2.95%), Phoenix Mills (up 2.89%), Godrej Properties (up 2.83%), Oberoi Realty (up 2.41%), Mahindra Lifespace Developers (up 1.55%), Sobha (up 1.49%), Macrotech Developers (up 1.39%), Brigade Enterprises (up 1.23%) and Swan Energy (up 1.17%) rallied.

Stocks in Spotlight:

Genus Power Infrastructure hit an upper circuit of 5% after the company's wholly owned subsidiary received two letter of awards (LoAs) worth Rs 3,115.01 crore for appointment of Advanced Metering Infrastructure Service Providers.

Bhageria Industries jumped 7.76% after the company announced its one turnkey international Solar Engineering, Procurement, and Construction (Solar EPC) projects with comprehensive Operation & Maintenance and Water Proofing in APM Terminal, Kingdom of Bahrain. Aggregating to a capacity of 11.40 MWp, this project has a total order value of about Rs 104.49 crore (including comprehensive O&M and Water Proofing), without taking taxes into account.

Mazagon Dock Shipbuilders (MDL) rallied 5.34% after the company said that it has signed a letter of intent (LoI) with an European client for construction of six firm and four optional units of 7500 DWT multi- purpose hybrid power vessels. The prices for which would be firmed up at the time of signing of contract.

IDFC First Bank added 0.62%. IDFC First Bank has entered into agreement(s) with National Securities Depository Limited for the sale of bank's office premises located at Naman Chambers, Bandra-Kurla Complex, Mumbai, as a part of consolidation of bank's operations near its corporate office. The consideration for the office premises amounts to around Rs 198 crore.

Glenmark Life Sciences gained 1.59%. The board of directors of the company has declared an interim equity dividend for the financial year 2023-24 of Rs. 22.50/- per equity share.

Dilip Buildcon rose 1.58%. The company has received letter of acceptance (LOA) from Water Resources Zone, Udaipur, Rajasthan, for the construction of Dewas III and IV Dams in Gogunda, Udaipur, The project cost is Rs 396.93 crore.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.41% to 7.356 from its previous close of 7.386.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2300, compared with its close of 83.2825 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement gained 0.25% to Rs 57,714.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 106.06.

The United States 10-year bond yield fell 0.11% to 4.635.

In the commodities market, Brent crude for December 2023 settlement jumped 31cents or 0.35% to $87.84 a barrel.

Global Markets:

Asian stocks climbed across the board, as markets rally despite pressures from the attack on Israel by Palestinian militant group Hamas.

Wall Street's major indexes closed higher on Monday while energy stocks rallied as investors digested the latest news about the conflict between Israel and the Palestinian Islamist group Hamas.