Stock Market LIVE Updates: Sensex up 150 pts, Nifty at 25,100; Pharma, Health, Auto gain,

Stock Market LIVE Updates, Wednesday, October 9, 2024: Indian benchmark equity indices BSE Sensex and Nifty 50 were higher on Wednesday, as RBI governor Shaktikanta Das announced that the RBI MPC has decided to hold rates at 6.5 per cent.

The central bank governor announced that the RBI MPC has deciced to change the policy stance to neutral from ‘withdrawal of accomodation’ earlier.

At 1 PM, the BSE Sensex was up 347 points, or 0.43 per cent, at 81,981.84, while the Nifty 50 was up 124.40 points, or 0.5 per cent, at 25,137.55.

In the afternoon, seven out of the 30 stocks on the BSE Sensex were trading in the red, with loses capped by Nestle India (down 2.29 per cent), followed by ITC, HDFC Bank, Hindustan Unilever, and Reliance Industries. On the flip side, Tata Motors (up 2.83 per cent), followed by Maruti Suzuki India, Bajaj Finance, Bajaj Finserv, and Bharti Airtel, were among the top gainers.

Among the constituents of the Nifty 50 index, 37 stocks were trading in the green. Gains were led by Tata Motors (up 2.74 per cent), followed by Trent, Cipla, Maruti Suzuki India, and Bharti Airtel, while loses were capped by Nestle India (down 2.17 per cent), followed by Britannia Industries, ITC, ONGC, and Hindustan Unilever.

Meanwhile, across sectors, the Pharma, Health and Realty indices were the top gainers, climbing 2.28 per cent, 2.16 per cent, and 2.17 per cent, respectively.

All other sectors, barring FMCG (down 0.72 per cent), were also trading higher.

In the broader markets, the Nifty Midcap 100 was up 1.40 per cent and the Nifty Smallcap 100 had climbed 1.56 per cent.

That apart, the Indian stock markets returned to their winning ways on Tuesday, snapping their 5-day losing run.

The BSE Sensex gained 584.81 points, or 0.72 per cent, to end at 81,634.8 levels. The Nifty50, too, shut shop at 25,013.15, up 217.38 points or 0.88 per cent as investors digested the Assembly elections results in Haryana and Jammu and Kashmir, while the dazzling rally in China stocks moderated.

In the broader markets, the BSE MidCap index rose 1.86 per cent, and the BSE SmallCap index 2.44 per cent. The broader indices outperformed the benchmark indices today.

Meanwhile, Asian shares followed Wall Street futures lower on Thursday as Nvidia’s results disappointed some bullish investors, while the dollar steadied and the Treasury yield curve came within a whisker of turning positive.

Europe is set for a mixed open, with EUROSTOXX 50 futures off 0.2 per cent and FTSE futures up 0.2 per cent, ahead of the inflation data from Germany and Spain where any downside misses could add to the case of more policy easing in Europe.

US weekly jobless claims, which have gained prominence given the Federal Reserve’s focus on the health of the labour market, are also due later in the day.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent as tech stocks dragged. The Nikkei eased 0.2 per cent while South Korea dropped 1 per cent.

Nvidia’s third-quarter revenue forecast of $32.5 billion surpassed Wall Street estimates, but the results still failed to impress the most bullish investors, who have driven a dizzying rally in its shares.

Shares of the AI darling slumped almost 7 per cent in after-hour trading. As a result, Nasdaq futures dropped 0.7 per cent, while S&P futures skidded 0.3 per cent.

China’s blue chips were flat, having dropped for three straight sessions as disappointing results from Chinese companies highlighted the country’s frail economic recovery.

UBS on Wednesday cut its 2024 GDP growth forecast for China to 4.6 per cent from 4.9 per cent.

Debt and currency markets were mostly steady in the Asia session.

The dollar steadied above more than one-year lows, undermined by expectations of imminent Fed rate cuts. Futures have fully priced in a quarter-point cut next month, and even imply a 35 per cent probability of a half-point easing.

US Treasury yields were also quiet, although the inverted curve between two- and 10-years came within a whisker of turning positive.

Two-year yields held at 3.8712 per cent while 10-year yields were at 3.8368 per cent, just 3 basis points below the two years.

Gold climbed again and was just shy of scaling another peak. Gold prices were up 0.6 per cent at $2,517.73 an ounce, just a touch below its record of $2,531.6.

Oil edged higher after two straight sessions of declines. Brent crude futures rose 0.2 per cent to $78.83 a barrel, while US West Texas Intermediate crude futures gained 0.3 per cent to $74.77.

(With inputs from Reuters.)