Indices edge higher in early trade; breadth positive

The domestic equity indices traded with minor gains in early trade. The Nifty traded above the 22,600 level. Financial services, FMCG and consumer durables shares advanced while realty, IT and Mid-Small Healthcare stocks declined. Trading could be a volatile due to the expiry of weekly index options on the NSE.

At 09:25 IST, the barometer index, the S&P BSE Sensex, advanced 153.46 points or 0.20% to 74,627.36. The Nifty 50 index added 40.70 points or 0.18% to 22,645.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% and the S&P BSE Small-Cap index added 0.13%.

The market breadth was positive. On the BSE, 1,712 shares rose and 1,046 shares fell. A total of 129 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,071.93 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,429.11 crore in the Indian equity market on 30 April, provisional data showed.

Numbers to track:

The yield on India`s 10-year benchmark federal paper shed 0.36% to 7.169 from previous close of 7.195.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4450, compared with its close of 83.4350 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.59% to Rs 71,140.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.02% to 105.77.

The United States 10-year bond yield advanced 0.61% to 4.620.

In the commodities market, Brent crude for June 2024 settlement rose 44 cents or 0.53% to $83.88 a barrel.

Stocks in Spotlight:

Adani Total Gas rallied 3.48% after the company�s consolidated net profit surged 71.54% to Rs 168 crore in Q4 FY24 as compared with Rs 168 crore posted in corresponding quarter last year. Revenue increased 5.09% YoY to Rs 1,167 crore.

Adani Energy Solutions fell 0.86%. The adani group company reported 9.48% increase in consolidated net profit to Rs 381.29 crore in the quarter ended 31 March 2024 as compared with Rs 348.25 crorein the quarter ended 31 March 2023. Revenue jumped 3.15% to Rs 4,706.85 crore in Q4 FY24 from Rs 4,562.73 crore posted in Q4 FY23.

Vedant Fashions declined 1.83%. The Manayavar owned company �s consolidated net profit increased 6.36% to Rs 116 crore on 6.3% increase in revenue to Rs 363 crore in Q4 FY24 over Q4 FY23. The board has declared a dividend of Rs 8.5 per share.

Global market:

Asia-Pacific stock markets were mostly higher on Thursday, after the U.S. Federal Reserve opted to hold interest rates steady at the end of its two-day meeting.

Fed Chair Jerome Powell ruled out the possibility of a rate hike, easing worries over the central bank likely not being able to rein in inflation.

South Korea�s consumer prices rose at a slower pace in April from March on a year-on-year basis, according to official data. April CPI came in at 2.9% year on year, compared with a 3.1% rise in March. Core CPI, excluding food and energy prices, rose 2.3%. It was slightly slower than a 2.4% increase in March.

US stocks closed with a mixed performance on Wednesday following the Federal Reserve`s decision to keep its key interest rate unchanged, as widely anticipated. The central bank indicated a potential rate cut in the future but expressed uncertainty regarding sustained progress on inflation.

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