KEY BENCHMARKS TRADE WITH MINOR GAINS; STRONG MARKET BREADTH

The key equity benchmarks traded with limited gains in early trade, bouyed by some buying in index pivotals. The Nifty traded above the 17,700 level. Auto, metal and bank stocks advanced while media and consumer durable shares lagged behind.

At 09:22 IST, the barometer index, the S&P BSE Sensex, was up 91.3 points or 0.15% to 60,002.05. The Nifty 50 index added 15.95 points or 0.09% to 17,722.80.

Tata Motors (up 2.14%), HDFC Life (up 1.15%), HCL Tech (up 0.92%), IndusInd Bank (up 0.85%) and Adani Enterprises (up 0.85%) were the top Nifty gainers.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index advanced 0.33%.

The market breadth was strong. On the BSE, 1,744 shares rose and 696 shares fell. A total of 90 shares were unchanged.

Stocks in Spotlight:

Angel One rose 3.83%. The company`s consolidated net profit rose 30.4% to Rs 267 crore on 26.9% rise in net revenue to Rs 644.2 crore in Q4 March 2023 over Q4 March 2022.

Jubilant FoodWorks added 2.53%. Hashtag Loyalty Private Limited (Hashtag), associate of Jubilant FoodWorks (Company) has entered into a Securities Subscription Agreement with Coca-Cola India (New Investor) pursuant to which the New Investor has acquired 15% stake (on a fully diluted basis) in Hashtag. Hashtag has raised the capital at a pre-money valuation of Rs. 104.68 crore.

IIFL Finance gained 1.86%. The board of directors will meet on 26 April 2023 to consider issuance secured or unsecured redeemable non-convertible debentures, in one or more tranches on an annual basis through private placement.

Numbers to track:

The yield on India`s 10-year benchmark federal paper advanced to 7.250 from 7.247 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.9875, compared with its close of 82.0125 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement rose 0.13% to Rs 60,257.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 102.05.

The United States 10-year bond yield fell 0.01% to 3.591.

In the commodities market, Brent crude for June 2023 settlement gained 23 cents or 0.27% to $84.99 a barrel.

Global Markets:

Asian stocks traded mostly lower on Tuesday as fears of rising U.S. interest rates largely offset optimism over stronger-than-expected Chinese economic growth.

China`s economy grew more than expected in the first quarter of 2023. China`s gross domestic product rose by 4.5% in the first quarter of 2023, the National Bureau of Statistics said Tuesday. The economy expanded 2.9% in the fourth quarter of 2022.

The Reserve Bank of Australia warned of further tightening in monetary policy could come if needed, minutes released from its April meeting showed on Tuesday. The RBA kept its policy rate unchanged earlier this month.

US stocks rose on Monday as traders combed through the latest batch of corporate earnings results, searching for clues on the health of corporate America.

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