Market opens on lower side in early trade; breadth strong

The key equity indices traded with limited losses in early trade. The Nifty traded below the 22,200 level. IT and banking shares declined while media, oil & gas and consumer durables stocks advanced.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 347.55 points or 0.47% to 73,063.30. The Nifty 50 index declined 85.55 points or 0.38% to 22,186.95.

In the broader market, the S&P BSE Mid-Cap index shed 0.01% while the S&P BSE Small-Cap index fell 0.43%.

The market breadth was strong. On the BSE, 1751 shares rose and 921 shares fell. A total of 99 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,268 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,762.93 crore in the Indian equity market on 15 April, provisional data showed.

Domestic stock markets will remain closed on Wednesday, 17 April 2024 on account of Ram Navami.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.21% to 7.190 from previous close of 7.175.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5325, compared with its close of 83.4450 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.87% to Rs 72,905.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.13% to 106.34.

The United States 10-year bond yield declined 0.26% to 4.616.

In the commodities market, Brent crude for June 2024 settlement rose 51 cents or 0.57% to $90.61 a barrel.

Stocks in Spotlight:

Manappuram Finance shed 0.40%. A meeting of the Financial Resources and Management Committee of the board of directors of the company will be held on 19 April 2024 to consider a proposal for raising funds up to a principal aggregate amount of up to US$ 500,000,000, in one or more tranches, by way of external commercial borrowings in the form of US Dollar bonds and/ or any other form.

Cipla rose 0.10%. The company announced that Cipla Health (CHL), the wholly owned subsidiary and consumer healthcare arm of the company, has signed a business transfer agreement (BTA) for purchase of the distribution and marketing business undertaking of cosmetics and personal care business of Ivia Beaute Private Limited, India (IVIA) including IVIA�s brands namely Astaberry, Ikin and Bhimsaini on a worldwide basis.

Jio Financial Services jumped 2.93% after the company has signed an agreement with BlackRock Inc and BlackRock Advisors Singapore Pte to form a 50:50 joint venture for setting up wealth management and broking businesses in India.

Global Market:

Asian stocks are trading lower for second session in a row Tuesday, tracking overnight losses on Wall Street. China�s economy grew stronger than expected at the start of this year, partly thanks to robust factory activity. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. It also accelerated from the 5.2% growth in the previous three months. China has set an annual growth target of around 5% for 2024.

US stocks declined on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings and hot retail sales data.

Retail sales in the United States grew more than anticipated last month. US retail sales picked up by 0.7% in March to $709.6 billion, after February`s increase was revised to 0.9%, said the Commerce Department.

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