Barometers edge higher; breadth weak

The domestic equity benchmarks traded with small gains in early trade. The Nifty traded above 22,300 level. Financial services, IT and private bank stocks advanced while realty, media and FMCG shares declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 77.41 points or 0.11% to 73,580.05. The Nifty 50 index added 6.55 points or 0.03% to 22,339.20.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.74% and the S&P BSE Small-Cap index fell 1.49%.

The market breadth was weak. On the BSE, 696 shares rose and 2,286 shares fell. A total of 87 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,212.76 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,238.39 crore in the Indian equity market on 11 March 2024, provisional data showed.

Stocks in Spotlight:

Aditya Birla Capital rallied 4.09% after the company received board approval to merge its subsidiary Aditya Birla Finance into the main company. Regulatory and shareholder approvals are pending.

ITC declined 2.06% after the company said that in may reportedly see a partial stake sale by British American Tobacco this week.

Spicejet dropped 7.23% after the company�s chief operating officer COO and chief commercial officer CCO have resigned from their positions.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.10% to 7.021 as compared with previous close 7.014.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 82.7400, compared with its close of 82.7550 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.04% to Rs 66,008.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was fell 0.06% to 102.81.

The United States 10-year bond yield declined 0.22% to 4.099.

In the commodities market, Brent crude for May 2024 settlement advanced 29 cents or 0.35% to $ 82.50 a barrel.

Global Markets:

Asian markets exhibited a mixed performance on Tuesday. Most stocks edged higher, but Japanese stocks extended their losses.

Investor sentiment remained cautious as they awaited the release of the U.S. Consumer Price Index (CPI) data later on Tuesday. This data is expected to be a key factor in the Federal Reserve`s plans for potential interest rate adjustments in 2024.

Unlike other Asian markets, Japanese stocks continued their downward trend. This decline reflects growing speculation that the Bank of Japan might raise interest rates sooner than anticipated.

The U.S. market witnessed a pullback on Monday, snapping a streak of record highs for major indices. Information technology stocks faced selling pressure, raising questions about whether stocks tied to artificial intelligence can sustain their momentum after significant rallies.

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