Barometers edge lower; Nifty below 22,400 level

The benchmark indices were trading with moderate losses in early trade on a bit of a selling pressure in index pivotals. The Nifty traded below the 22,400 level. Media, metal and oil & gas stocks were in demand while realty, FMCG and PSU bank shares declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 302.04 points or 0.41% to 73,601.87. The Nifty 50 index declined 91.95 points or 0.41% to 22,361.35.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% and the S&P BSE Small-Cap index gained 0.43%.

The market breadth was strong. On the BSE, 1,927 shares rose and 950 shares fell. A total of 130 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,622.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,952.72 crore in the Indian equity market on 2 April, provisional data showed.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. RBI Governor Shaktikanta Das will unveil the decision of the first monetary policy meeting of the financial year 2024-25 on Friday, 5 April 2024.

Economy:

The World Bank on April 2 raised its GDP growth projection for India by 20 basis points to 6.6% in FY25. The global agency`s projection for FY25 is significantly moderate compared to the estimate of a real GDP growth of 7.5% in the current financial year. However, it expects growth to pick up in subsequent years as a decade of robust public investment starts yielding dividends.

Stocks in Spotlight:

HCL Technologies shed 0.03%. HCL Investments UK Limited, a company incorporated in the UK and a step-down wholly owned subsidiary of the company has entered into a Memorandum of Understanding with its Joint Venture (JV) partner, State Street International Holdings, a US corporation, pursuant to which HCL UK would divest its entire 49% equity stake in the JV pursuant to the call option exercised by State Street in accordance with the agreement that was entered into between the parties at the time of the formation of the JV.

UltraTech Cement rose 1.31%. The cement major informed about the commissioning of two greenfield capacities - 2.70 mtpa cement grinding unit at Karur, Tamil Nadu and 2.70 mtpa integrated cement plant at Kukurdih, Chhattisgarh, taking the company�s total cement capacity to 151.6 mtpa.

Sunteck Realty added 0.58%. The company is expanding its annuity income business of its commercial portfolio as it enters a long term understanding/ agreement of its second premium commercial building at BKC Junction, Sunteck Icon, to Bennett, Coleman & Co Ltd. The built‐up area of Sunteck Icon is approximately 2 lakh square feet with an approximate rental of Rs. 300 per Sq. Ft. per month on carpet area basis.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was up 0.01% to 7.109 as compared with previous close 7.108.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3900, compared with its close of 83.4200 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement advanced 1.04% to Rs 69,699.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.08% to 104.73.

The United States 10-year bond yield shed 0.21% to 4.356.

In the commodities market, Brent crude for June 2024 settlement added 10 cents or 0.11% to $89.02 a barrel.

Global Markets:

Asian stocks declined on Wednesday as U.S. yields held near four-month highs, while a powerful earthquake in the region raised concerns about possible disruptions to the vital chip-making industry. A powerful earthquake with a magnitude of 7.2 rocked Taipei, the capital, sparking a tsunami warning for the islands of southern Japan and the Philippines.

China�s service sector activity expanded at its fastest pace since December, according to surveys from Caixin. The services purchasing managers index in China rose to 52.7 in March, up from 52.5 in February.

US stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates. Tesla�s first-quarter vehicle deliveries dropped 8.5% from a year ago, sending shares of the U.S. EV.

Powered by Capital Market - Live News