Benchmarks edge higher, breadth strong

The headline equity indices were trading with minor gains in the early trade. The Nifty traded above the 21,750 mark. Oil & gas, media and realty stocks advanced while PSU bank, FMCG and private bank shares declined.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 115.48 points or 0.16% to 72,141.63. The Nifty 50 index added 42.65 points or 0.20% to 21,753.45.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.07% and the S&P BSE Small-Cap index gained 0.32%.

The market breadth was strong. On the BSE, 2,048 shares rose and 1,060 shares fell. A total of 102 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,696.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,497.62 crore in the Indian equity market on 5 January, provisional data showed.

Economy:

India�s foreign exchange reserves rose for a seventh straight week and stood at a near 22-month high of $623.20 billion as of December 29, according to the latest RBI data. The reserves rose by $2.76 billion for the reported week after increasing by a total of $30.12 billion in the prior six weeks.

Gold reserves were up by $853 million to $48.328 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $38 million to $18.365 billion, the apex bank said.

India�s reserve position with the IMF was down by $2 million to $4.892 billion in the reporting week.

Stocks in Spotlight:

Titan Company rose 1.11% after the Tata Group company on Friday announced that it has registered 22% year on year (YoY) growth in revenue for the quarter ended 30 December 2023. Titan added a total of 90 stores during the quarter, taking the group`s retail presence to 2,949 stores.

Marico slipped 3.54%. The FMCG major said that its India business reported low-single digit volume growth in Q3 FY24, with low single-digit growth in Parachute Coconut Oil. Marico has also reported a slight sequential improvement in its core portfolio.

Bank of Baroda declined 1.86%. Bank of Baroda reported 13.41% increase in domestic advances to Rs 8,62,162 crore as on 31 December 2023 from Rs 7,60,249 crore recorded on 31 December 2022.

Adani Wilmar fell 1.28%. The edible oil major on Friday announced that it has reported 6% year on year volume growth in Q3 FY24, driven by increasing penetration of packaged oil and food.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.23% to 7.218 as compared with previous close 7.235.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0525, compared with its close of 83.1500 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement fell 0.31% to Rs 62,361.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.02% to 102.44.

The United States 10-year bond yield advanced 0.70% to 4.065.

In the commodities market, Brent crude for March 2024 settlement lost 84 cents or 1.07% to $ 77.92 a barrel.

Global Markets:

Most of the Asian stocks were trading lower as investors look ahead to key economic data and events in the following days.

Australia and Japan will release inflation figures on Tuesday and Thursday, while China will announce its trade balance and inflation numbers for December on Friday.

Bank of Korea will be holding the first central bank meeting of the year among major Asia economies on Thursday. Japan�s markets are closed for a public holiday, and will return to trade on Tuesday.

U.S.indices gained on Friday after a stronger-than-expected jobs report. The U.S. economy added many more jobs than anticipated in December, with nonfarm payrolls growing by 216,000. The unemployment rate held steady at 3.7%.

On Sunday, congressional leaders announced a deal establishing a $1.59 trillion in top-line spending, in order to avoid a potential government shutdown.

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