Benchmarks nudge higher in early trade; Nifty above 18,100

The frontline indices traded with minor gains in early trade. The Nifty traded above the 18,100 level. Media, PSU bank and metal shares advanced while realty, oil & gas and FMCG shares declined.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 52.11 points or 0.09% to 61,245.41. The Nifty 50 index added 25.20 points or 0.14% to 18,115.05.

In the broader market, the S&P BSE Mid-Cap index gained 0.44% while the S&P BSE Small-Cap index rose 0.57%.

The market breadth was strong. On the BSE, 2,105 shares rose and 1,030 shares fell. A total of 113 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,338.00 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 583.99 crore in the Indian equity market on 3 May, provisional data showed.

The Federal Reserve raised its benchmark borrowing rate by widely expected, 25 basis points. The increase takes the fed funds rate to a target range of 5%-5.25%, the highest since August 2007.

Stocks in Spotlight:

Titan Company rose 0.40%. The Tata Group company`s standalone net profit surged 49.49% to Rs 734 crore on 26.43% jump in revenue from operations to Rs 8,533 crore in Q4 FY23 over Q4 FY22.

Tata Chemicals added 1.25%. The company`s consolidated profit after tax from continuing operations rose 48% to Rs 694 crore in Q4 FY23 over Q4 FY22. Income from operations rose 27% to Rs 4407 crore in Q4 FY23 over Q4 FY22.

ABB India jumped 2.12%. The company`s standalone profit after tax from continuing business fell to Rs 245 crore in Q1 FY23 from Rs 370 crore in Q1 FY22. Revenues rose to Rs 2411 crore in Q1 FY23 from Rs 1968 crore in Q1 FY22. Order backlog as of 31 March 2023 was Rs 7,170 crore.

Numbers to track:

The yield on India`s 10-year benchmark federal paper declined to 7.007 from 7.011 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.6575, compared with its close of 81.80 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.53% to Rs 61,290.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.24% to 101.10.

The United States 10-year bond yield fell 2.04% to 3.334.

In the commodities market, Brent crude for July 2023 settlement added 49 cents or 0.68% to $72.82 a barrel.

Global Markets:

Asian stocks are trading lower after the U.S. Federal Reserve hiked rates by 25 basis points as widely expected. Japanese markets are closed for a holiday Thursday.

U.S. stocks ended lower on Wednesday, reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the U.S. central bank`s next move would be with interest rate hikes.

The U.S. Federal Reserve hiked rates by 25 basis points as widely expected, bringing the federal funds rate range to 5%-5.25% � its highest level since August 2007. The Fed raised rates for a 10th time in this tightening cycle, as was widely expected. The central bank also signaled a pause to the campaign could come.

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