Indices drift higher in early trade; Nifty above 17,750

The frontline indices were trading with modest gains in early trade. The Nifty traded near the 17,750 level. Pharma, healthcare and realty shares advanced while FMCG and PSU bank stocks declined.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 98.34 points or 0.16% to 60,256.06. The Nifty 50 index added 48.70 points or 0.28% to 17,771.

In the broader market, the S&P BSE Mid-Cap index gained 0.15% while the S&P BSE Small-Cap index rose 0.35%.

The market breadth was strong. On the BSE, 1,746 shares rose and 871 shares fell. A total of 88 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 342.84 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 264.02 crore in the Indian equity market on 11 April, provisional data showed.

Stocks in Spotlight:

HDFC Bank rose 0.66%. HDFC Bank said that the meeting of the board of directors of the bank is scheduled on 15 April 2023 to consider fund raising plan. The board will consider and approve proposal to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long-Term Bonds (Financing of Infrastructure and Affordable Housing) up to total amount of Rs. 50,000 crore over the period of next twelve months through private placement mode.

Paras Defence and Space Technologies advanced 2.67%. Paras Anti-drone Technologies Private Limited, a subsidiary of Paras Defence and Space Technologies has entered into `Memorandum of Understanding` (MoU) with Spacekawa Explorations Private Limited (Kawa Space) for indigenous developments and deployment of Space intelligence, surveillance and reconnaissance (ISR) payloads which will include RF Wideband Software defined Radio (SDRs).

Delta Corp fell 0.03%. The company reported net profit of Rs 51.17 crore in Q4 March 2023 as compared to net profit of Rs 48.11 crore in Q4 March 2022. Total income rose to 245.94 crore from Rs 236.77 crore.

Numbers to track:

The yield on India`s 10-year benchmark federal paper declined to 7.229 from 7.224 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.0150, compared with its close of 82.12 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.55% to Rs 60,832.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.07% to 102.14.

The United States 10-year bond yield fell 0.01% to 3.434.

In the commodities market, Brent crude for June 2023 settlement declined 2 cents or 0.02% to $85.63 a barrel.

Global Markets:

Asian stocks are trading mixed on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve`s path forward in its tightening cycle.

US stocks closed mixed on Tuesday ahead of the inflation data. The US consumer price index (CPI) for March will be released on Wednesday followed by wholesale prices on Thursday.

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