Indices drift higher in early trade; Nifty above 18,150

The frontline indices traded with modest gains in early trade. The Nifty traded above the 18,150 level. All the sectoral indices on the NSE traded in the green.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was 274.47 points or 0.45% to 61,386.91. The Nifty 50 index added 91.30 points or 0.51% to 18,156.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.92% while the S&P BSE Small-Cap index rose 0.97%.

The market breadth was strong. On the BSE, 2,063 shares rose and 727 shares fell. A total of 159 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,304.32 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 264.27 crore in the Indian equity market on 28 April, provisional data showed.

Stocks in Spotlight:

Kotak Mahindra Bank declined 1.20%. The bank`s net profit rose to Rs 3,495.59 crore in Q4 FY23 as against Rs 2,767.40 crore posted in Q4 FY22. Total income rose to Rs 12,007.23 crore in Q4 FY23 from Rs 8,770.04 crore recorded in the corresponding quarter of previous year.

NTPC rose 0.67%. NTPC has signed a Supplementary Joint Venture Agreement (SJVA) with Nuclear Power Corporation of India on 1 May 2023. This Supplementary Joint Venture Agreement (SJVA) will amend Joint Venture Agreement (JVA) dated 27 April 2010 and form integral part of JVA dated 27 April 2010.

UltraTech Cement fell 1.65%. The cement major`s consolidated net profit (from continuing operations) tumbled 31.48% to Rs 1,685.95 crore in Q4 FY23 as against Rs 2,460.51 crore posted in Q4 FY22. Revenue from operations grew by 18.36% to Rs 18,662.38 crore in Q4 FY23 from Rs 15,767.28 crore recorded in the corresponding quarter of previous year.

Numbers to track:

The yield on India`s 10-year benchmark federal paper advanced to 7.130 from 7.116 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.7675, compared with its close of 81.82 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement lost 0.05% to Rs 59,733.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 102.04.

The United States 10-year bond yield fell 0.54% to 3.555.

In the commodities market, Brent crude for June 2023 settlement added 3 cents or 0.04% to $85.15 a barrel.

Global Markets:

Asian stocks are trading higher as most markets reopen after the long Labor Day weekend. Mainland Chinese markets are closed for a holiday Tuesday.

South Korea`s inflation rate softened to 3.7% in April, lower than March`s figure of 4.2%.

Investors will be closely watching Australia`s central`s bank to see if it will continue to hike interest rates, having held the benchmark policy rate at 3.6% in their last meeting.

U.S. stocks ended little changed on Monday as investors took in the weekend auction of First Republic Bank and braced for this week`s expected interest rate hike from the Federal Reserve. The Fed, which has been raising rates to cool inflation, is reportedly expected to hike rates an additional 25 basis points on Wednesday.

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