INDICES EDGE HIGHER, BREADTH STRONG, TATA MOTORS SPURTS OVER 7%

The domestic equity benchmarks were trading with minor gains in early trade. The Nifty traded above the 17,600 level. Realty, auto and consumer durable stocks advanced while FMCG, media and banking scrips declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 101.68 points or 0.17% to 59,934.65. The Nifty 50 index added 40.20 points or 0.23% to 17,639.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.08% while the S&P BSE Small-Cap index gained 0.18%.

The market breadth was strong. On the BSE, 1,734 shares rose and 1,039 shares fell. A total of 174 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 475.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 997.08 crore in the Indian equity market on 6 April, provisional data showed.

Stocks in Spotlight:

Tata Motors jumped 7.34%. The Tata Motors Group global wholesales in Q4 FY23, including Jaguar Land Rover (JLR), were at 3,61,361 units, higher by 8%, as compared to Q4 FY22.

Titan Company rose 1.72%. The Tata Group company announced that it witnessed healthy double-digit growth across its key businesses, reporting a revenue growth of 25% year on year (YoY). The rise in the revenue was mainly driven by higher growth contributions from watches & wearables and emerging businesses.

Oil and Natural Gas Corporation (ONGC) gained 1.19%. ONGC announced that its board approved the acquisition of 23.04% stake in Mangalore SEZ (MSEZ) from IL&FS for cash consideration of Rs 40.32 crore.

Power Grid Corporation of India added 0.33%. The power transmission company on Thursday announced that it has successfully commissioned two projects in Northern region on 25 February 2023 and 24 March 2023.

Adani Power rose 1.48%. The power utility company announced that the Unit 1 of 800 megawatt (MW) capacity of the 2x800 MW ultra-supercritical power project of Adani Power (Jharkhand) (APJL), situated in Godda district in Jharkhand, has commenced commercial operations.

Sobha rallied 3.71%. Sobha announced that total sales value improved by 26% to Rs 1,463.4 crore in Q4 FY23 from Rs 1,164.2 crore recorded in the corresponding quarter last fiscal.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.220 from 7.219 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.8150, compared with its close of 82.02 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement fell 0.84% to Rs 60,001.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.09% to 102.18.

The United States 10-year bond yield declined 0.27% to 3.374.

In the commodities market, Brent crude for June 2023 settlement shed 20 cents or 0.23% to $84.92 a barrel.

Global Markets:

Asian stocks were trading mixed on Monday as some investors returned from a long Easter weekend. Australian and Hong Kong markets remained closed due to a four day Easter holiday till Monday.

The US Stock Market, including the Nasdaq and New York Stock Exchange (NYSE), remained closed on Good Friday.

Investors are in for a busy week of economic data, including the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.

Employment data for March indicated the labor market remained tight last month. Nonfarm payrolls increased by 236,000 jobs in March, the Labor Department said. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported. The unemployment rate dipped to 3.5% from 3.6% in the prior month.

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