Indices edge higher, breadth strong

The domestic equity benchmarks were trading with decent gains in early trade. The Nifty traded above the 17,650 mark. Banking, financial services and oil & gas stocks were in demand while media, pharma and healthcare shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 128.57 points or 0.22% to 59,783.63. The Nifty 50 index added 31.80 points or 0.18% to 17,655.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index gained 0.25%.

The market breadth was strong. On the BSE, 1,658 shares rose and 1,063 shares fell. A total of 121 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,116.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,632.66 crore in the Indian equity market on 21 April, provisional data showed.

Stocks in Spotlight:

Reliance Industries (RIL) rose 1.06%. The Mukesh Ambani-led diversified company reported 19.1% increase in consolidated net profit to Rs 19,299 crore on 2.7% rise in net sales to Rs 212,945 crore in Q4 FY23 over Q4 FY22.

Wipro added 1.33%. The meeting of the board of directors of the company is scheduled on 27 April 2023 to consider and approve a proposal to buyback equity shares of the company.

ICICI Bank gained 1.93%. The private lender`s standalone net profit surged 29.9% to Rs 9,121.87 crore on 31.73% jump in total income to Rs 36,108.88 crore in Q4 FY23 over Q4 FY22.

HDFC Bank rose 0.36%. HDFC Bank said that the Reserve Bank of India (RBI) has allowed the bank to meet priority sector lending requirements post the merger with Housing Development Finance Corporation (HDFC) in a gradual manner, up to three years.

Maruti Suzuki India fell 0.71%. The company announced to recall 7,213 Baleno RS vehicles manufactured between 27 October 2016 and 1 November 2019.

Yes Bank declined 1.91%. The private lender`s standalone net profit slumped 44.91% to Rs 202.43 crore on 25.21% rise in total income to Rs 7,298.51 crore in Q4 FY23 over Q4 FY22.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.57% to 7.144 from its previous closing of 7.185 recorded in the previous session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0575, compared with its close of 82.0650 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.04% to Rs 59,870.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 101.77.

The United States 10-year bond yield shed 0.27% to 3.562.

In the commodities market, Brent crude for June 2023 settlement declined 75 cents or 0.92% to $80.91 a barrel.

Global Markets:

Most of the Asian stocks declined on Monday, ahead of a busy week of key economic releases in the region. Investors will be closely watching the Bank of Japan monetary policy meeting later this week, the first to be led by new BOJ chief Kazuo Ueda.

Some Southeast Asian markets are closed today for a holiday, including Singapore, Malaysia and Indonesia. Singapore will release its inflation figures for March on Monday.

US stocks ended little changed Friday as investors evaluated the latest earnings results and concerns of disappointing profits. Investors mostly focused on corporate earnings, which were mixed.

Business activity in the U.S. accelerated by more than expected in April. S&P Global`s flash composite U.S. purchasing managers` index came in at 53.5, the highest mark in 11 months.

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