Indices edge higher, breadth strong

The domestic equity barometers were trading with minor gains in early trade. The Nifty traded above the 17,800 level. Banking, realty and financial services stocks advanced while media, pharma and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 72.63 points or 0.12% to 60,373.21. The Nifty 50 index rose 13.65 points or 0.08% to 17,827.25.

In the broader market, the S&P BSE Mid-Cap index added 0.15% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was strong. On the BSE, 1,764 shares rose and 794 shares fell. A total of 100 shares were unchanged.

Trading could be volatile as traders roll over positions in the F&O segment from the near month April series to May series. The April 2023 F&O contracts will expire today, 27 April 2023.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,257.48 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 227.88 crore in the Indian equity market on 26 April, provisional data showed.

Stocks in Spotlight:

Bajaj Finance rose 2.40%. The NBFC major reported consolidated net profit of Rs 3157.79 crore in Q4 March 2023 from net profit of Rs 2419.51 crore in Q4 March 2022. Total income rose to Rs 11363.14 crore in Q4 March 2023 from Rs 8629.35 crore in Q4 March 2022.

L&T Technology Services (LTTS) rallied 3.90%. The IT major reported 2% rise in consolidated net profit to Rs 309.6 crore in Q4 March 2023 from net profit of Rs 303.6 crore in Q3 December 2022. Revenue rose 2.3% to Rs 2096.2 crore in Q4 March 2023 from Rs 2048.6 crore in Q3 December 2022.

Voltas fell 1.30%. The company posted consolidated net profit of Rs 143 crore in Q4 March 2023 from net profit of Rs 183 crore in Q4 March 2022. Total income rose to Rs 3003 crore in Q4 March 2023 from Rs 2704 crore in Q4 March 2022.

HCL Technologies added 0.05%. Heubach Group, a leading global pigment manufacturer, has selected HCL Technologies to drive its digital transformation agenda. HCLTech will deliver an IT system for Heubach Group across 11 countries to include deployment of hybrid cloud, cybersecurity solutions, end-user services and secure networks.

Central Bank of India gained 2.68%. A meeting of the board of directors of the bank is scheduled to be held on 29 April 2023 to consider and approve the capital raising plan of the bank for FY 2023-24. The fund raising will be through Follow-on Public offer (FPO)/ Rights issue/ Qualified Institutional Placement (QIP) / Preferential issue or any other mode or combination thereof and /or through issue of BASEL III compliant AT1/Tier II Bonds or such other securities.

Rail Vikas Nigam (RVNL) declined 1.84%. Finance Minister has approved the upgradation of RVNL to Navratna CPSE. RVNL will be the 13th Navratna amongst the CPSEs. RVNL is a Ministry of Railways CPSE.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper declined to 7.114 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 81.71 compared with its close of 81.74 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement advanced 0.43% to Rs 60,151.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.08% to 101.38.

The United States 10-year bond yield rose 0.48% to 3.447.

In the commodities market, Brent crude for June 2023 settlement gained 33 cents or 0.42% to $78.02 a barrel.

Global Markets:

Asian stocks were trading mixed on Thursday as investors focus on the Bank of Japan`s first policy meeting led by new BOJ governor Kazuo Ueda. Ueda is expected to maintain the ultra loose monetary policy of predecessor Haruhiko Kuroda for now, but expectations are that he will plot a path out of this policy in the future, as per reports.

US stocks ended mixed on Wednesday as banking fears eclipsed Big Tech earnings on Wall Street. Ongoing congressional wrangling over raising the federal debt ceiling also added to investor anxieties.

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