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Indices edge higher, breadth strong

Published on Jun 09, 2023 09:32

The domestic equity benchmarks were trading with minor gains in early trade. The Nifty traded near the 18,650 mark. Consumer durables, private bank and media stocks advanced while PSU bank, metal and FMCG shares corrected.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 65.70 points or 0.10% to 62,914.34. The Nifty 50 index rose 14.55 points or 0.08% to 18,649.10.

In the broader market, the S&P BSE Mid-Cap index added 0.30% while the S&P BSE Small-Cap index gained 0.39%.

The market breadth was strong. On the BSE, 1,844 shares rose and 908 shares fell. A total of 103 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 212.40 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 405.01 crore in the Indian equity market on 8 June, provisional data showed.

Stocks in Spotlight:

Kotak Mahindra Bank shed 0.34%. Canadian-state-owned Canada Pension Fund will reportedly sell a 1.66% stake in Kotak Mahindra Bank. The deal size may be around $754 million, as per reports.

Tata Power Company rose 0.73%. Tata Power Renewable Energy Limited through its subsidiary TP Vardhaman Surya Limited received Letter of Award 銑OA` to set up 966 MW RTC (Round-the- clock) hybrid renewable power for Tata Steel. The project has the hybrid renewable capacity of 379 MW solar and 587 MW wind power. Tata Steel, will invest 26% equity in the project. The project will be commissioned by 1st June 2025 as per the arrangement.

Hindustan Aeronautics gained 1.29%. The meeting of the board of directors of the company is scheduled on 27 June 2023 to consider and approve a proposal of sub-division of equity shares of the company.

Biocon added 0.58%. The company`s Active Pharmaceutical Ingredient (API) manufacturing facility located in Bangalore has received a certificate of GMP compliance from the Competent Authority of Germany, following an EU GMP inspection that was conducted in February 2023.

NHPC rose 0.74%. NHDC (a subsidiary of NHPC) has been allotted a Pump Hydro Storage site in Village Narmada Nagar, Punasa, Dist. Khandwa, Madhya Pradesh with estimated storage capacity of 525 MW X 6 hours, by New and Renewable Energy Department, Government of Madhya Pradesh.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.04% to 7.018 from previous close of 7.021.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.4550, compared with its close of 82.5100 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement added 0.05% to Rs 59,920.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.05% to 103.39.

The United States 10-year bond yield advanced 0.60% to 3.734.

In the commodities market, Brent crude for August 2023 settlement fell 41 cents or 0.54% to $75.55 a barrel.

Global Markets:

Asian stocks were trading higher, tracking an overnight rise in US stocks. Investors digested China`s consumer price index, which saw a 0.2% rise in May and its producer prices that fell 4.6% year on year, marking the steepest drop since June 2016.

US stocks closed higher on Thursday, regaining some of their momentum, thanks to a rebound by technology stocks. Investors were sitting on the sidelines ahead of inflation data and a Federal Reserve policy meeting next week.

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