Indices edge higher, Nifty above 21,700 level

Domestic equity barometers were trading with decent gains in the early trade. The Nifty traded above the 21,700 level. Realty, IT and auto stocks advanced while healthcare, pharma and FMCG shares declined.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 211.16 points or 0.29% to 72,058.73. The Nifty 50 index added 65.35 points or 0.30% to 21,723.95.

The broader market outperform the headline indices. The S&P BSE Mid-Cap index rose 0.57% and the S&P BSE Small-Cap index gained 0.69%.

The market breadth was strong. On the BSE, 2,268 shares rose and 667 shares fell. A total of 90 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,513.41 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,387.36 crore in the Indian equity market on 4 January, provisional data showed.

Stocks in Spotlight:

Grasim Industries added 0.07%. The board of directors of the company approved rights issue of equity shares for an amount aggregating to Rs 3,999.80 crore. The rights issue price is Rs 1,812 per share and record date is 10 January 2024.

Lupin rose 0.58%. The pharam company announced that it has received tentative approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Dapagliflozin and Saxagliptin Tablets, 5 mg/5 mg and 10 mg/5 mg, to market a generic equivalent of Qtern Tablets, 5 mg/5 mg and 10 mg/5 mg of AstraZeneca AB. This product will be manufactured at Lupin�s Pithampur facility in India.

Jupiter Wagons advanced 2.97% after the company announced the receipt of a contract with the Ministry of Defence for the manufacturing and supply of 697 boggie open military (BOM) wagons. The contract is valued at Rs 473 crore.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.18% to 7.233 as compared with previous close 7.220.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2225, compared with its close of 83.2425 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement added 0.01% to Rs 62,647.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.07% to 102.50.

The United States 10-year bond yield rose 0.24% to 4.001.

In the commodities market, Brent crude for March 2024 settlement gained 27 cents or 0.35% to $77.86 a barrel.

Global Markets:

Asian stocks were trading mixed on Friday as they steadied after a weak start to the new year, although anticipation of key U.S. payrolls data and persistent concerns over China kept investors on edge.

A survey showed on Friday that the contraction in Japan�s private sector activity was over. The au Jibun Bank Japan composite PMI for December came in at 50, rising from 49.6 in the prior month to signal stabilization in Japan�s private sector output.

Wall Street shares settled mixed on Thursday. The S&P SPX and Nasdaq Composite closed lower on Thursday, extending their losing streak that kicked off 2024, although the Dow Jones Industrial eked out a win on the back of financial stocks and strong jobs data. Markets were now focused on key U.S. nonfarm payrolls data for December, due later in the day.

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