Indices edge lower, breadth strong

The domestic equity barometers were trading with tiny losses in early trade. The Nifty traded around the 17,350 mark. Auto, realty and media stocks advanced while FMCG, IT and bank scrips edged lower.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 103 points or 0.17% to 58,888.52. The Nifty 50 index shed 8.45 points or 0.05% to 17,351.30.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.33% while the S&P BSE Small-Cap index gained 0.69%.

The market breadth was strong. On the BSE, 2,110 shares rose and 642 shares fell. A total of 129 shares were unchanged.

The Reserve Bank of India (RBI) monetary policy meeting begins today. The outcome of the meeting will be announced on April 6. The RBI`s monetary policy committee (MPC) may reportedly increase the repo rate by 25 basis points (bps) in order to combat rising inflation.

The gross GST revenue collected in March 2023 is Rs. 1,60,122 crore. The total gross collection for 2022-23 stands at Rs 18.10 lakh crore. The gross revenues in 2022-23 were 22% higher than that last year.

Foreign portfolio investors (FPIs) bought shares worth Rs 357.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,479.96 crore in the Indian equity market on 31 March, provisional data showed.

Stocks in Spotlight:

Maruti Suzuki India gained 1.96%. The company announced increase in prices across models. An estimated weighted average of increase across models stands at around 0.8% and is calculated using Ex Showroom prices of models in Delhi. This is effective from 1 April 2023. Meanwhile, Maruti Suzuki India sold a total of 170,071 units in March 2023 as compared to 170,395 units in March 2022. For the financial year 2022-23, the company posted its highest ever total sales of 1,966,164 units.

Hero MotoCorp rose 1.61%. Hero MotoCorp sold 519,342 units in March 2023, translating into a double-digit growth of 15% over the corresponding month of 2022, when it had sold 450,154 two-wheelers.

Tata Motors added 0.15%. The company reported total domestic sales of 89,351 units in March 2023 from 86,718 units in March 2022.

TVS Motor Company rose 1.13%. TVS Motor Company registered a growth of 3% with sales increasing from 307,954 units in March 2022 to 317,152 units in March 2023.

Ashok Leyland advanced 2.01%. The commercial vehicles maker reported 19% rise in total vehicle sales to 23,926 units in March 2023 from 20,123 units in March 2022.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.337 from 7.315 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.4150, compared with its close of 82.21 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement advanced 0.97% to Rs 59,325.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.48% to 103.

The United States 10-year bond yield gained 0.76% to 3.517.

In the commodities market, Brent crude for June 2023 settlement jumped $4.35 or 5.44% to $84.24 a barrel.

Global Markets:

Asian stocks were trading mixed on Monday as investors further digested key manufacturing data in the region. Crude oil prices surged after OPEC+ members agreed to cut more than 1 million barrels per day to extend through the end of 2023.

China`s Caixin/Markit manufacturing Purchasing Managers` Index for March was 50. The reading for March fell from 51.6 seen in February. China`s official PMI for March stood at 51.9.

Japan`s factory activity showed a softer contraction in five months. The manufacturing purchasing managers index rose to 49.2% for March, higher than February`s figure of 47.7%, based on a private survey.

U.S. stocks rose Friday after the Federal Reserve`s preferred inflation gauge showed a cooler-than-expected increase in prices.

The Federal Reserve`s preferred inflation gauge climbed at a 0.3% monthly pace in February, marking a slight slowdown from the month before as pricing pressures show signs of gradually easing. The core personal consumption expenditures price index increased 4.6% in February from a year earlier, the Commerce Department reported Friday, compared to January`s 4.7% annual pace.

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