Indices edge lower, Nifty below 18,400 level

The headline equity indices were trading with minor cuts in early trade. The Nifty traded below the 18,400 level. Pharma, PSU bank and healthcare stocks were in demand while media, financial services and private bank shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 111.31 points or 0.18% to 62,234.40. The Nifty 50 index shed 20.85 points or 0.11% to 18,378.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.59% while the S&P BSE Small-Cap index rose 0.54%.

The market breadth was strong. On the BSE, 1,936 shares rose and 721 shares fell. A total of 96 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,685.29 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 191.20 crore in the Indian equity market on 15 May, provisional data showed.

Economy:

Merchandise exports in April 2023 were $34.66 billion, as compared to $39.70 billion in April 2022, registering a de-growth of 12.7%. Merchandise imports in April 2023 were $49.90 billion, as compared to $58.06 billion in April 2022, down 14%. India`s overall exports (Merchandise and Services combined) in April 2023 is estimated to be $65.02 billion. Overall imports in April 2023 are estimated to be $66.40 billion. Riding on the high exports base of April 2022, India`s overall exports are projected to grow at 2% during April 2023.

Stocks in Spotlight:

Berger Paints India declined 0.37%. The company`s consolidated net profit fell 15.6% to Rs 186.01 crore in Q4 FY23 as against Rs 220.29 crore reported in Q4 FY22. Total income from operations rose 7.6% year on year to Rs 2443.63 crore in the quarter ended 31 March 2023.

Astral gained 2.67%. The company`s consolidated net profit rose 38.1% to Rs 199 crore in Q4 FY23 as against Rs 144.1 crore reported in Q4 FY22. Revenue from operations rose 8.3% year on year to Rs 1506.2 crore in the quarter ended 31 March 2023.

Wipro rose 0.53%. The IT major announced that its FullStride Cloud Studio has partnered with Google Cloud`s Rapid Migration Program (RaMP) to help clients accelerate their journey to the cloud and pursue a migration strategy anchored in business outcomes.

HCL Technologies fell 0.10%. HCL Tech announced the expansion of its long-standing partnership with SAP to drive digital transformation for enterprises. As part of the expanded collaboration, HCL Tech has become a customer of and a global strategic service partner for SAP SuccessFactors Human Experience Management Suite.

UltraTech Cement shed 0.08%. UltraTech Nathdwara Cement (UNCL), a wholly owned subsidiary of UltraTech Cement, has commissioned a 0.8 million tonnes per annum (MTPA) brownfield cement factory at Neem Ka Thana in Rajasthan.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.09% to 6.995 as compared with previous close of 7.001.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.23, compared with its close of 82.3150 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement shed 0.10% to Rs 60,963.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 102.38.

The United States 10-year bond yield declined 0.71% to 3.483.

In the commodities market, Brent crude for July 2023 settlement advanced 33 cents or 0.44% to $75.23 a barrel.

Global Markets:

Most of the Asian stocks were trading higher on Tuesday as investors digest key economic releases from China. Retail sales, industrial production and fixed asset investment all came in below expectations.

China`s industrial output grew 5.6% in April from a year earlier, official data showed on Tuesday, accelerating from a 3.9% gain seen in March. Retail sales jumped 18.4%, significantly faster than the 10.6% increase in March and marked the quickest growth since March 2021. Fixed asset investment expanded 4.7% in the first four months of 2023 from the same period a year earlier. It grew 5.1% in the January-March period.

US stocks rose on Monday amid ongoing debt ceiling negotiations between the White House and Republicans. In focus for investors were debt ceiling talks, which were postponed to this week from Friday. President Joe Biden is expected to host top congressional leaders on Tuesday.

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