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Indices edge lower; breadth negative

Published on Mar 11, 2024 09:39

The key equity benchmark traded with small losses in early trade. The Nifty traded below 22,500 level. Realty, PSU bank and consumer durables stocks advanced while private bank, media and bank shares slides.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 48.06 points or 0.06% to 74,071.33. The Nifty 50 index lost 6.30 points or 0.03% to 22,487.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index shed 0.27%.

The market breadth was negative. On the BSE, 1,488 shares rose and 1,636 shares fell. A total of 166 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 7,304.11 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,601.81 crore in the Indian equity market on 7 March, provisional data showed.

Stocks in Spotlight:

Torrent Power jumped 5.20% after the company announced that it has emerged as a successful bidder and received letter of award (LoA) from Maharashtra State Electricity Distribution (MSEDCL) for setting up of 306 MW grid-connected solar power project at Nasik in Maharashtra.

Coal India rose 0.46%. The company and Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) have executed a Memorandum of Understanding (MoU) for exploring various opportunities for securing power to meet the growing energy demand in Rajasthan.

InterGlobe Aviation shed 0.53%. The company�s co-founder Rakesh Gangwal reportedly plans to sell a 3.3% stake in Interglobe Aviation to raise around $450 million. The offer floor price for the proposed block deal is Rs 2,925 per share, as per reports.

Lemon Tree Hotels fell 0.32%. The company has signed a license agreement for upcoming hotel in Coimbatore, Tamil Nadu under the company�s brand, Keys Lite by Lemon Tree Hotels. The hotel will feature 40 well-appointed rooms, a restaurant and a meeting room. It is expected to open in FY26.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.23% to 7.015 as compared with previous close 7.031.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 82.6625, compared with its close of 82.6750 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement fell 0.09% to Rs 65,963.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 102.70.

The United States 10-year bond yield fell 0.47% to 4.069.

In the commodities market, Brent crude for May 2024 settlement shed 49 cents or 0.60% to $ 81.59 a barrel.

Global Markets:

Asian stocks traded mixed on Monday taking cues from the decline on Wall Street as investors assessed Japan`s GDP data and awaited the U.S. CPI print.

Japan averted a technical recession, with revised official data showing the economy expanded 0.4% in the October-December period last year. This comes after earlier estimates had shown that Japan�s economy shrank 0.4% in the fourth quarter on an annualized basis, following a revised 3.3% slump in the third quarter.

Separately, China recorded its first month of inflation in four months with the country�s consumer price index climbing 0.7% year on year in February. The figure is a marked reversal from the 0.8% fall in January.

U.S. stocks lost ground on Friday with artificial intelligence major Nvidia finishing down more than 5% in its worst session since late May. Investors also assessed fresh data, with the Labor Department�s Bureau of Labor Statistics reporting that nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%.

Investors look ahead to US inflation data due Tuesday that is expected to show a further slowing in core prices.

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