Indices edge lower; breadth positive

The key equity indices traded with small losses in early trade. The Nifty traded below 22,000 level. Oil & gas, media and metal stocks advanced while realty, private bank and financial services shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 79.59 points or 0.11% to 72,682.30. The Nifty 50 index lost 6.70 points or 0.03% to 21,991.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.50% and the S&P BSE Small-Cap index added 0.60%.

The market breadth was positive. On the BSE, 1,771 shares rose and 1,302 shares fell. A total of 80 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,595.06 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 9,093.72 crore in the Indian equity market on 13 March 2024, provisional data showed.

Stocks in Spotlight:

Tata Motors shed 0.47%. The company said that it has signed MoU with Tamil Nadu for a new vehicle manufacturing facility (investment: Rs 9,000 crore over 5 years).

Hindustan Aeronautics (HAL) added 1.39% after the company announced that it has secured contracts worth Rs 8,073 crore from the Defence Ministry for helicopters.

Rail Vikas Nigam (RVNL) rallied 3.46% after the JV with Salasar receives Letter of Award for transmission line construction in Madhya Pradesh.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.11% to 7.047 as compared with previous close 7.039.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 82.8425, compared with its close of 82.8100 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.09% to Rs 65,839.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.08% to 102.87.

The United States 10-year bond yield advanced 0.22% to 4.201.

In the commodities market, Brent crude for May 2024 settlement rose 19 cents or 0.23% to $ 84.22 a barrel.

Global Markets:

Most of the Asian stocks advanced on Thursday. Investors are now focused on two key events: the outcome of spring wage negotiations in Japan and India`s wholesale inflation data.

Japan`s wage negotiations have concluded, with early reports indicating large companies offered significant pay raises. This could lead the Bank of Japan to tighten its monetary policy when they meet next week.

In the US market, the S&P 500 and Nasdaq closed slightly lower on Wednesday as investors took profits from chipmaker stocks. This comes as they await producer price data and further signs on the inflation trend before the Federal Reserve meeting next week.

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