INDICES EDGE LOWER IN EARLY TRADE; BREADTH NEGATIVE

The key equity indices traded with minor losses in early trade following global cues. The Nifty traded below the 22,500 level. FMCG, realty and IT stocks declined while metal, media and PSU bank shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 111.17 points or 0.14% to 73,901.53. The Nifty 50 index lost 22.50 points or 0.10% to 22,479.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.04% and the S&P BSE Small-Cap index fell 0.29%.

The market breadth was negative. On the BSE, 1,449 shares rose and 1,718 shares fell. A total of 168 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 92.95 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 152.87 crore in the Indian equity market on 18 May 2024, provisional data showed.

Stocks in Spotlight:

RVNL rallied 4.46% after the company received an order worth Rs 148 crore from South Eastern Railway for electric traction system.

Oil and Natural Gas Corporation (ONGC) rose 1.07% after the company�s consolidated net profit surged 125% to Rs 10,107.36 crore in the quarter ended March 2024 as against Rs 4,492.25 crore during the previous quarter ended March 2023. Sales rose 1.65% to Rs 1,66,770.63 crore in the quarter ended March 2024 as against Rs 1,64,066.72 crore during the previous quarter ended March 2023.

Oil India added 0.86%. The company� s consolidated net profit jumped 22.83% to Rs 2,140.72 crore in the quarter ended March 2024 as against Rs 1,742.83 crore during the previous quarter ended March 2023. Sales rose 16.50% to Rs 9,147.01 crore in the quarter ended March 2024 as against Rs 7,851.78 crore during the previous quarter ended March 2023.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.04% to 7.092 as compared with previous close 7.076.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.3125, compared with its close of 83.3700 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement lost 0.72% to Rs 73,836.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.10% to 104.67.

The United States 10-year bond yield grew 0.32% to 4.451.

In the commodities market, Brent crude for July 2024 settlement fell 49 cents or 0.59% to $ 83.22 a barrel.

Global Markets:

Most of the Asian stocks were declined on Tuesday, snapping a seven-day winning streak, as investors weighed US central bank policy and the health of the global economy. Additionally, developments in the Middle East add a layer of uncertainty, potentially triggering a flight to safer assets.

Meanwhile, US stocks edged higher on Monday, with the Nasdaq Composite (^IXIC) reaching a record close, driven by Nvidia (NVDA) shares ahead of their earnings report this week. The S&P 500 rose slightly by 0.1%, while the Dow Jones Industrial Average dipped below 40,000, down 0.5% after Friday`s record high.

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