INDICES EDGE LOWER IN EARLY TRADE; BREADTH POSITIVE

The key equity indices traded with limited losses in early trade. The Nifty traded below the 23,400 level. Realty, consumer durables and FMCG shares advances while IT, metal and media shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 174.49 points or 0.23% to 76,636.41. The Nifty 50 index shed 41 points or 0.18% to 23,357.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index added 0.17%.

The market breadth was positive. On the BSE, 1,656 shares rose and 1,240 shares fell. A total of 123 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,033 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 553.88 crore in the Indian equity market on 13 June 2024, provisional data showed.

Stocks in Spotlight:

Vodafone Idea rose 0.68%. The company�s board has approved raising Rs 2,458 crore through the issuance of shares on a preferential basis. The company will use the funds to clear part of its outstanding debt, expand its 4G coverage, and launch 5G services.

Puravankara rallied 2.91% after the company�s board approved in-principal approval for raising up to Rs 1,000 crore via QIP.

Zaggle Prepaid Ocean Services shed 0.37%. The company said that its pact with Skydo Technologies to facilitate cross-border payments for Zaggle corporate customers.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.07% to 6.981 as compared with previous close 6.986.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5350, compared with its close of 83.5400 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.11% to Rs 71,217.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.11% to 105.31.

The United States 10-year bond yield added 0.55% to 4.258.

In the commodities market, Brent crude for August 2024 settlement lost 42 cents or 0.51% to $82.33 a barrel.

Global Markets:

Asian markets traded mixed on Friday after the Bank of Japan (BOJ) kept its benchmark interest rate unchanged at between 0% and 0.1% but indicated it�s considering the reduction of its purchase of Japanese government bonds after the next monetary policy meeting scheduled for 30 and 31 July 2024.

U.S. stocks continued their historic rally on Thursday, with the S&P 500 and Nasdaq closing at new highs for the fourth consecutive day. Tech stocks led the charge, pushing the Nasdaq Composite up 0.34%.

In a sign that the Federal Reserve might lower interest rates soon, new data showed a rise in unemployment claims last week and an unexpected drop in producer prices for May.

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