Indices edge lower; Nifty below 22,100 level

The frontline indices were trading with minor losses in early trade. The Nifty traded below the 22,100 level. Media, realty and consumer durables stocks advanced while auto, private bank and IT shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 93.45 points or 0.13% to 72,614.71. The Nifty 50 index shed 30.35 points or 0.14% to 22,091.90.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.17% and the S&P BSE Small-Cap index gained 0.54%.

The market breadth was strong. On the BSE, 1,976 shares rose and 977 shares fell. A total of 93 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 754.59 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 452.70 crore in the Indian equity market on 19 February 2024, provisional data showed.

Stocks in Spotlight:

ONGC rose 0.31%. The shareholders of Cyprus-based step-down unit IEL have approved the merger of five arms with itself. The unit will have 3 step-down units in Cyprus post-merger

Whirlpool India slipped 2.91%. The Promoter Whirlpool Mauritius will divest 24% stake at a floor price of Rs 1,230 per share, which indicates a discount of 7.6% to current market price.

Kotak Mahindra Bank added 1.29% after the company appointed Devang Gheewalla as the president and group chief financial officer and a key managerial personnel of the bank and appointed Milind Nagnur as the chief operating officer of the bank.

Torrent Power shed 0.06%. The company will develop four projects of pumped storage hydro, green hydrogen, and solar energy generation with investment of Rs 25,000 crore in Uttar Pradesh.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.04% to 7.096 as compared with previous close 7.099.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9900, compared with its close of 83.0125 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.01% to Rs 61,995.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.07% to 104.36.

The United States 10-year bond yield added 0.09% to 4.303.

In the commodities market, Brent crude for April 2024 settlement fell 1 cent or 0.01% to $83.46 a barrel.

Global Markets:

The US Dow Jones index futures is currently down by 111 points, signaling a negative opening for US stocks today. This decline is attributed to ongoing uncertainty regarding the trajectory of interest rates. Traders remain cautious and on edge due to the anticipation of key earnings reports, notably from NVIDIA Corporation, adding to the market`s overall sense of unpredictability. The absence of trading cues on Monday, owing to a US market holiday, is expected to give way to increased trading activity in the upcoming days, particularly as the earnings season progresses.

Asian markets exhibit a mixed opening, influenced by the closure of US markets in the preceding session.

The People`s Bank of China took an unexpected step by reducing its five-year benchmark loan prime rate on Tuesday, aiming to further ease monetary conditions and support the decelerating economic recovery. The cut in the five-year LPR, instrumental in determining mortgage rates, lowered it from 4.10% to 3.95%, while the one-year LPR remained unchanged at 3.45%.

The US 10-year bond yield is recorded at 4.31%. In the commodities market, Brent crude for April 2024 settlement lost 5 cents or 0.06% to $83.42 a barrel.

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