Indices edge lower; Nifty below 22,400 level

The key equity indices were trading with minor losses in early trade. The Nifty traded below the 22,400 level. Auto, realty and PSU bank stocks advanced while IT, private bank and media shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 115.11 points or 0.16% to 73,757.18. The Nifty 50 index shed 34.25 points or 0.15% to 22,371.35.

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

The market breadth was positive. On the BSE, 1,550 shares rose and 1,304 shares fell. A total of 108 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 564.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,542.87 crore in the Indian equity market on 04 March, provisional data showed.

Stocks in Spotlight:

Tata Motors jumped 4.31% after the company announced that its board approved a demerger plan. The plan will create two separate publicly traded companies, aiming to empower individual business units and unlock potential synergies across key segments. The demerger will split Tata Motors into two distinct entities: a company focused on the commercial vehicle (CV) business and its related investments; and a company encompassing all passenger vehicle (PV) businesses, including electric vehicles (EVs) and Jaguar Land Rover (JLR), along with their related investments.

Infibeam Avenues soared 7.09% after the company has received final authorisation from Reserve Bank of India (RBI) to operate as a payment aggregator under the Payment Settlements Act, 2007 for its payment gateway brand � CCAvenue.

IIFL Finance tumbled 20%. The Reserve Bank of India has directed IIFL Finance to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans. The company can, however, continue to service its existing gold loan portfolio through usual collection and recovery processes.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was down 0.02% to 7.058 as compared with previous close 7.060.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9250, compared with its close of 82.9000 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.16% to Rs 64,358.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 103.84.

The United States 10-year bond yield declined 0.05% to 4.217.

In the commodities market, Brent crude for April 2024 settlement lost 16 cents or 0.19% to $82.64 a barrel.

Global Markets:

Asian stocks were trading mixed on Tuesday as investors showed their disappointment at Beijing`s plans to support the economy as its week-long annual session of parliament, the National People`s Congress, got underway.

China�s �Two Sessions� meeting got under way, with investors watching out for the details of its economic plans after the country projected a GDP growth target of �around 5%� for 2024. The country also expects the inflation rate to rise to �around 3%.�

U.S. stocks closed lower on Monday, backing away from record highs, while US Treasury yields ticked higher as investors looked ahead to key jobs data and Federal Reserve Chair Jerome Powell`s congressional testimony later in the week.

All eyes are on Fed Chair Jerome Powell`s testimony before Congress. In his semiannual testimony on Wednesday and Thursday, he is reportedly expected to double down on his message that there�s no rush to cut rates.

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