INDICES NUDGE HIGHER, BREADTH STRONG

The domestic equity benchmarks were trading with minor gains in early trade. The Nifty traded near the 18,600 level. Realty, IT and metal stocks advanced while Consumer Durables and pharma shares corrected.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 112.04 points or 0.18% to 62,737.67. The Nifty 50 index rose 35.70 points or 0.19% to 18,599.10.

In the broader market, the S&P BSE Mid-Cap index added 0.05% while the S&P BSE Small-Cap index gained 0.24%.

The market breadth was positive. On the BSE, 1,787 shares rose and 1,068 shares fell. A total of 138 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 308.97 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,245.51 crore in the Indian equity market on 9 June, provisional data showed.

Stocks in Spotlight:

TVS Motor Company rose 1.63%. The 2-wheeler maker said that its subsidiary, TVS Motor (Singapore) Pte, has agreed to acquire an additional 25% stake in Swiss E-Mobility Group (Holding) AG (SEMG), Switzerland by way of purchase of shares from the existing shareholders.

Avantel jumped 6.69%. The company has signed a contract worth of Rs.54.38 crore with Ministry of Defence, Coast Guard Headquarters, New Delhi.

Go Fashion (India) declined 4.90%. Venture capital firm Sequoia Capital will reportedly sell up to 10.18% stake which it holds in Go Fashion (India) via a block deal. The floor price for the stake sale will be Rs 1,135 per share, as per reports.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.10% to 7.032 from previous close of 7.039.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.4350, compared with its close of 82.47 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement lost 0.14% to Rs 59,740.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.08% to 103.64.

The United States 10-year bond yield advanced 0.19% to 3.752.

In the commodities market, Brent crude for August 2023 settlement fell 87 cents or 1.16% to $73.92 a barrel.

Global Markets:

Asian stocks are trading mixed as investors return from a strong week and look forward to major central bank meetings scheduled ahead. Australia`s markets are closed for a holiday.

The U.S. Federal Open Market Committee (FOMC) takes place on June 13-14, the European Central Bank meets on Thursday, and the Bank of Japan`s meeting will conclude on Friday.

US indices ended marginally higher on Friday as a Tesla rally failed to galvanize the broader market on the eve of the Federal Reserve`s policy meeting and inflation data next week.

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