INDICES NUDGE HIGHER IN EARLY TRADE; BREADTH STRONG

The key benchmark indices traded with minor gains in early trade. The Nifty traded above the 23,250 level. Realty, media, oil & gas shares advanced while banking stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 55.7 points or 0.08% to 76,562.65. The Nifty 50 index rose 18.95 points or 0.08% to 23,278.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.53 % and the S&P BSE Small-Cap index added 0.61%.

The market breadth was strong. On the BSE, 2,042 shares rose and 804 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,572.38 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,764.46 crore in the Indian equity market on 10 June 2024, provisional data showed.

Stocks in Spotlight:

PTC Industries gained 3.69% after the company announced its partnership with leading entities under the DTIS scheme in the Indian defence and aerospace sectors to advance the `Make in India� initiative.

Rail Vikas Nigam rallied 2.76% and siemens rose 1.06% after the company�s consortium with Siemens has received a letter of acceptance from Bangalore Metro Rail Corporation for engineering, supply, erection, testing, and commissioning of 33 KV distribution and 750 V DC Third Rail Traction Electrification.

Numbers to Track:

The yield on India`s 10-year benchmark federal declined 0.13% to 7.023 as compared with previous close 7.032.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee remains flat, compared with its close of 83.5000 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement shed 0.40% to Rs 71,155.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 105.14.

The United States 10-year bond yield declined 0.47% to 4.450.

In the commodities market, Brent crude for August 2024 settlement lost 23 cents or 0.28% to $81.40 a barrel.

Global Markets:

Asian stocks traded mixed on Tuesday, mirroring a subdued Wall Street session. Investors are cautious ahead of the Federal Reserve`s decision this week and key U.S. inflation data. This wait-and-see approach is also due to European political uncertainties.

The Fed is expected to announce its interest rate decision and release updated economic projections on Wednesday, June 12th, 2024.

Despite the wait for the Fed, Wall Street managed to notch slight gains on Monday. Both the S&P 500 and Nasdaq closed at record highs after a volatile session. The Dow Jones also finished positive, up 0.2% to 38,868.04. The S&P 500 climbed 0.3% to 5,360.79, and the Nasdaq rose 0.4% to 17,192.53, marking record closes for both indexes.

Crude oil prices rose on Tuesday on hopes of higher seasonal fuel demand and potential US crude purchases for its petroleum reserve. Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel.

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