Indices nudge higher; Nifty above 22,000 level

The domestic equity benchmarks traded with minor gains in early trade. The Nifty traded above the 22,000 level. Media, auto and PSU bank stocks advanced while IT, FMCG and financial services shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 95.50 points or 0.13% to 72,738.93. The Nifty 50 index rose 12.85 points or 0.06% to 22,036.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.44% and the S&P BSE Small-Cap index gained 0.70%.

The market breadth was strong. On the BSE, 2,051 shares rose and 829 shares fell. A total of 144 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 848.56 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 682.26 crore in the Indian equity market on 15 March, provisional data showed.

Stocks in Spotlight:

ITC rose 0.19% and International Travel House gained 1.82%. ITC has entered into a Share Purchase Agreement with its wholly owned subsidiary, Russell Credit Limited, for acquisition of 36,26,633 Equity Shares of Rs. 10/- each of International Travel House Limited (ITHL), a listed associate company, representing 45.36% of ITHL�s share capital, and 90,000 Equity Shares of Rs. 100/- each of Maharaja Heritage Resorts Limited (MHRL), an unlisted joint venture company, representing 25% of MHRL�s share capital.

Hindustan Aeronautics (HAL) advanced 1.92% after the Ministry of Defence signed a contract with the company for Mid Life Upgrade (MLU) of 25 Dornier Aircraft along with associated equipment for the Indian Navy at a cost of Rs.2,890 crore.

JSW Energy shed 0.39%. JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has received letter of awards (LoA) for an additional 500 megawatt (MW) of wind capacity from Solar Energy Corporation of India (SECI) (Tranche XVI).

Lupin shed 0.10%. The drug maker on Friday announced that the US drug regulator has issued Form 483, with one observation after inspecting its Aurangabad manufacturing facility.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was up 0.23% to 7.078 as compared with previous close 7.062.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.8450, compared with its close of 82.8675 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.43% to Rs 65,257.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.02% to 103.45.

The United States 10-year bond yield rose 0.05% to 4.306.

In the commodities market, Brent crude for May 2024 settlement added 30 cents or 0.35% to $85.65 a barrel.

Global Markets:

Asian stocks traded higher on Monday, ahead of key central bank policy decisions due this week for clues into the future global interest rate trajectory. The Bank of Japan`s rate decision is scheduled for Tuesday, while Federal Reserve is due to announce its rate decision on Wednesday.

China reported stronger-than-expected numbers for retail and fixed asset investment for the first two months of 2024. Retail sales rose 5.5% and industrial production was up 7%. The unemployment rate for cities was 5.3% in February.

U.S. stocks closed lower on Friday, led by technology-related megacaps, while investors weighed the interest rate outlook ahead of next week`s Federal Reserve meeting.

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