Indices trade near flat line, Nifty above 21,250, breadth strong

Domestic equity barometers were trading near the flat line in early trade. The Nifty traded above the 21,250 mark. Metal, realty and pharma stocks were in demand while bank, IT and financial services shares corrected.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 45.85 points or 0.06% to 70,819.25. The Nifty 50 index added 5.65 points or 0.03% to 21,260.70.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.47% and the S&P BSE Small-Cap index gained 1%.

The market breadth was strong. On the BSE, 2,189 shares rose and 566 shares fell. A total of 101 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,636.19 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,464.70 crore in the Indian equity market on 21 December, provisional data showed.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) jumped 6.47%. The Department of Economic Affairs, Ministry of Finance has decided in the public interest, to grant one-time exemption to Life Insurance Corporation of India to achieve 25% Minimum Public Shareholding (MPS) within 10 years from the date of listing i.e., till May 2032.

GMR Airports Infrastructure rose 1.92%. GMR Airports Limited (GAL), a subsidiary of GMR Airports Infrastructure Limited, and NIIF (National Investment and Infrastructure Fund) entered into binding agreements for NIIF to invest up to INR 6.75 billion in GMR Visakhapatnam International Airport Limited (GVIAL), a special purpose vehicle to develop and operate the Bhogapuram International Airport.

Lupin gained 1.39%. LupinLife, the consumer healthcare business of Lupin announced the launch of Softovac Liquifibre, a 100% Ayurvedic liquid laxative. With this, the company enters the Indian liquid laxative market with this innovative product that is a formulation of Isabgol fibre in liquid form and natural actives such as Sonamukhi, Harad, Mulethi, Saunf, Amaltas and Gulab Dal.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.07% to 7.188 as compared with previous close 7.184.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2575, compared with its close of 83.2775 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement gained 0.39% to Rs 62,749.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 102.84.

The United States 10-year bond yield added 0.23% to 3.905.

In the commodities market, Brent crude for February 2024 settlement rose 73 cents or 0.92% to $80.12 a barrel.

Global Markets:

Most of the Asian stocks were trading higher on Friday, with the Bank of Japan�s October meeting minutes showing board members debated on how to communicate the shift in their yield control stance. Japan�s headline inflation rate slowed to 2.8%, down from 3.3% in October, the slowest pace of inflation since July 2022.

US stocks rebounded on Thursday as the year-end rally resumed. Chip stocks gained, led by Micron Technology after its better-than-expected quarterly forecast.

The third reading of real gross domestic product came in lower than expected. Real gross domestic product rose at an annual rate of 4.9% in the third quarter, according to the third estimate from the Bureau of Economic Analysis. That�s down from the second estimate�s increase of 5.2%.

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