INDICES TRADE NEAR FLAT LINE, NIFTY AROUND 18,600 LEVEL

The headline equity indices traded near the flat line, as they fluctuated between gains and losses, in early trade. The Nifty traded around the 18,600 level. Auto, metal and consumer durables stocks were in demand while IT, media and healthcare shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 12.69 points or 0.02% to 62,800.16. The Nifty 50 index added 8 points or 0.04% to 18,601.85.

In the broader market, the S&P BSE Mid-Cap index added 0.08% while the S&P BSE Small-Cap index gained 0.30%.

The market breadth was strong. On the BSE, 1,843 shares rose and 903 shares fell. A total of 124 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. The MPC decision will be announced by RBI Governor Shaktikanta Das on the last day of the meeting, which is Thursday, 8 June 2023.

Foreign portfolio investors (FPIs) sold shares worth Rs 700.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,195.98 crore in the Indian equity market on 5 June, provisional data showed.

Stocks in Spotlight:

Wipro declined 1.15%. The IT major announced its dynamic digital signage solution, Wipro VisionEDGE, will power Bowling Center TV (BCTV), a new digital out-of-home television network distributed across bowling centers in the United States.

State Bank of India (SBI) added 0.15%. The largest PSU bank said that the meeting of the board of directors of the bank is scheduled on 9 June 2023 to consider and approve raising funds during FY 24 through private placement mode by way of issuance of debt instruments (including capital instruments) in INR and /or foreign currency.

SBI Cards and Payment Services shed 0.17%. The board of directors of the company has approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs. 3,000 crore in one or more tranches, on private placement basis.

Indian Energy Exchange (IEX) fell 1.83%. IEX achieved 8,251 MU overall volume in May 2023, including green market trade of 358 MU, 1.42 lac RECs (equivalent to 142 MU) and 2.02 lac ESCerts (equivalent to 202 MU). The overall volume during the month was higher 8% on YoY basis.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.10% to 6.990 from previous close of 6.997.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.5950, compared with its close of 82.6375 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement added 0.03% to Rs 59,863.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 103.95.

The United States 10-year bond yield rose 0.36% to 3.705.

In the commodities market, Brent crude for August 2023 settlement fell 24 cents or 0.31% to $76.47 a barrel.

Global Markets:

Most of the Asian stocks were trading higher on Tuesday as a rally in global stocks paused and US equities pulled back short of entering a bull market. South Korea`s markets are closed Tuesday for a holiday.

US stocks fell on Monday as investors weighed whether the US central bank might pause rate hikes after growth slowed in the services sector.

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