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Indices trade sideways in early trade; breadth negative

Published on Feb 29, 2024 09:40

The domestic equity indices traded near the flat line in early trade. The Nifty traded near 21,950 mark. Metal, auto and oil & gas stocks advanced while media, pharma and FMCG shares slipped.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 70.06 points or 0.10% to 72,374.94. The Nifty 50 index lost 2.75 points or 0.01% to 21,946.

The broader market underperformed the frontline indices. the S&P BSE Mid-Cap index shed 0.22% and the S&P BSE Small-Cap index fell 0.45%.

The market breadth was negative. On the BSE, 1,239 shares rose and 1,678 shares fell. A total of 95 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,879.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,827.45 crore in the Indian equity market on 28 February, provisional data showed.

Stocks in Spotlight:

NTPC shed 0.15%. NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, has signed a joint venture agreement with Maharashtra State Power Generation Company (MAHAGENCO), for development of Renewable Energy Parks in Maharashtra. The agreement aligns with the green energy objectives of NTPC and is another step in the Government of India�s efforts towards energy transition.

Coal India rose 0.08%. Coal India has signed a joint venture agreement (JVA) with BHEL to form a joint venture company to undertake coal to chemicals business by initially setting up a coal to 2000 TPD ammonium nitrate plant using BHEL`S in-house developed PFBG (Pressurized Fluidized Bed Gasification) technology.

Reliance Industries (RIL) rose 1.19%. RIL, Viacom 18 Media (Viacom18) and The Walt Disney Company (Disney) announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (SIPL) through a court approved scheme of arrangement. In addition, RIL has agreed to invest at closing Rs 11,500 crore into the JV for its growth strategy. The transaction values the JV at Rs 70,352 crore on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.06% to 7.061 as compared with previous close 7.065.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 82.8950, compared with its close of 82.9125 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.03% to Rs 62,270.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was shed 0.11% to 103.86.

The United States 10-year bond yield rose 0.04% to 4.276.

In the commodities market, Brent crude for March 2024 settlement shed 9 cents or 0.11% to $ 82.06 a barrel.

Global Markets:

Asian stocks traded mixed on Thursday as investors awaited U.S. personal consumption expenditures price index data for clues on the Federal Reserve�s interest rate path. The U.S. personal consumption expenditures price index is due later in the day, while China�s manufacturing purchasing managers� index reading is scheduled to be released Friday.

US stocks closed lower on Wednesday as investors awaited the Fed�s preferred inflation report. The US economy grew at a solid clip in the fourth quarter amid strong consumer spending, the government confirmed on Wednesday. Gross domestic product increased at a 3.2% annualised rate last quarter, revised slightly down from the previously reported 3.3% pace, the Commerce Department`s Bureau of Economic Analysis said in its second estimate of fourth-quarter GDP growth.

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