INDICES TRADE WITH MODEST CUTS; BREADTH NEGATIVE

The key equity indices traded with moderate losses in early trade. The Nifty traded near the 22,800 level. Metal, PSU bank and media stocks advanced while private bank, financial services and bank shares declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 259.91 points or 0.35% to 74,910.77. The Nifty 50 index lost 86.70 points or 0.38% to 22,801.45.

In the broader market, the S&P BSE Mid-Cap index declined 0.19% and the S&P BSE Small-Cap index rose 0.24%.

The market breadth was negative. On the BSE, 1,380 shares rose and 1,444 shares fell. A total of 106 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 65.57 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,231.67 crore in the Indian equity market on 28 May 2024, provisional data showed.

Stocks in Spotlight:

Mahindra and Mahindra Financial Services jumped 5.46% after the company`s board has approved to raise funds by way of issuance of non-convertible debentures (NCDs) for an aggregate amount of Rs 2,000 crore by way of private placement.

Havells India rose 0.60%. The company has incorporated a joint venture between Havells International Inc. and KRUT LED, LLC to market and sell lighting products and solutions owned by Havells India within the United States of America.

Indian Railway Catering & Tourism slipped 4.49%. The company�s consolidated net profit rose 1.93% to Rs 284.18 crore in the quarter ended March 2024 as against Rs 278.80 crore during the previous quarter ended March 2023. Sales rose 19.66% to Rs 1154.77 crore in the quarter ended March 2024 as against Rs 965.02 crore during the previous quarter ended March 2023.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was up 0.20% to 7.009 as compared with previous close of 6.995.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2550, compared with its close of 83.1850 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.13% to Rs 72,274.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.09% to 104.71.

The United States 10-year bond yield gained 0.57% to 4.567.

In the commodities market, Brent crude for July 2024 settlement added 16 cents or 0.19% to $84.38 a barrel.

Global Markets:

Most Asian stocks fell on Wednesday, pressured by inflation worries. Chinese markets bucked the trend, edging higher on government support for the property sector.

In the US, the Nasdaq crossed 17,000 for the first time ever on Tuesday, driven by gains in Nvidia. However, the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose. Investors awaited US inflation data that could impact expectations for Federal Reserve rate cuts.

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