Partner With Us NRI

Indices trade with modest gains; Nifty above 22,300

Published on May 16, 2024 09:31

The key equity benchmarks traded with moderate gains in early trade. The Nifty traded above the 22,300 level. IT, realty and metal stocks were in demand while pharma and FMCG shares edged lower.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 380.60 points or 0.52% to 73,367.63. The Nifty 50 index added 112.20 points or 0.51% to 22,312.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.56% and the S&P BSE Small-Cap index added 0.70%.

The market breadth was strong. On the BSE, 2,114 shares rose and 702 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,832.83 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,788.38 crore in the Indian equity market on 15 May 2024, provisional data showed.

Stocks in Spotlight:

Eicher Motors rose 0.67%. The company said that its JV, VE Commercial Vehicles (VECV) has signed definitive agreement to form JV with iTriangle Infotech to develop and deliver fleet management solutions for truck and bus. VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors.

Infosys added 1.72%. The firm partnered with SAP Emarsys to improve customer experience for their clients.

Quick Heal Technologies gained 3.95%. The company expanded its cybersecurity reach in Europe through a partnership with EET Group.

Numbers to Track:

The yield on India`s 10-year benchmark federal slipped 0.42% to 7.056 as compared with previous close 7.086.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4625, compared with its close of 83.4650 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.01% to Rs 73,112.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.16% to 104.18.

The United States 10-year bond yield slipped 0.92% to 4.313.

In the commodities market, Brent crude for July 2024 settlement rose 38 cents or 0.46% to $83.13 a barrel.

Global Markets:

Asian stocks rose on Thursday following record highs on Wall Street. This was driven by hopes of interest rate cuts in the US due to softer inflation data.

Data on Wednesday showed US CPI inflation grew at a slightly softer-than-expected month-on-month rate in April, while core CPI , which excludes volatile food and energy prices, fell to an annualized 3.6% from 3.8% in March. Although inflation did slow down slightly in April, it is still higher than the Federal Reserve`s target and comes after a strong producer price index reading.

The positive sentiment from Wall Street overshadowed some negative news in Asia, such as a shrinking Japanese economy and increased trade tensions between the US and China.

Japan`s gross domestic product shrank 0.5% quarter-on-quarter in the three months to March 31, government data showed on Thursday. It fell sharply from the 0.1% increase seen in the December quarter.

Powered by Capital Market - Live News