Key barometers trade with decent gains; market breadth in favor of buyers

The domestic equity barometers traded with decent gains in early trade, bouyed by the buying demand witnessed in key index pivotals. The Nifty traded above the 17,000 mark. Financials, IT and metal stocks advanced while oil & gas, healthcare and pharm shares lagged behind.

At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 144.97 points or 0.25% to 57,798.83. The Nifty 50 index added 31.90 points or 0.19% to 17,017.60.

Hindalco (up 2.46%), HCL Tech (up 1.06%), HDFC Life (up 0.96%), UPL (up 0.95%) and ICICI Bank (up 0.83%) were the top Nifty gainers.

BPCL (down 1.49%), Adani Ports (down 1.11%), ONGC (down 0.83%), Adani Enterprises (down 0.77%) and Hero MotoCorp (down 0.49%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index fell 0.27% while the S&P BSE Small-Cap index was currently trading flat.

The market breadth was positive. On the BSE, 1,274 shares rose and 1,171 shares fell. A total of 98 shares were unchanged.

Stocks in Spotlight:

One 97 Communications rose 0.61%. Paytm Payments Bank (PPBL) announced that its full KYC wallet customers will be able to make payments on every UPI QR codes and online merchant where UPI payments are accepted. Paytm Payments Bank has the largest scale in India, in terms of mobile transactions.

Aditya Birla Capital shed 0.51%. The company said that it continuously evaluates strategic opportunities for its businesses with the long-term objective of creating stakeholder value. In line with this, the board of directors of the company has approved the sale of its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) (a non-material subsidiary of the company).

Lemon Tree Hotels rose 1.32%. The hotel chain operator has announced the opening of its latest hotel - Keys Prima by Lemon Tree Hotels, Thekkady in Kerala.

PNC Infratech jumped 5.78%. The EPC company has been declared the L1 (Lowest) bidder for a highway project in Uttar Pradesh on hybrid annuity mode (HAM) with a bid project cost of Rs 819 crore. Project is to be constructed in 24 months and operated for 15 years, post construction.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.322 from 7.312 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.1875, compared with its close of 82.3150 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement rose 0.27% to Rs 58,684.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.25% to 102.60.

The United States 10-year bond yield fell 0.32% to 3.517.

In the commodities market, Brent crude for May 2023 settlement declined 34 cents or 0.44% to $77.78 a barrel.

Global Markets:

Asian stocks are largely trading higher on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.

Overnight in the U.S., stocks on Wall Street ended higher - bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.

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