Key benchmarks off the day`s high; market breadth remains in favor of buyers
Published on Apr 10, 2023 13:32
The key equity benchmarks came off the day`s high in afternoon trade. The Nifty traded above the 17,650 mark. Markets in Asia mostly traded in the green.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 165.91 points or 0.28% to 59,998.88. The Nifty 50 index added 66.65 points or 0.38% to 17,665.80.
In the broader market, the S&P BSE Mid-Cap index gained 0.40% while the S&P BSE Small-Cap index rose 0.29%.
The market breadth was positive. On the BSE, 2017 shares rose and 1484 shares fell. A total of 159 shares were unchanged.
Private weather forecaster Skymet expects the upcoming June-September monsoon to be `below normal` to the tune of 94% of the long period average (LPA). In January, Skymet had forecast the monsoon 2023 to be sub-par and now retains the same outlook.
Stocks in Spotlight:
Tata Motors jumped 5.07%. The Tata Motors Group global wholesales in Q4 FY23, including Jaguar Land Rover (JLR), were at 3,61,361 units, higher by 8%, as compared to Q4 FY22.
Titan Company rose 1.03%. The Tata Group company announced that it witnessed healthy double-digit growth across its key businesses, reporting a revenue growth of 25% year on year (YoY). The rise in the revenue was mainly driven by higher growth contributions from watches & wearables and emerging businesses.
Oil and Natural Gas Corporation (ONGC) gained 3.75%. ONGC announced that its board approved the acquisition of 23.04% stake in Mangalore SEZ (MSEZ) from IL&FS for cash consideration of Rs 40.32 crore.
Power Grid Corporation of India added 1.42%. The power transmission company on Thursday announced that it has successfully commissioned two projects in Northern region on 25 February 2023 and 24 March 2023.
Tata Power Company rose 0.85%. The company said that Asian Development Bank (ADB) has entered into an agreement with its distribution arm Tata Power Delhi Distribution (TPDDL) for subscribing to non-convertible debentures for Rs 150 crore.
Asian stocks mostly advanced on Monday as some investors returned from a long Easter weekend. Australian and Hong Kong markets remained closed due to a four day Easter holiday till Monday.
The US Stock Market, including the Nasdaq and New York Stock Exchange (NYSE), remained closed on Good Friday.
Investors are in for a busy week of economic data, including the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.
Employment data for March indicated the labor market remained tight last month. Nonfarm payrolls increased by 236,000 jobs in March, the Labor Department said. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported. The unemployment rate dipped to 3.5% from 3.6% in the prior month.
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