Key indices trade flat as trading resumes after long weekend; market breadth in favor of buyers

The key equity indices opened near the flat line and traded sideways in early trade as trading resumed on the domestic bourses after a long weekend. The Nifty managed to hold ground above the 21,300 mark. Barring IT stocks, shares across sectors advanced with metal, pharma and auto packs leading the gains.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 21.02 points or 0.03% to 71,127.98. The Nifty 50 index lost 6.45 points or 0.03% to 21,342.95.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.55% and the S&P BSE Small-Cap index rose 0.42%.

The market breadth was strong. On the BSE, 2,105 shares rose and 966 shares fell. A total of 136 shares were unchanged.

Stocks in Spotlight:

Godrej Properties rose 1.36%. The real estate developer said that it has sold over 600 homes valued at Rs 2,600 crore during the launch of its project, Godrej Aristocrat, in Gurugram. This represents the highest sales value achieved during a launch for the Mumbai-based real estate developer.

UPL gained 1.87%. The pesticides maker on Friday announced that its board has approved the proposal for raising up to Rs 4,200 crore through rights issue of equity shares.

Zydus Lifesciences was up 0.49%. The dug maker�s API site situated at Changodar in Ahmedabad was inspected by the US drug regulator from 14 December 2023 to 22 December 2023. The PAI-cum-GMP (pre- approval inspection-cum-good manufacturing practices) inspection was closed with six observations.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.11% to 7.180 as compared with previous close 7.188.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1300, compared with its close of 83.1600 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement gained 0.28% to Rs 63,130.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 101.58.

The United States 10-year bond yield declined 0.62% to 3.888.

In the commodities market, Brent crude for February 2024 settlement added 11 cents or 0.14% to $78.91 a barrel.

Global Markets:

Asian stocks are subdued Tuesday amid thin trading volumes. Several markets including Australia, New Zealand and Hong Kong were shut on account of Boxing Day.

US stocks gyrated to a mixed close on Friday as investors headed into the Christmas holiday weekend, having digested cooler-than-expected inflation data which firmed bets for Federal Reserve interest rate cuts in the new year.

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