Key indices trade with significant losses; market breadth remains positive

The key equity barometers traded with significant cuts in early trade. The Nifty traded below the 18,250 level. Metal, oil & gas and IT shares declined while auto, realty and consumer durables witnessed some bit of buying.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 219.96 points or 0.36% to 61,684.56. The Nifty 50 index lost 56.20 points or 0.31% to 18,240.80.

In the broader market, the S&P BSE Mid-Cap index fell 0.32% while the S&P BSE Small-Cap index shed 0.03%.

The market breadth was positive. On the BSE, 1342 shares rose and 1216 shares fell. A total of 118 shares were unchanged.

Stocks in Spotlight:

Eicher Motors surged 6.28%. The company`s consolidated net profit jumped 48.42% to Rs 905.58 crore in Q4 FY23 from Rs 610.14 crore in Q4 FY22. Total revenue from operations was recorded at Rs 3,804.32 crore, up 19.13% as compared to Rs 3,193.32 crore in the corresponding quarter previous year.

Siemens gained 0.86%. The company`s consolidated net profit rose to Rs 471.8 crore in Q1 FY23 from Rs 340 crore in Q1 FY22. Total income rose to Rs 4974.4 crore from Rs 3867.9 crore.

Deepak Nitrite fell 1.99%. The company`s consolidated net profit fell 12% to Rs 234 crore in Q4 FY23 from Rs 267 crore in Q4 FY22. Total revenue rose 5% to Rs 1974 crore from Rs 1876 crore.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose 0.03% to 7.025 as compared with previous close of 7.023.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.112, compared with its close of 81.140 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement declined 0.17% to Rs 60,791.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 102.06.

The United States 10-year bond yield fell 0.65% to 3.375.

In the commodities market, Brent crude for July 2023 settlement fell 23 cents or 0.31% to $74.75 a barrel.

Global markets:

Asian stocks traded mostly lower on Friday.

In US, The Dow and the S&P 500 fell on Thursday, pressured by a drop in Disney shares after the company reported a fall in subscriber growth, while PacWest`s latest woes sparked another rout in the regional banking sector.

The Nasdaq rose boosted by rise in shares of Alphabet Inc after Google rolled out more artificial intelligence products on Wednesday to take on competition from Microsoft Corp.

U.S. and Chinese officials reportedly met for two days in Vienna to discuss a range of topics, including Russia`s war in Ukraine, amid tensions between the world`s two largest economies.

U.S. Treasury Secretary Janet Yellen urged Congress to raise the federal debt limit and warned that a default could have severe repercussions on the global economy. Markets are keenly watching for any updates on raising the United States` $31.4 trillion debt ceiling, as the country races to avert an unprecedented default.

In economic data, the producer price index for April, posted a year-on-year increase of 0.2%, after declining 0.4% in March. Excluding food and energy, core PPI also rose 0.2%.

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