MARKET DRIFT HIGHER; NIFTY CLIMBS ABOVE 22,900

The headline equity benchmarks traded with modest gains in early trade. The Nifty traded above the 22,900 level. All the sectorial indices on NSE traded in the green with IT, realty and consumer durable shares gaining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 328.18 points or 0.41% to 75,334.07. The Nifty 50 index added 97.20 points or 0.43% to 22,918.60.

In the broader market, the S&P BSE Mid-Cap index added 0.50% and the S&P BSE Small-Cap index advanced 1.18%.

The market breadth was strong. On the BSE, 2,298 shares rose and 597 shares fell. A total of 84 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,867.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,718.38 crore in the Indian equity market on 5 June 2024, provisional data showed.

The Reserve Bank of India (RBI)`s two-day monetary policy committee (MPC) meeting will conclude today, 7 June 2024. The outcome of the meeting will likely be announced by 10 am. In April 2024, the central bank held its benchmark policy repo rate at 6.5% for the sixth consecutive meeting, as anticipated due to ongoing inflationary pressures.

Stocks in Spotlight:

ICICI Bank 0.19%. The SEBI has issued an administrative warning to the bank regarding the outreach by bank employees to influence votes for delisting equity shares of ICICI Securities.

PB Fintech shed 0.36%. The SEBI issues show cause notice to CEO Yashish Dahiya and it sent a notice over the investment of $2 million by the Dubai unit for a 26.7% stake in YKNP Marketing Management. The company is seeking legal advice on the SEBI notice.

Muthoot Microfin added 1.58% after the company said that it has announced a strategic co-lending partnership with the State Bank of India (SBI) to extend its financial services to women entrepreneurs in rural and semi-urban regions across India.

Numbers to Track:

The yield on India`s 10-year benchmark federal added 0.01% to 7.016 as compared with previous close 7.026.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4775, compared with its close of 83.5300 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.28% to Rs 73,335.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.1% to 104.10.

The United States 10-year bond yield grew by 0.54% to 4.291.

In the commodities market, Brent crude for August 2024 settlement gained 15 cents or 0.19% to $80.02 a barrel.

Oil prices edged up on Friday due to a potential shift in OPEC+ production strategy and hopes of a US interest rate cut, mirroring the trend in Europe. Brent crude futures responded with a modest gain of 0.19%, reaching $80.02 per barrel.

Global Markets:

Asian stocks were traded mixed on Friday as traders refrained from big bets until key economic data is released. Two important reports are on the docket:

The US nonfarm payrolls report, a crucial indicator of the health of the American economy, will be released later today. Investors are watching this data closely to gauge its impact on global markets.

Chinese trade data, also due later today, is being monitored by Asian markets. Concerns exist that excess capacity in China`s manufacturing sector could lead to tariffs being imposed on Chinese exports by its trade partners.

In the US, the S&P 500 and Nasdaq closed slightly lower on Thursday, giving back some of their gains from the previous session`s record highs. This came ahead of a key labor market report due Friday. Technology stocks, particularly Nvidia, led the decline.

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