Market drift lower; breadth strong

The domestic benchmark indices traded with limited losses in early trade. The Nifty traded below 21,700 level. Reality, oil & gas and media shares advanced while consumer durables and financial services shares declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 129.25 points or 0.18% to 71,812.32. The Nifty 50 index lost 43.05 points or 0.20% to 21,694.55.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index rose 0.14% and the S&P BSE Small-Cap index added 0.31%.

The market breadth was strong. On the BSE, 1,916 shares rose and 1,013 shares fell. A total of 92 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 110.01 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,221.34 crore in the Indian equity market on 29 January, provisional data showed.

The upcoming India`s Interim Budget and the US Federal Reserve`s monetary policy meeting are expected to bring continued volatility to the market throughout the week.

Stocks in Spotlight:

ITC shed 0.12. The company reported consolidated net profit of Rs 5406.52 crore in Q3 FY24 as compared to net profit of Rs 5080.25 crore in Q3 FY23. Total income stood at Rs 20141.33 crore in Q3 FY24 as compared to Rs 19616.08 crore in Q3 FY23. The board of directors of the company have declared an interim dividend of Rs 6.25 per share. The record date is 8th February 2024.

NTPC declined 1.36%. The company reported consolidated net profit of Rs 5208.87 crore in Q3 FY24 as compared to net profit of Rs 4854.36 crore in Q3 FY23. Total income stood at Rs 42820.38 crore in Q3 FY24 as compared to Rs 44601.84 crore in Q3 FY23.

Bajaj Finance fell 3.79%. The non-banking financial company (NBFC) reported 22.4% increase in consolidated net profit to Rs 3,638.95 crore on a 31.3% jump in total income to Rs 14,165.98 crore in Q3 FY24 as compared with Q3 FY23.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.15% to 7.160 as compared with previous close 7.171

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1350, compared with its close of 83.1600 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.02% to Rs 62,200.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was shed 0.15% to 103.45.

The United States 10-year bond yield shed 0.86% to 4.057.

In the commodities market, Brent crude for March 2024 settlement rose 14 cents or 0.17% to $81.97 a barrel.

Global Markets:

Asian stocks were advanced on Tuesday. Hong Kong stocks fell as investors continue to grapple with the fallout from Evergrande�s liquidation order.

US stocks advanced on Monday as market participants looked ahead to this week`s slew of megacap earnings, economic data and the Federal Reserve`s monetary policy meeting.

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