Market drifts higher in early trade; breadth strong

The headline equity indices traded with minor gains in early trade. The Nifty traded above 21,650 level. Media, financial services and private bank shares advanced while FMCG and IT shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 135.02 points or 0.19% to 71,818.25. The Nifty 50 index added 42.80 points or 0.20% to 21,665.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.66% and the S&P BSE Small-Cap index added 0.59%.

The market breadth was strong. On the BSE, 2,031 shares rose and 884 shares fell. A total of 90 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,689.68 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,638.46 crore in the Indian equity market on 19 January, provisional data showed.

Stock exchanges NSE and BSE on Friday said there will be normal trading session on Saturday, 20 January 2024 from the primary site in equity and equity derivatives segments as per regular market timings. Besides, it will be a trading holiday on Monday, 22 January 2024, with the Maharashtra government announcing a holiday in connection with the consecration of the Ram Temple in Ayodhya.

Stocks in Spotlight:

Reliance Industries (RIL) shed 0.40%. The company reported 10.9% rise in consolidated net profit to Rs 19641 crore on 3.2% rise in gross revenue to Rs 248160 crore in Q3 FY24 over Q3 FY23.

Hindustan Unilever (HUL) declined 1.86%. The FMCG major�s standalone net profit rose marginally to Rs 2,519 crore in Q3 FY24 as against Rs 2,505 crore recorded in Q3 FY23. Revenue from operations stood at Rs 14,928 crore in Q3 FY24 as against Rs 14,986 crore reported in the same period a year ago.

Tata Steel rose 0.56%. The steel major announced it will commence statutory consultation as part of its plan to transform and restructure its UK business. This plan is intended to reverse more than a decade of losses and transition from the legacy blast furnaces to a more sustainable, green steel business.

Global Markets:

US stocks ended higher on Friday. The S&P 500 posted a record high close fuelled by a rally in chipmakers and other heavyweight technology stocks on optimism around artificial intelligence

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