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Market drifts higher in early trade; breadth strong

Published on Apr 23, 2024 09:40

The key equity benchmarks traded with moderate gains in early trade. The Nifty traded above 22,400 level. Realty, IT and consumer durables stocks advanced while metal and PSU bank shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 242.18 points or 0.33% to 73,889.80. The Nifty 50 index added 66.15 points or 0.30% to 22,402.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index added 1.64%.

The market breadth was strong. On the BSE, 2,037 shares rose and 769 shares fell. A total of 93 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,915.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,542.93 crore in the Indian equity market on 22 April, provisional data showed.

Volatility may zoom as traders roll over positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire on Thursday, 25 April 2024.

Stocks in Spotlight:

Reliance Industries (RIL) rose 0.25%. The company�s consolidated net profit rose 0.1% to Rs 21,243 crore on 10.8% increase in gross revenue to Rs 264,834 crore in Q4 FY24 over Q4 FY23.

Rallis India slipped 2.87% after the company reported a net loss of Rs 21 crore in Q4 FY24, lower than net loss of Rs 69 crore posted in Q4 FY23. Total income dropped to Rs 442 crore from Rs 527 crore.

IndusInd Bank rose 0.35%. IndusInd Bank announced successful execution of RBI�s programmable CBDC pilot. As a part of this pilot, IndusInd Bank initiated the programmable CBDC disbursement to 50 farmers in Ratnagiri district of Maharashtra and will cover around 1000 farmers going ahead, marking a significant milestone in the adoption of innovative financial solutions for the agriculture sector.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.29% to 7.171 as compared with previous close 7.192.

MCX Gold futures for 5 June 2024 settlement fell 1.08% to Rs 70,430.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.08% to 106.11.

The United States 10-year bond yield declined 0.28% to 4.610.

In the commodities market, Brent crude for June 2024 settlement rose 35 cents or 0.40% to $ 87.35 a barrel.

Global Markets:

Asian stocks advanced on Tuesday as tech shares rebounded on Wall Street and investors look toward flash business activity figures from Australia, Japan and India. Investors remained on edge ahead of earnings from some of the world�s biggest companies this week, while more cues on U.S. interest rates were also in focus.

Wall Street stocks ended higher on Monday following a market sell-off in previous sessions as investors eyed a busy week for quarterly results from key companies that would provide a glimpse of the US economy`s health. Markets were now awaiting earnings reports from some of the biggest companies on Wall Street

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