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Market drifts higher in early trade; Nifty above 22,000 level

Published on Mar 21, 2024 09:34

The key equity indices traded with major gains in early trade, following positive global market cues. The Nifty traded above the 22,000 level. Metal, PSU bank and media stocks advanced while FMCG, pharma and auto shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 555.94 points or 0.77% to 72,648.77. The Nifty 50 index added 172.35 points or 0.79% to 22,011.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1.49% and the S&P BSE Small-Cap index added 1.57%.

The market breadth was strong. On the BSE, 2,311 shares rose and 382 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,599.19 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,667.52 crore in the Indian equity market on 20 March, provisional data showed.

Stocks in Spotlight:

Crompton Greaves Consumer Electricals rose 0.85%. The company announced solar water pumping system order under the PM-KUSUM scheme for Haryana. The latest order, sanctioned by the New & Renewable Energy Department Haryana and HAREDA includes the supply, installation, and commissioning of 7.5 HP DC; 10 HP AC and 10 HP DC solar photovoltaic water pumping systems which are worth over Rs. 9 crores.

JSW Infrastructure gained after the company has achieved a milestone of total cargo handled on consolidated basis crossing 100 MMT (as on date).

NHPC advanced 1.12% after the meeting of the board of directors of the company is scheduled on 27 March 2024 to consider the proposal for raising of debt during financial years 2023-24 and 2024-25.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was down 0.38% to 7.070 as compared with previous close 7.095.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0625, compared with its close of 83.1900 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement gained 1.41% to Rs 66,680.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.60% to 103.21.

The United States 10-year bond yield shed 0.28% to 4.259.

In the commodities market, Brent crude for May 2024 settlement added 48 cents or 0.56% to $86.43 a barrel.

Global Markets:

Asian stocks advanced on Thursday with Japan`s Nikkei hitting record highs on Thursday after Wall Street set new highs as the Federal Reserve signaled it remains on track for three interest-rate cuts this year despite a recent uptick in inflation.

Wall Street`s main stock indexes closed higher on Wednesday after the Federal Reserve eased investor jitters by keeping borrowing costs unchanged.

Following its two-day policy meeting, the central bank�s rate-setting Federal Open Market Committee said it will keep its benchmark overnight borrowing rate in a range between 5.25% - 5.5%. Along with the decision, Fed officials penciled in three quarter-percentage point cuts by the end of 2024. However, Fed`s outlook for rate cuts in 2025 has come down to three times, than earlier four. Chair Jerome Powell said the Fed also did not elaborate on timing but said he still expects the cuts to come, as long as the data cooperate.

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