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Market drifts higher in early trade; Nifty above 22,500 level

Published on Apr 04, 2024 09:31

The key equity indices were trading with modest gains in early trade. The Nifty traded above the 22,500 level. Barring the Nifty Pharma index, all the sectoral indices on the NSE were in green.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 381.1 points or 0.52% to 74,257.92. The Nifty 50 index added 106.40 points or 0.47% to 22,539.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.61% and the S&P BSE Small-Cap index added 0.93%.

The market breadth was strong. On the BSE, 2,473 shares rose and 430 shares fell. A total of 74 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,213.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,102.41 crore in the Indian equity market on 3 April, provisional data showed.

The RBI Monetary Policy Committee (MPC) kicked off its 3-day meeting deliberating interest rates and analysing the state of the economy on April 3 and will end on April 5. While the RBI is widely expected to keep rates on hold, any signals on inflation and economic growth will be closely watched, as per reports.

Stocks in Spotlight:

Avenue Supermarts gained 3.12% after the company�s Standalone revenue from operations for the quarter ended 31 March 2024 stood at Rs 12,393.46 crore as compared to Rs 10,337.12 crore from the quarter ended 31 March 2023.

Vedanta advanced 3.84% after the Vedanta Aluminium announced the successful commissioning of the new 1.5 MTPA expansion at its alumina refinery in Lanjigarh, Odisha. Vedanta Aluminium is a business of Vedanta.

KEC International surged 7.94% after the company has secured new orders of Rs. 816 crores across its various businesses.

Vodafone Idea rose 0.96%. The board meeting is proposed to be held on 6 April 2024 for considering issuance of equity / convertible securities on preferential basis to one or more promoter group entities for a sum upto Rs. 2075 crore.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was down 0.01% to 7.103 as compared with previous close 7.104.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4375, compared with its close of 83.5300 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.32% to Rs 69,999.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.03% to 104.22.

The United States 10-year bond yield rose 0.32% to 4.368.

In the commodities market, Brent crude for June 2024 settlement added 60 cents or 0.67% to $89.52 a barrel.

Global Markets:

Asian stocks were trading higher on Thursday taking some positive cues from a mildly stronger overnight close on Wall Street. Markets in Hong Kong, mainland China and Taiwan are closed for a public holiday.

U.S. stocks closed mixed on Wednesday as investors digest comments from U.S. Federal Reserve Chairman Jerome Powell. Powell said it would take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain.

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