Market opens higher; breadth strong

The headline equity indices traded with significant gains in early trade. The Nifty traded above 21,500 level. Positive Asian stocks boosted the investors sentiment.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 582.25 points or 0.82% to 71,282.92. The Nifty 50 index added 181.50 points or 0.85% to 21,534.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.53% and the S&P BSE Small-Cap index added 0.78%.

The market breadth was strong. On the BSE, 2,226 shares rose and 875 shares fell. A total of 138 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,144.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,474.89 crore in the Indian equity market on 25 January, provisional data showed.

Stocks in Spotlight:

HDFC Bank rose 1.39% after the Reserve Bank of India (RBI) has accorded its approval to Life Insurance Corporation of India (LIC) for acquiring aggregate holding up to 9.99% of the paid-up share capital or voting rights of HDFC Bank. LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year i.e. by 24 January 2025.

Vedanta rose 0.21%. On consolidated basis, the company reported 18.3% decline in net profit to Rs 2,013 crore in Q3 FY24 as against Rs 2,464 crore in Q3 FY23. The company reported highest ever third quarter revenue of Rs 34,968 crore, registering a growth of 4% YoY, driven by higher sales volume, premia and favorable movement in exchange rate which was partially offset by decrease in commodity prices.

Punjab National Bank (PNB) rose 1.04% after the bank reported standalone net profit of Rs 2,222.81 crore in Q3 FY24 steeply higher than 628.88 crore reported in Q3 FY23. Total income grew by 16.5% to Rs 29,961.65 crore in Q3 FY24 as against 25,722.40 crore recorded in Q3 FY23.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.14% to 7.181 as compared with previous close 7.171

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1425, compared with its close of 83.1175 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.23% to Rs 62104.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.10% to 103.54.

The United States 10-year bond yield declined 0.63% to 4.137.

In the commodities market, Brent crude for March 2024 settlement added 32 cents or 0.39% to $83.27 a barrel.

Global Markets:

Asian stocks advanced on Monday as market participants looked forward to the rate decision by the Federal Reserve, scheduled for release on Wednesday.

US stocks saw a mixed finish on Friday as drops for technology stocks dragged on the market.

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