Market opens on firm note; Nifty above 22,000 level

The benchmark indices traded with modest gains in early trade. The Nifty traded above 22,100 level. oil & gas, Metal and PSU stocks advanced while pharma and media shares slides.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 413.47 points or 0.57% to 72,913.77. The Nifty 50 index added 147.30 points or 0.67% to 22,130.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.65% and the S&P BSE Small-Cap index added 0.95%.

The market breadth was strong. On the BSE, 2,352 shares rose and 538 shares fell. A total of 89 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,568.11 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 230.21 crore in the Indian equity market on 29 February, provisional data showed.

Economy:

India�s economy grew much faster than expected in the October to December quarter. Data showed GDP grew 8.4% in the third fiscal quarter on the back of higher private consumption and strong manufacturing and construction activity. The October-December quarter reading was also higher than the 7.6% growth clocked in the prior three months. The government raised its GDP growth outlook for fiscal year 2023-24 to 7.6% from 7.3% forecast earlier.

Meanwhile, India`s eight core sectors posted a growth of 3.6% in January, according to data released by the Ministry of Commerce and Industry on February 29. In December 2023, core sector growth had printed in at 3.8%. The commerce ministry, on February 29, revised this figure up to 4.9%.

Separately, the Central government`s fiscal deficit widened to Rs 11.03 lakh crore in April 2023-January 2024 from Rs 9.82 lakh crore in April-December, data released by the Controller General of Accounts showed on February 29.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.93%. L&T announced commissioning its first indigenously manufactured electrolyser at the Green Hydrogen Plant at Hazira, Gujarat. Featuring a rated power capacity of 1 MW (expandable to 2 MW), this electrolyser can produce 200 Nm3/Hr of hydrogen.

HCL Technologies added 0.05%. The company launched FlexSpace 5G, an advanced digital workplace experience-as-aservice that boosts efficiency and security for global businesses. It enables a smooth transition to a digital workplace for all categories of employees, whether at the desk, remote, on-the-go, or on the frontline.

Rallis India rose 0.91%. Rallis India said that its board has appointed Gyanendra Shukla as managing director (MD) & chief executive officer (CEO) of the company for a period of 5 years with effect from 1 April 2024

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.13% to 7.069 as compared with previous close 7.078.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 82.8575, compared with its close of 82.8900 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.01% to Rs 62,560.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.08% to 104.47.

The United States 10-year bond yield fell 0.18% to 4.244.

In the commodities market, Brent crude for May 2024 settlement rose 30 cents or 0.37% to $82.21 a barrel.

Global Markets:

Most of the Asian stocks advanced on Friday as investors digested manufacturing data from the mainland. Japan�s Nikkei 225 index hit a fresh record high. South Korea markets were shut for the Movement Day holiday.

China�s manufacturing activity contracted for a fifth straight month in February, official figures on Friday showed. Data from China�s National Bureau of Statistics showed manufacturing PMI fell to 49.1 in February from 49.2 in January. The Caixin/S&P Global manufacturing PMI, however, edged up to 50.9 in February from 50.8 in the previous month.

Overnight on Wall Street, the S&P 500 and Nasdaq closed at record highs as tech and chip stocks rallied. The U.S. personal consumer expenditures (PCE) price index, the Federal Reserve`s preferred gauge for inflation, rose 0.3% in January from a month earlier. The core PCE price index rose 0.4%.

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