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Market opens on positive note; Sensex hits life high in early trade

Published on Apr 08, 2024 09:38

The domestic equity benchmarks traded with modest gains in early trade. The Nifty traded above 22,550 mark. Barring PSU bank all the other sectoral indices on the NSE were traded in green.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 278 points or 0.38% to 74,517.02. The Nifty 50 index added 77.85 points or 0.35% to 22,591.55.

The Sensex clocked an all-time high of 74,595.30 in early trade.

In the broader market, The S&P BSE Mid-Cap index rose 0.53% and the S&P BSE Small-Cap index added 0.75%.

The market breadth was strong. On the BSE, 2,121 shares rose and 833 shares fell. A total of 114 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,659.27 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,370.42 crore in the Indian equity market on 5 April, provisional data showed.

Stocks in Spotlight:

Tata Steel rose 1.50% after the steel major`s India business reported 4.46% increase in crude steel production to 5.38 million tons in Q4 FY24 as compared with 5.15 million tons posted in Q4 FY23.

Titan Company added 1.01% after the company said that it has registered a revenue growth of 17% YoY for the quarter ended 31 March 2024. Titan added 86 stores during the quarter. The retail network presence stands at 3,035 stores..

South Indian Bank declined 1.97% after the company said that its board has approved the appointment of Vinod Francis, general manager as chief financial officer (CFO) and key managerial personnel of the bank.

Adani Wilmar rallied 2.95% after the company said that it has witnessed double-digit growth in both edible oils and foods businesses during the quarter, was driven by increased retail penetration. In Q4, the segment�s revenue grew strongly by 18% YoY driven by strong domestic sales, despite the negative impacts of the continued export restrictions.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.39% to 7.145 as compared with previous close 7.117.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.2325, compared with its close of 83.3175 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.52% to Rs 71,006.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was added 0.04% to 104.34.

The United States 10-year bond yield grew by 0.92% to 4.419.

In the commodities market, Brent crude for May 2024 settlement fell $ 1.47 or 1.61% to $ 89.70 a barrel.

Global Markets:

Asian stocks traded mixed ahead of central bank decisions this week, with investors also awaiting inflation numbers from the U.S. and China. The Bank of Korea, the Reserve Bank of New Zealand, the Bank of Thailand and the central bank of the Philippines have their monetary policy meetings scheduled this week. All four banks are likely to hold their rates steady, as per reports.

US stocks regained ground after a stronger than expected jobs report. Nonfarm payrolls increased by 303,000 jobs last month, the Labor Department`s Bureau of Labor Statistics said in its closely watched employment report on Friday. Data for February was revised slightly lower to show 270,000 jobs added instead of 275,000 as previously reported.

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