SENSEX, NIFTY ADVANCE IN EARLY TRADE, BREADTH STRONG

Indian equity indices were trading with modest gains in early trade on buying demand in index pivotal. Positive global cues boosted the investors sentiment. The Nifty traded above the 18,250 mark. Barring the Nifty Oil & Gas index, all the sectoral indices on the NSE were in the green. Trading could be volatile due to expiry of weekly index options on the NSE.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 335.22 points or 0.54% to 61,895.86. The Nifty 50 index rose 89.80 points or 0.49% to 18,271.55.

In the broader market, the S&P BSE Mid-Cap index added 0.44% while the S&P BSE Small-Cap index gained 0.54%.

The market breadth was strong. On the BSE, 1,931 shares rose and 670 shares fell. A total of 115 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 149.33 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 203.87 crore in the Indian equity market on 17 May, provisional data showed.

Stocks in Spotlight:

JSW Steel rose 1.87%. JSW Steel has been declared as a preferred bidder for composite licence of an unexplored iron ore mine in Maharashtra. The company will take all requisite steps as per the tender document to obtain Letter of Intent, all statutory clearances to execute the Lease Deed with Mine Development and Production Agreement (MDPA) and start the mining operations.

Vedant Fashions fell 1.84%. Ravi Modi Family Trust, a promoter of Vedant Fashions proposes to sell 9.88% stake through an offer for sale (OFS) at floor price of Rs 1,161 per share. The offer will be executed during the trading hours on May 18-19, and will be opened for non-retail investors on the first day and retail investors on the second day.

Thermax gained 2.86%. The company`s consolidated net profit rose to Rs 156.21 crore as against net profit of Rs 102.54 crore posted in Q4 FY22. Total income rose to Rs 2368.31 crore in Q4 FY23 from Rs 2027.62 crore recorded in the same period a year ago.

Sheela Foam shed 0.01%. The company`s consolidated net profit rose to Rs 45.80 crore as against net profit of Rs 49.30 crore posted in Q4 FY22. Total income rose to Rs 746.44 crore in Q4 FY23 from Rs 752.52 crore recorded in the same period a year ago.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 6.973 as compared with previous close of 6.972.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.3925, compared with its close of 82.37 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement declined 0.05% to Rs 60,114.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 102.87.

The United States 10-year bond yield fell 0.47% to 3.565.

In the commodities market, Brent crude for July 2023 settlement declined 11 cents or 0.14% to $76.85 a barrel.

Global Markets:

Asian stocks were trading higher on hopes of U.S President Joe Biden and congressional leaders inching closer to a deal to raise the U.S. debt ceiling and avoid a default.

Japan`s trade deficit has narrowed by almost half in April, falling to 432.41 billion from 854.93 billion a year ago.

Wall Street stocks advanced on Wednesday as investors grew more confident the White House would reach a deal with Congress to avoid a government default.

US president Joe Biden on Wednesday said he was �confident� about reaching a budget agreement with Congress to avoid a default on US debt, and left the door open to meeting a central Republican demand of adding work requirements to social safety net programmes.

Treasury secretary Janet Yellen has warned the US could default on its debt as early as next month, with the issue prompting Biden to cut short his forthcoming overseas trip.

Traders digested the release of the eurozone`s final harmonised index of consumer prices for April, which posted a slight increase in the annual rate to 7%, up from 6.9% in March.

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