Sensex, Nifty advance in early trade, breadth strong

Indian equity indices were trading with decent gains in the early trade on buying demand in index pivotals. The Nifty traded below the 21,600 level. Realty, IT and financial services stocks advanced while media and pharma shares declined. Trading could be volatile due to expiry of weekly index options on the NSE.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 306.80 points or 0.43% to 71,663.40. The Nifty 50 index added 98.05 points or 0.46% to 21,615.40.

The broader market outperform the local indices. The S&P BSE Mid-Cap index shed 0.79% and the S&P BSE Small-Cap index gained 0.84%.

The market breadth was strong. On the BSE, 2,339 shares rose and 570 shares fell. A total of 92 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 666.34 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 862.98 crore in the Indian equity market on 3 January, provisional data showed.

Stocks in Spotlight:

Adani Ports and Special Economic Zone (APSEZ) rose 1.45%. The board of directors of the company approved raising of funds by way of public issuance of secured, rated, listed, redeemable, non-convertible debentures of face value of Rs. 1,000 each amounting up to Rs. 5,000 crores through one or more tranches.

NHPC added 0.67%. During Vibrant Gujarat Global Summit, 2024, NHPC has signed a MoU with GPCL for proposed investment of Rs.4,000 crore in Kuppa Pumped Storage Project (750 MW), Chhota Udaipur, Gujarat with proposed year for commencement of investment as 2024-25.

Surya Roshni gained 1.10%. The company has obtained an order amounted to 72 crore (with GST) from Odisha Urban Infrastructure Development Fund (OUIDF), Goxernment of Odisha for Project and Maintenance of LED Street Lighting Project in 16 Urban Local Bodies (ULBs) - Cluster C in Odisha.

Torrent Power jumped 7.59% after the company said that it has entered into a memorandum of understanding (MoU) of Rs 47,350 crore with Department of Energy & Petrochemicals, Government of Gujarat as part of investment promotion activity for Vibrant Gujarat Global Summit 2024 for establishment of 3,450 MW of solar power projects, 1,045 of hybrid power projects, associated infrastructure for 7,000 MW solar project, green hydrogen / green ammonia production facility and capex for distribution network.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.03% to 7.214 as compared with previous close 7.216.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3125, compared with its close of 83.3075 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.38% to Rs 62,744.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.07% to 102.43.

The United States 10-year bond yield gained 0.49% to 3.925.

In the commodities market, Brent crude for March 2024 settlement rose 21 cents or 0.27% to $78.46 a barrel.

Global Markets:

Asian markets declined on Thursday, led by Japan as the country resumed trading after an extended New Year�s holiday during which it witnessed an earthquake and a collision at Tokyo�s Haneda airport involving Japan Airlines.

The Caixin China General Services Business Activity Index rose to 52.9 in December compared with 51.5 in November, climbing for a 12th straight month. The survey also noted that the rate of growth was the fastest since July.

US stocks lost ground on Friday after the Fed minutes revealed officials concluded that interest rate cuts were likely in 2024, though they appeared to provide little in the way of when that might occur.

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