Sensex, Nifty advance in early trade, breadth strong

The domestic equity barometers traded with moderate gains in early trade. The Nifty traded above 21,700 level. Consumer durables, auto and PSU bank stocks advanced while IT and realty shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 249.11 points or 0.35% to 71,906.82. The Nifty 50 index added 98.60 points or 0.46% to 21,717.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.76% and the S&P BSE Small-Cap index gained 0.81%.

The market breadth was strong. On the BSE, 2,358 shares rose and 568 shares fell. A total of 64 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,721.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,080.01 crore in the Indian equity market on 10 January, provisional data showed.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.37% while Infosys declined 1.24%. TCS, the country`s largest IT company, will announce its Q3 result on January 11. Infosys, the second largest, will also report its financial results for the October-December period today.

Angel One slipped1.52%. The meeting of the board of directors of the company is scheduled on 15 January 2024 to consider and approve a proposal for raising funds through issuance of Non-Convertible Securities on private placement basis.

CESC rallied 2.01% after the Noida Power Company, a subsidiary of the company has received an order from the Uttar Pradesh Electricity Regulatory Commission (UPERC), approving the Power Purchase Agreement for procurement of power of 95 MW RTC Power per annum for a period of 5 years.

Satin Creditcare Network advanced 2.17% after the meeting of the board of directors of the company is scheduled on 15 January 2024 to consider and approve the proposal of raising of funds by way of public issue of Non-convertible Debentures in one or more series/ tranches.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper added 0.01% to 7.188 as compared with previous close 7.178.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.0550, compared with its close of 83.0375 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement gained 0.21% to Rs 62128.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 102.24.

The United States 10-year bond yield rose 0.02% to 4.003.

In the commodities market, Brent crude for March 2024 settlement added 23 cents or 0.30% to $77.03 a barrel.

Global Markets:

Asian stocks were trading higher tracking overnight gains on Wall Street, with Japanese indices extending record-breaking rally. The Bank of Korea left its main lending rate unchanged at 3.50% for the eight time in a row.

US stocks ended higher on Wednesday led by communications stocks and megacaps. Investors are awaiting the U.S. consumer price index report slated for release Thursday. The producer price index reading is due on Friday.

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