Sensex, Nifty edge lower, breadth strong

The headline equity indices traded near the flat line with some negative bias in early trade. The Nifty traded below the 17,750 mark. PSU bank, realty and metal stocks were in demand while consumer durables, healthcare and IT shares corrected.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 54.1 points or 0.09% to 60,002. The Nifty 50 index lost 18.55 points or 0.10% to 17,724.85.

In the broader market, the S&P BSE Mid-Cap index shed 0.07% while the S&P BSE Small-Cap index gained 0.28%.

The market breadth was strong. On the BSE, 1,688 shares rose and 928 shares fell. A total of 105 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 412.27 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,177.18 crore in the Indian equity market on 24 April, provisional data showed.

Stocks in Spotlight:

Century Textiles and Industries declined 1.15%. The company`s consolidated net profit surged 69% to Rs 142 crore in Q4 FY23 over Q4 FY22. Net sales almost remained unchanged at Rs 1187 crore in Q4 FY23 from Rs 1188 crore in Q4 FY22. The Q4 FY23 includes profit of Rs. 134 crore as an exceptional item, on reassignment of leasehold land in Gujarat.

IIFL Securities jumped 8.78%. The company reported 9% rise in consolidated net profit to Rs 86.4 crore in Q4 March 2023 from net profit of Rs 78.9 crore in Q4 March 2022. Total income rose 12% to Rs 405.2 crore in Q4 March 2023 from Rs 362.1 crore in Q4 March 2022.

Ipca Laboratories tumbled 8.79% while Unichem Laboratories rose 1.05%. Ipca Laboratories announced that the company has entered into a definitive Share Purchase Agreement (SPA) for acquisition of 33.38% of the paid up equity share capital of Unichem Laboratories from one of its promoter shareholder at a price of Rs. 440 per equity share aggregating to Rs~ 1034.06 crore.

Mahindra Lifespace Developers gained 1.86%. The real estate firm won society redevelopment project. The company has been selected as the preferred partner to redevelop a residential society in Malad, West, Mumbai.

Welspun India rallied 3.06%. Welspun India said that the meeting of the board of directors of the company is scheduled on 27 April 2023 to consider buyback of equity shares.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper declined to 7.086 from 7.111 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.8750 compared with its close of 81.92 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.05% to Rs 59,874.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.02% to 101.32.

The United States 10-year bond yield slipped 1.09% to 3.477.

In the commodities market, Brent crude for June 2023 settlement rose 4 cent or 0.05% to $82.77 a barrel.

Global Markets:

Most of the Asian stocks were trading lower on Tuesday, following a similar session on Wall Street as investors look ahead to Big Tech earnings later this week. Markets in Australia and New Zealand are closed for a holiday.

South Korea`s gross domestic product climbed 0.8% in the first quarter compared with a year ago, according to advance estimates from the country`s central bank. On a quarter-on-quarter basis, South Korea`s GDP expanded by 0.3%.

US stocks closed mixed on Monday as investors braced for mega tech earnings and economic data.

Investors` focus this week is on first quarter results from Amazon, Facebook owner Meta, Google-parent Alphabet and Microsoft. Economic data on housing, industrial output and first quarter GDP are also to be released this week.

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