Sensex, Nifty trade with limited gains; market breadth in favour of buyers

The key equity barometers traded with limited gains as they witnessed bouts of volatility in early trade. The Nifty traded above the 18,300 level. FMCG, oil & gas and auto stocks advanced while PSU banks, metals and IT shares declined.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 139.17 points or 0.23% to 61,900.50. The Nifty 50 index advanced 44.30 points or 0.24% to 18,310.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index gained 0.32%.

The market breadth was almost even. On the BSE, 1542 shares rose and 1591 shares fell. A total of 140 shares were unchanged.

On the political front, the Karnataka Assembly Elections is being held today, 10 May 2023, in a single phase for 224 constituencies. The exit poll results will be declared shortly after the voting is over. The Election Commission of India will declare the election results on May 13.

Stocks in Spotlight:

Lupin shed 0.14%. The company reported consolidated net profit of Rs 242.4 crore in Q4 FY23 as compared with net loss of Rs 511.9 crore in Q4 FY22. Total revenue rose to Rs 4430.1 crore in the quarter ended 31 March 2023 as compared with Rs 3883 crore posted in corresponding quarter last year.

Apollo Tyres fell 2.40%. The company reported net profit of Rs 427.3 crore in Q4 FY23 as compared with net profit of Rs 113.4 crore in Q4 FY22. Total income rose to Rs 6264.2 crore in the quarter ended 31 March 2023 as compared with Rs 5615.4 crore posted in corresponding quarter last year.

Castrol India declined 2.26%. The company reported net profit of Rs 203 crore in Q1 FY23 as compared with net profit of Rs 228 crore in Q1 FY22. Revenue from operations rose to Rs 1294 crore in the quarter ended 31 March 2023 as compared with Rs 1236 crore posted in corresponding quarter last year.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose 0.04% to 7.049 as compared with previous close of 7.046.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0100, compared with its close of 82.0625 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement lost 0.26% to Rs 61,257.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 101.55.

The United States 10-year bond yield declined 0.31% to 3.511.

In the commodities market, Brent crude for July 2023 settlement lost 56 cents or 0.72% to $76.88 a barrel.

Global markets:

Asian stocks traded lower on Wednesday ahead of a critical inflation report and as the US debt ceiling impasse damps investor sentiment.

US stock indexes closed lower on Tuesday as investors grew more cautious ahead of a US consumer price index report and a meeting between US political leaders to discuss the debt the debt ceiling.

Investors will look for clues on whether inflation is continuing to ease following the Labor Department`s consumer price index (CPI) report on Wednesday.

US President Joe Biden and congressional Republicans made little tangible progress toward averting a first-ever US default. They pledged negotiations on spending that would open the door to a possible agreement, with Biden and House Speaker Kevin McCarthy to meet again on Friday.

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