Barometers edge lower in early trade; breadth positive

The key equity indices traded with modest losses in early trade. The Nifty traded below the 22,000 level. Metal, PSU bank and Media stocks advanced while oil & gas, consumer durables and FMCG shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 381.98 points or 0.53% to 72,366.44. The Nifty 50 index declined 111.45 points or 0.51% to 21,944.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.17% and the S&P BSE Small-Cap index rose 0.17%.

The market breadth was positive. On the BSE, 1,615 shares rose and 1,108 shares fell. A total of 122 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,051.09 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,260.88 crore in the Indian equity market on 18 March, provisional data showed.

Stocks in Spotlight:

Tata Steel shed 0.03%. Tata Steel UK has decided to cease operations of the Coke Ovens at the Port Talbot plant, in Wales, following a deterioration of operational stability. Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures.

Lemon Tree Hotels gained 1.27% after the company has signed a License Agreement for Lemon Tree Hotels Agartala, Tripura. The Hotel is expected to open in FY 2027.

Sonata Software shed 0.14%. Sonata Software said that it has signed joint go-to-market agreement for five years with Zones to simplify enterprise application. As part of the five-year partnership, Zones and Sonata Software will support cost efficiency and data optimization through joint offerings and delivery of industry-specific solutions.

H.G. Infra Engineering advanced 2.65% after the company said that letters of award have been issued by Jodhpur Vidyut Vitran Nigam Limited to Stockwell Solar Services Private Limited JV Consortium with H.G. Infra Engineering Limited for four projects of Solar Business.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 0.06% to 7.091 as compared with previous close 7.096.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9550, compared with its close of 82.9075 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.11% to Rs 65,679.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.20% to 103.65.

The United States 10-year bond yield shed 0.30% to 4.327.

In the commodities market, Brent crude for May 2024 settlement lost 9 cents or 0.10% to $86.80 a barrel.

Global Markets:

Asian stocks are trading lower as investors await cues from various central bank decisions over the week, starting with the Bank of Japan. As per reports, the Bank of Japan is today likely to end the longest streak of negative interest rates. Australia�s central bank will also announce its rates policy on Tuesday and is widely expected to hold rates.

Wall Street`s main indexes closed higher on Monday, as tech companies gained, while investors awaited monetary policy guidance from the Federal Reserve. Investors will be watching insights on the U.S. central bank`s future rate trajectory.

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