Barometers trade sideways; consumer durables shares advance

The headline equity indices traded sideways in the mid-afternoon trade. The Nifty traded above the 22,200 level. Consumer durables shares extended gains for the second consecutive trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 34.52 points or 0.05% to 73,123.72. The Nifty 50 index rose 12.15 points or 0.05% to 22,229.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap rose 0.42% and the S&P BSE Small-Cap index gained 0.63%.

The market breadth was positive. On the BSE, 2,106 shares rose and 1,696 shares fell. A total of 105 shares were unchanged.

Economy:

The Reserve Bank of India`s (RBI) monetary policy committee (MPC) expressed caution regarding inflation, according to the minutes of the MPC meeting released on 22nd February. The committee members, including RBI Governor Shaktikanta Das, highlighted concerns about uncertainty in food prices, citing it as a significant source of volatility for the overall inflation outlook. Governor Das also emphasised that geopolitical tensions and supply chain disruptions could further contribute to inflation risks.

Deputy Governor Michael Debabrata Patra emphasized the need for a restrictive monetary policy to maintain downward pressure on inflation while minimising the output costs of disinflation. Governor Das warned that recurring food price shocks could disrupt the ongoing disinflation process, posing risks of de-anchoring inflation expectations and generalising price pressures.

Buzzing Index:

The Nifty Consumer Durables index rose 0.55% to 32,065.55. The index gained 0.68% in the two trading session.

TTK Prestige (up 1.94%), Orient Electric (up 1.57%), Titan Company (up 1.27%), Crompton Greaves Consumer Electricals (up 1.2%), Dixon Technologies (India) (up 1.17%), Blue Star (up 1.04%), Bata India (up 0.81%), Kajaria Ceramics (up 0.42%), Amber Enterprises India (up 0.27%) and Voltas (up 0.19%) advanced.

On the other hand, V-Guard Industries (down 1.43%), Whirlpool of India (down 0.76%) and Rajesh Exports (down 0.42%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.14% to 7.072 as compared with the previous close of 7.062.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9125, compared with its close of 82.8575 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.05% to Rs 61,945.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.02% to 103.93.

The United States 10-year bond yield rose 0.55% to 4.349.

In the commodities market, Brent crude for April 2024 settlement lost 54 cents or 0.65% to $83.13 a barrel.

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