Benchmarks trade flat; Nifty above 22,200 level

The domestic equity barometers traded near the flat line with some positive bias in early trade. The Nifty traded a tad above the 22,200 level. Metal, realty and PSU bank stocks advanced while media, IT and pharma shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 17.45 points or 0.02% to 73,074.85. The Nifty 50 index added 5.45 points or 0.02% to 22,202.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.08% and the S&P BSE Small-Cap index gained 0.49%.

The market breadth was strong. On the BSE, 1,995 shares rose and 930 shares fell. A total of 108 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,335.51 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,491.33 crore in the Indian equity market on 20 February 2024, provisional data showed.

Stocks in Spotlight:

Hindalco Industries advanced 2.63% after the company`s wholly-owned American subsidiary Novelis Inc, has filed confidentially for an initial public offering with the U.S. SEC

Zee Entertainment Enterprises tumbled 10.26% after the company clarified that it is not involved in any negotiations in relation to the Sony merger deal.

ONGC rose 0.13%. The board approved a joint venture for compressed biogas plants with a seed equity contribution worth up to Rs 10 crore.

Ramkrishna Forgings advanced 1.73% after the company has secured $220 million contract to supply to light vehicle segment across North America.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was down 0.23% to 7.046 as compared with previous close 7.062.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9075, compared with its close of 82.9700 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.08% to Rs 62,218.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.08% to 103.99.

The United States 10-year bond yield shed 0.09% to 4.272.

In the commodities market, Brent crude for April 2024 settlement added 31 cents or 0.38% to $82.65 a barrel.

Global Markets:

The US Dow Jones index futures is currently down by 13 points, signaling a negative opening for US stocks today. Traders awaited more cues on monetary policy from the minutes of the Federal Reserve�s late-January meeting.

Asian stocks were mixed on Wednesday, as traders weighed big tech prospects ahead of Nvidia Corp.`s hotly anticipated earnings that dragged Wall Street away from its all-time highs.

In January, Japanese exports surpassed expectations, growing by 11.9% year-on-year due to increased overseas demand for automobiles and electronics. This exceeded the anticipated 9.5% rise and marked Japan`s fastest export growth since November 2022. Conversely, imports experienced a larger-than-expected decline of 9.6%, compared to the predicted 8.4% drop, reflecting sluggish domestic demand. Consequently, Japan`s trade balance unexpectedly shifted to a surplus of 240 billion yen ($1.60 billion) from a deficit of 410 billion yen in December.

In the US, the Nasdaq 100 dropped almost 1% while the S&P 500 fell below 5,000 in the last session. Nvidia`s stock also fell more than 4% ahead of its scheduled earnings announcement on Wednesday. Traders are keenly observing its result, seeking confirmation that the chipmaker can meet the high expectations associated with the artificial-intelligence boom.

The US 10-year bond yield is recorded at 4.27%. In the commodities market, Brent crude for April 2024 settlement was at $82.57 a barrel.

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