INDICES EDGE HIGHER, NIFTY ABOVE 21,400 LEVEL

The key equity barometers were trading with minor gains in early trade. The Nifty traded above the 21,400 level. FMCG, healthcare, and oil & gas shares were in demand while media, IT and auto stocks declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 45.39 points or 0.06% to 71,360.48. The Nifty 50 index added 22 points or 0.10% to 21,440.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% and the S&P BSE Small-Cap index gained 0.59%.

The market breadth was strong. On the BSE, 2,054 shares rose and 787 shares fell. A total of 108 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 33.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 413.88 crore in the Indian equity market on 18 December, provisional data showed.

Stocks in Spotlight:

Vedanta rose 1.34% after the board of directors of the company has approved the second interim dividend of Rs 11 per share for the financial year 2023-24. The record date for the purpose of payment of dividend is 27 December 2023.

Nestle India gained 1.50% after the company fixed 5 January 2024 as the record date for determining entitlement of equity shareholders for the purpose of sub-division of equity shares of the company such that 1 equity share having face value of Rs 10 each will be subdivided into 10 equity shares having face value of Re. 1 each.

Sun Pharmaceutical Industries added 0.74%. The company has entered into agreement to acquire about stake 16.7% shares on fully diluted basis, in Lyndra Therapeutics, Inc., a company based in Massachusetts, engaged in the business of developing novel delivery technology for long-acting oral (LAO) therapies.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper added 0.24% to 7.170 as compared with previous close 7.153.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1375, compared with its close of 83.1000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement declined 0.31% to Rs 62,095.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 102.55.

The United States 10-year bond yield shed 0.18% to 3.946.

In the commodities market, Brent crude for February 2024 settlement rose 4 cents or 0.05% to $77.99 a barrel.

Global Markets:

Asian stocks were trading mixed Tuesday as investors assessed the Bank of Japan�s final rate decision for 2023. The BOJ made no change to its negative interest rate policy, holding the benchmark interest rate at -0.1%. The central bank also kept its stance on its yield curve control policy unchanged.

US stocks ended higher on Monday as market participants parsed mounting expectations of interest rate cuts from the Federal Reserve in the coming year and looked ahead to a week of crucial economic data. A broad but modest rally boosted the S&P 500 and the Nasdaq to solid gains, while the Dow ended flat.

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