Indices edge higher in early trade, breadth strong

The domestic equity benchmark traded with moderate gains in early trade. The Nifty traded near 21,900 level. Realty, media and pharma stocks advanced while PSU Bank, private bank and financial services shares declined.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 100.58 points or 0.14% to 72,186.21. The Nifty 50 index added 51.15 points or 0.23% to 21,904.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.57% and the S&P BSE Small-Cap index gained 0.41%.

The market breadth was strong. On the BSE, 2,037 shares rose and 999 shares fell. A total of 119 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 70.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,463.16 crore in the Indian equity market on 2 February, provisional data showed.

Stocks in Spotlight:

SBI slipped 1.10%. The PSU bank�s standalone net profit slipped 35.49% to Rs 9,163.96 crore in Q3 FY24 as against Rs 14,205.34 crore posted in Q3 FY23. Profit after tax for the December 2023 quarter includes provisions of Rs 7,100 crore on account of one-time increase in pension liabilities at uniform rate of 50% and dearness relief neutralization. Total income increased 20.5% year on year (YoY) to Rs 1,18,192.68 crore in the quarter ended 31 December 2023.

Tata Motors jumped 7.09% after the company reported a consolidated net profit of Rs 7,145.43 crore in Q3 FY24, steeply higher from Rs 3,043.15 crore posted in Q3 FY23. Total revenue from operations jumped 24.96% YoY to Rs 11,05,77.14 crore in the quarter ended 31 December 2023.

InterGlobe Aviation (Indigo) rallied 4.29% after the company reported 110.75% surge in consolidated net profit to Rs 2,998.12 crore in Q3 FY24 from Rs 1,422.60 crore posted in Q3 FY23. Revenue from operations jumped 30.26% year on year to Rs 19,452.15 crore in the quarter ended 31 December 2023.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper gained 0.54% to 7.088 as compared with previous close 7.050.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.0300, compared with its close of 82.9800 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.06% to Rs 62,598.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.14% to 104.06.

The United States 10-year bond yield advanced 0.82% to 4.068.

In the commodities market, Brent crude for March 2024 settlement added 27 cents or 0.35% to $77.60 a barrel.

Global Markets:

Most Asian stocks are trading lower on Monday after a robust US jobs report dashed any expectations of a near-term interest rate cut from the Federal Reserve.

US stocks ended sharply higher on Friday with the S&P 500 registering an all-time closing high as strong earnings and a blowout January employment report boosted confidence in the economy.

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