INDICES NUDGE HIGHER; NIFTY TRADES NEAR 22,600 LEVEL

The key equity benchmarks traded with moderate gains in early trade. The Nifty traded near 22,600 level. IT, consumer durables and metal stocks advanced while realty and financial services shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 110.84 points or 0.15% to 74,431.80 . The Nifty 50 index added 29.55 points or 0.13% to 22,599.90.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index rose 0.59% and the S&P BSE Small-Cap index added 0.56%.

The market breadth was strong. On the BSE, 2,017 shares rose and 748 shares fell. A total of 92 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,823.33 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,167.56 crore in the Indian equity market on 25 April, provisional data showed.

Politics

The second phase of voting, scheduled for April 26, encompasses 89 constituencies across 13 states and Union territories. The BJP seeks a third consecutive term, while the opposition, including the Congress, has united under the banner of the Indian National Developmental Inclusive Alliance (INDIA) bloc to thwart PM Modi`s re-election. The extensive Lok Sabha elections 2024 span seven phases from April 19 to June 1, with the results set to be announced on June 4.

Stocks in Spotlight:

Bajaj Finance slipped 5.36%. The finance company`s consolidated net profit increased 21% to Rs 3825 crore on 28% rise in net interest income to Rs 8013 crore in Q4 FY24 over Q4 FY23.

Tech Mahindra was locked in 10% upper circuit after the IT major`s consolidated net profit jumped 29.51% to Rs 661 crore despite of 1.76% decline in revenue from operations to Rs 12,871.3 crore in Q4 FY24 over Q3 FY24.

IndusInd Bank shed 0.20%. The private lender`s standalone net profit increased 15.01% to Rs 2,346.84 crore on 20.77% rise in total income to Rs 14,699.01 crore in Q4 FY24 over Q4 FY23.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.32% to 7.194 as compared with previous close 7.204.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3250, compared with its close of 83.2800 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement gained 0.18% to Rs 71,340.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.09% to 105.69.

The United States 10-year bond yield fell 0.13% to 4.702.

In the commodities market, Brent crude for June 2024 settlement rose 30 cents or 0.34% to $ 89.31 a barrel.

Global Markets:

Most of the Asian stocks advanced on Friday after Bank of Japan (BOJ) kept monetary policy unchanged. Holding its benchmark policy rate at 0%-0.1%

The BOJ now expects inflation between 2.5% and 3% for fiscal 2024, up from 2.2% to 2.5% in its January forecast.

US stocks dropped on Thursday after data showed a sharp slowdown in economic growth and pointed to persistent inflation.

The US economy grew last quarter at the slowest pace in two years as consumer and government spending cooled amid a sharp pickup in inflation. The US gross domestic product (GDP) increased at a 1.6% annualized rate in January-March 2024. The economy grew at a 3.4% rate in the fourth quarter.

Inflation surged, with the personal consumption expenditures (PCE) price index, excluding food and energy, increasing at a 3.7% rate after rising at 2% in the fourth quarter.

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