MARKET INCHES UPWARD, EYE US DATA FOR DIRECTION

Domestic equity benchmarks ended with modest gains today, with the Nifty 50 breaching the 22,750 mark. Most sectors gained, led by FMCG and metals. The positive momentum mirrored global trends, but gains were capped by caution ahead of key US data releases. Investors are eyeing the FOMC minutes and US inflation data later today, worried a hot inflation report could dampen hopes of a rate cut. Fitch`s downgrade of China`s credit rating added another layer of uncertainty.

In the barometer index, the S&P BSE Sensex, gained 354.45 points or 0.47% to 75,038.15. The Nifty 50 index added 111.05 points or 0.49% to 22,753.80.

ITC (up 2.49%), SBI (up 1.94%) and Reliance Industries (up 1.08%) boosted the indices.

The Sensex closed above 75,000 for the first time ever, the Nifty 50 followed suit, reaching an intraday high of 22,775.70. The Bank Nifty also clocked a record high of 49,057.40.

Broader market indices also participated in the rally, with the mid-cap and small-cap indices on the BSE gaining 0.89% and 0.46%, respectively.

The market breadth was positive. On the BSE, 1,961 shares rose and 1,867 shares fell. A total of 105 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 2.17% to 11.11.

Trading was volatile due to the expiry of weekly index options on the NSE. The domestic market will remain closed on Thursday, 11 April 2024, on account of Id-Ul-Fitr (Ramzan Id).

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.42% to 7.124 as compared with previous close 7.154.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2000, compared with its close of 83.3150 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement was up 0.14% to Rs 71,440.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, shed 0.10% to 104.04.

The United States 10-year bond yield was down 0.07% to 4.361.

In the commodities market, Brent crude for June 2024 settlement added 23 cents or 26% to $89.42 a barrel.

Global Markets:

US Dow Jones index futures were up 66 points, indicating a positive opening in the US stocks.

European stocks advanced while Asian stocks ended mixed on Wednesday, as investors awaited the release of key US inflation data.

Fitch downgraded China`s credit rating outlook, worried about rising government debt and economic uncertainties. This follows a similar move by Moody`s and comes as China tries to boost its sluggish post-COVID economy.

South Korea`s markets were closed Wednesday, as the country heads to the polls to elect its next parliament. Japan�s corporate goods price index rose 0.8% in March from a year ago, accelerating from the revised 0.7% increase in February.

U.S. stock indexes ended nearly flat on Tuesday, pressured by financial-sector stocks as investors awaited a key inflation reading and braced for major banks to kick off earnings-reporting season later this week. The widely watched report on March`s consumer-price index is due on Wednesday.

Stocks in Spotlight:

Tata Motors rose 0.49%. The company�s global wholesales in Q4 FY24, including Jaguar Land Rover was at 3,77,432 units, rising 8% as compared to Q4 FY23.

Avenue Supermarts (DMart) rose 0.83. The company has opened a new store at Vaishnavi Sapphire Mall, Bengaluru (Karnataka). The total number of stores as on date stands at 366.

Oriana Power zoomed 16% after the construction engineering firm announced that it has received a solar power plant project of 76.62 MW (AC) from Jodhpur Vidyut Vitran Nigam, Churu, Rajasthan.

PB Fintech (PolicyBazaar) advanced 2.20% after the wholly-owned subsidiary of the company by the name of �PB Pay� has been incorporated vide Certificate of Incorporation issued by Registrar of Companies, Central Registration Centre, Ministry of Corporate Affairs dated 9 April 2024.

Lemon Tree Hotels added 2.03% after the company announced their entry into Nepal with the opening of Lemon Tree Premier at Budhanilkantha, Kathmandu.

Paisalo Digital rallied 4% after the company�s assets under management (AUM) grew by 32% to approximately Rs 4,622 crore as of 31 March 2024 as compared to Rs 3,492 crore as of 31 March 2023.

RattanIndia Power fell 3.09%. The company announced that Manish Ratnakar will take over the position of chief financial officer (CFO) and key management personnel (KMP) from Ankur Mitra effective from closing business hours of 9 April 2024.

Gensol Engineering added 1.02% after the company reported a robust order book of Rs 1,783 crore at the beginning of FY25.

Shyam Metalics and Energy added 1.68% after the company established a new stainless steel hot rolled coils (HRC) facility at its existing plant in Sambalpur, Odisha as a part of its expansion plan.

One 97 Communications (PayTM) declined 0.94%. The company said that its associate entity, Paytm Payments Bank�s (PPBL) managing director and CEO (MD&CEO) Surinder Chawla has tendered his resignation on 8 April 2024, on account of personal reasons and to explore better career prospects.

Exide Industries shed 0.05%. The company has entered into an agreement for acquiring 26% equity stake in "Clean Max Arcadia", a special purpose vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions for generation and supply of solar power.

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