At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 12.42 points or 0.02% to 73,107.64. The Nifty 50 index added 0.50 points or 0.01% to 22,197.95.
In the broader market, the S&P BSE Mid-Cap index added 0.03% and the S&P BSE Small-Cap index rose 0.18%.
The market breadth was positive. On the BSE, 1,702 shares rose and 1,180 shares fell. A total of 110 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,509.16 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,861.56 crore in the Indian equity market on 27 February, provisional data showed.
Stocks in Spotlight:
Vodafone Idea declined 1.70%. The board of directors of the company approved fund raise of up to Rs 20,000 crore via a combination of equity or equity-linked instruments. The promoters will also participate in the proposed equity raise, as committed earlier.
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Oil and Natural Gas Corporation (ONGC) rose 0.04%. ONGC has incorporated ONGC Green as wholly owned subsidiary of the company to engage into the business of value-chains of energy business viz. Renewable Energy (Solar, Wind, Hybrid, Hydel, tidal and Geothermal etc.), Bio-fuels/ Bio-gas business, Green Hydrogen and its derivatives like green Ammonia, Green Methanol, Storage, Carbon Capture utilisation and storage and LNG business.
Hindustan Zinc rose 0.48%. A wholly owned subsidiary of the company, in the name of Hindmetal Exploration Services has been incorporated to explore, discover, develop and tap mineral resources including strategic minerals, deep-seated minerals and offshore minerals through systematic exploration of all types of mineral deposits and to participate in the auctioning of mining blocks containing critical minerals.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.04% to 7.065 as compared with previous close 7.068.
In the foreign exchange market, the rupee is edged slightly higher against the dollar. The partially convertible rupee was hovering at 82.8950, compared with its close of 82.8975 during the previous trading session.
MCX Gold futures for 5 April 2024 settlement shed 0.10% to Rs 62,241.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was rose 0.08% to 103.91.
The United States 10-year bond yield shed 0.46% to 4.295.
In the commodities market, Brent crude for March 2024 settlement shed 35 cents or 0.42% to $ 82.31 a barrel.
Global Markets:
Asian stocks were trading mixed on Wednesday with investors awaiting key U.S. inflation and China data later this week. Chinas manufacturing purchasing managers index reading and U.S. personal consumption expenditures price index is due Thursday.
New Zealands central bank kept its interest rate steady. The Reserve Bank of New Zealand held its official cash rate at 5.50%, keeping it at a 15-year high, while warning that inflation remained well above its target range.
US stocks closed on a mixed note on Tuesday ahead of inflation and other economic data that could shed light on the possible timing of a Federal Reserve interest rate cut.
Federal Reserve Governor Michelle Bowman said that it's too soon to begin rate cuts and reiterated her view that inflation will continue to rise with the current level of interest rates, as per reports.
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