Indices edge higher; Nifty above 22,950; breadth strong

The key equity indices traded with minor gains in early trade. The Nifty traded above the 22,950 mark. Metal, pharma and media stocks advanced while realty, IT and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 141.51 points or 0.20% to 75,539.01. The Nifty 50 index added 50.20 points or 0.22% to 22,982.65.

In the broader market, the S&P BSE Mid-Cap index added 0.30% and the S&P BSE Small-Cap index rose 0.04%.

The market breadth was strong. On the BSE, 1,655 shares rose and 1,241 shares fell. A total of 156 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 541.22 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 922.60 crore in the Indian equity market on 27 May 2024, provisional data showed.

Stocks in Spotlight:

Asian Paints shed 0.20%. The company said that its Singapore wholly owned subsidiary, Asian Paints International (APIPL) entered into a share purchase agreement with SCIB Chemicals S.A.E., Egypt (SCIB) to acquire 24.3% stake from minority shareholders of SCIB.

NMDC rose 0.49%. The companys consolidated net profit declined 37.81% to Rs 1412.67 crore in the quarter ended March 2024 as against Rs 2271.53 crore during the previous quarter ended March 2023. Sales rose 10.90% to Rs 6489.31 crore in the quarter ended March 2024 as against Rs 5851.37 crore during the previous quarter ended March 2023.

ZF Commercial Vehicle Control Systems India declined 1.29%. The company informed that it has partnered with IIT Madras to forge a pioneering partnership to build global mobility digital infrastructure.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.10% to 6.974 as compared with previous close 6.981.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1050, compared with its close of 83.1350 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement shed 0.17% to Rs 71,888.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 104.42.

The United States 10-year bond yield fell 0.20% to 4.464.

In the commodities market, Brent crude for July 2024 settlement added $1.17 or 1.42% to $83.29 a barrel.

Global Markets:

Most Asian stocks traded higher on Tuesday, as investors awaited global inflation data expected to impact monetary policy.

The US market was closed on Monday, 27th May, for Memorial Day.

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