At 09:30 IST, the barometer index, the S&P BSE Sensex, gained 212.04 points or 0.27% to 77,987.07. The Nifty 50 index added 65.35 points or 0.28% to 23,642.55.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.01% and the S&P BSE Small-Cap index fell 0.98%.
The market breadth was weak. On the BSE, 1,057 shares rose and 1,922 shares fell. A total of 88 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,491.46 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,615.28 crore in the Indian equity market on 6 January 2025, provisional data showed.
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Tata Steel shed 0.64%. The company said that its India production increased 6.2% to 5.68 million metric tons (MT) as compared with 5.35 MT, aided by the commissioning of the 5 MTPA blast furnace at Kalinganagar in September.
Tata Technologies gained 2.51% after the company signed a memorandum of understanding (MoU) with Telechips to innovate solutions for next-generation software-defined vehicles (SDVs). Together, they aim to develop innovative solutions for ADAS platforms, automotive cockpit domain controllers, and central & zonal gateway controllers.
Sobha declined 1.51% after its total sales declined 28.85% YoY to Rs 1,388.6 crore in Q3 FY25. Average price realization jumped 16.46% to Rs 1366.3 per square foot (Sqft) as compared with Rs 1173.2 per Sqft.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.39% to 6.857 as compared with the previous close of 6.763.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.8300, compared with its close of 85.7450 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement were shed 0.10% to Rs 77,456.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 108.64.
The United States 10-year bond yield rose 0.04% to 4.687.
In the commodities market, Brent crude for March 2025 settlement added 28 cents or 0.36% to $77.33 a barrel.
Global Markets:
The Dow Jones index futures were up 65 points, signaling a positive opening for U.S. stocks today.
Asian stocks were mixed on Wednesday, with the yen weakening against a strong dollar. Traders anticipate the Federal Reserve will maintain a cautious approach to interest rate cuts, given recent data indicating a resilient U.S. economy and labor market.
Tuesday's data showed a rise in U.S. job openings alongside a slight slowdown in hiring, suggesting the labor market remains strong. This, coupled with stronger-than-expected purchasing managers' index data, has fueled concerns about persistent inflation.
Job openings, a measure of labor demand, rose 259,000 to 8.098 million by the last day of November, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday. Meanwhile, U.S. services sector PMI increases to 54.1 in December from 52.1 in November.
These factors are expected to limit the Fed's ability to aggressively cut interest rates, aligning with the bank's recent cautious stance. The upcoming release of December's nonfarm payrolls data on Friday will provide further insights into the interest rate outlook.
US stock indices declined on Tuesday, driven by rising Treasury yields and concerns about inflation. The S&P 500 fell 1.1%, the Nasdaq Composite dropped 1.9%, and the Dow Jones Industrial Average slipped 0.4%.
Nvidia, a leading technology stock, experienced a significant decline on Tuesday despite announcing new products at the Consumer Electronics Show. While these innovations bode well for Nvidia's long-term growth, analysts noted a limited impact on the company's near-term prospects.
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