At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 34.51 points or 0.05% to 74,120.50. The Nifty 50 index rose 11.45 points or 0.05% to 22,485.50.
In the broader market, the S&P BSE Mid-Cap index rose 0.30% and the S&P BSE Small-Cap index gained 0.76%.
The market breadth was strong. On the BSE, 1,960 shares rose and 842 shares fell. A total of 105 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,766.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,149.88 crore in the Indian equity market on 6 March, provisional data showed.
Economy:
India's GDP growth in the current fiscal year ending in March could be "very close" to 8%, Reserve Bank of India (RBI) governor Shaktikanta Das reportedly said. Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong.
Stocks in Spotlight:
Infosys rose 0.65%. The company announced the renewal of its digital innovation partnership with the ATP Tour until 2026. The three-year extension of the partnership will continue to draw on Infosys deep expertise in digital technologies like Artificial Intelligence, Data Analytics, and Cloud, which will enrich the fan experience and player performance in professional tennis.
Mahindra and Mahindra (M&M) slipped 3.59%. The firm informed that the promoter group entity is reportedly likely to sell around a 0.75% stake in M&M to raise around $215 million via a block deal. The offer price range is Rs 1,911.5 per share to Rs 1,970.65 per share, as per reports.
Adani Enterprises added 0.66%. The company has acquired the 100% stake in LE MARCHDuty Free SAS (LMDF) on 6th March 2024. The acquisition is of strategic nature in the interest of Mumbai Travel Retail.
NLC India declined 2.80%. The company announced that the government will sell up to 7% stake in NLC India through an offer for sale (OFS) on 7th March and 11th March 2024. The floor price for the OFS has been fixed at Rs 212 per share.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was down 0.06% to 7.050 as compared with previous close 7.054.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.7975, compared with its close of 82.8300 during the previous trading session.
MCX Gold futures for 5 April 2024 settlement rose 0.03% to Rs 65,199.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.30.
The United States 10-year bond yield advanced 0.52% to 4.125.
In the commodities market, Brent crude for April 2024 settlement lost 5 cents or 0.06% to $82.91 a barrel.
Global Markets:
Asian stocks advanced on Thursday, with several stock indexes hitting record highs, following by Federal Reserve Chair Jerome Powells comments that interest rates will likely fall this year.
U.S. stocks ended higher on Wednesday after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year.
Federal Reserve Chair Jerome Powell reiterated to lawmakers that the US central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation. In prepared testimony to a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs at some point this year, but made clear theyre not ready yet.
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