At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 82.04 points or 0.11% to 73,186.65. The Nifty 50 index added 52.75 points or 0.24% to 22,270.60.
In the broader market, the S&P BSE Mid-Cap index rose 0.87% and the S&P BSE Small-Cap index added 1.03%.
The market breadth was strong. On the BSE, 2,306 shares rose and 592 shares fell. A total of 101 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 4,065.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,527.86 crore in the Indian equity market on 14 May 2024, provisional data showed.
Stocks in Spotlight:
Mahindra & Mahindra declined 0.52%. Mahindra Holdings, a subsidiary of Mahindra & Mahindra, sold its entire 30.8% stake in the New Delhi Centre for Sight for Rs 425 crore.
The New India Assurance rose 1.04%. Vimal Kumar Jain has been appointed as the chief financial officer (CFO) and Pooran Kumar Tulsiani as the chief information officer (CIO) of the company.
Infosys shed 0.08%. The IT major announced a multi-year strategic collaboration with First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE), to optimize and modernize FABs IT infrastructure services.
Numbers to Track:
The yield on India's 10-year benchmark federal slipped 0.25% to 7.091 as compared with previous close 7.092.
In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4850, compared with its close of 83.5175 during the previous trading session.
MCX Gold futures for 5 June 2024 settlement added 0.19% to Rs 72,434.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 104.94.
The United States 10-year bond yield slipped 0.13% to 4.440.
In the commodities market, Brent crude for July 2024 settlement rose 57 cents or 0.69% to $82.95 a barrel.
Global Markets:
Asian stocks traded mixed on Wednesday, as traders digested conflicting U.S. producer price data and awaited the critical consumer price report later in the day, which is expected to impact the Federal Reserve's near-term policy decisions.
The Nasdaq closed at a new all-time high on Tuesday as U.S. stocks rallied, dismissing data indicating higher-than-anticipated April wholesale inflation. The tech-heavy index ended up 0.8%. The Dow Jones Industrial Average gained 0.3%, and the broad-based S&P 500 rose 0.5%.
U.S. wholesale prices surged by 0.5% in April, exceeding expectations, in a trend that could lead to extended periods of higher Federal Reserve interest rates. All eyes are now on Wednesday's U.S. consumer price report.
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