The frontline indices were trading with modest gains in early trade. The Nifty traded near the 17,700 level. Barring the Nifty IT index all the other sectoral indices on the NSE were in the green.
The barometer index, the S&P BSE Sensex, was up 213.44 points or 0.36% to 60,059.95. The Nifty 50 index added 76.15 points or 0.43% to 17,700.20.
In the broader market, the S&P BSE Mid-Cap index gained 0.44% while the S&P BSE Small-Cap index rose 0.40%.
The market breadth was strong. On the BSE, 1,871 shares rose and 726 shares fell. A total of 85 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 882.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 351.50 crore in the Indian equity market on 10 April, provisional data showed.
Stocks in Spotlight:
State Bank of India (SBI) rose 1.18%. The Executive Committee of the Central Board is scheduled to have a meeting on 18 April 2023 to consider long term fund raising in single / multiple tranches of up to US$2 billion through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible foreign currency during the Financial Year 2023-24.
Vedanta added 1.13%. The meeting of board of directors of the company is scheduled on 13 April 2023 to consider and approve the proposal for issuance of Non-Convertible Debentures on a private placement basis.
Bank of Baroda jumped 3.43%. As of 31 March 2023, the total business of the bank crossed Rs. 21 trillion milestone. Total business of the bank grew by 16.8 % YoY to Rs. 21.77 trillion.
Numbers to track:
The yield on India's 10-year benchmark federal paper rose to 7.231 from 7.227 in previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.99, compared with its close of 82.06 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement added 0.43% to Rs 60,320.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.27% to 102.36.
The United States 10-year bond yield fell 0.39% to 3.402.
In the commodities market, Brent crude for June 2023 settlement added 55 cents or 0.65% to $84.73 a barrel.
Buzzing Index:
The Nifty PSU Bank index gained 2.14% to 3,793.90. The index declined 0.63% in the past trading session.
Punjab & Sind Bank (up 5.19%), Bank of Baroda (up 2.98%), Union Bank of India (up 2.93%), UCO Bank (up 2.81%) and Central Bank of India (up 2.45%), Canara Bank (up 2.15%), Bank of India (up 2.12%), Indian Overseas Bank (up 1.99%), Bank of Maharashtra (up 1.91%) and State Bank of India (up 1.36%) advanced.
Global Markets:
Asian stocks are trading higher on Tuesday as the Bank of Korea held interest rates at 3.5%, in line with expectations. South Korea's central bank held rates for the second consecutive time.
China's consumer inflation in March hit the slowest pace since September 2021, weighed by sluggish food prices, official data showed on Tuesday. The consumer price index (CPI) for the month rose 0.7% year-on-year, compared with the 1.0% gain seen in February, said the National Bureau of Statistics (NBS).
U.S. stocks closed Monday mixed after Labor Department data released last week showed workers remain in high demand, increasing the likelihood of another interest-rate increase by the Federal Reserve.
Investors are eyeing the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.
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