The frontline indices were trading side ways in early trade. The Nifty traded near the 17,800 level. Oil & gas, media and consumer durables shares advanced while IT, private banks and PSU bank stocks declined.
The barometer index, the S&P BSE Sensex, was up 3.38 points or 0.01% to 60,396.25. The Nifty 50 index lost 3.50 points or 0.02% to 17,808.90.
In the broader market, the S&P BSE Mid-Cap index gained 0.37% while the S&P BSE Small-Cap index rose 0.35%.
The market breadth was strong. On the BSE, 1,746 shares rose and 871 shares fell. A total of 88 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,907.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 225.22 crore in the Indian equity market on 12 April, provisional data showed.
Economy:
According to the official data released on Wednesday, India's retail inflation or the consumer price index (CPI) for March eased to a 15-month low of 5.66% from 6.44% in February. India's factory output, based on the Index of Industrial Production (IIP), rose by 5.6% as against 5.2% in January.
Stocks in Spotlight:
TCS declined 1.30%. The IT major's consolidated net profit rose 5.03% to Rs 11,392 crore on 1.6% increase in net sales to Rs 59,162 crore in Q4 FY23 over Q3 FY23. On a year on year (YoY) basis, net profit rose 14.77% and net sales rose 16.94% in Q4 FY23. The company's board recommended a final dividend of Rs 24 per share.
NTPC fell 0.28%. NTPC has decided to issue unsecured non-convertible debentures of Rs.3,000 crore, through private placement at a coupon of 7.35% p.a. for a tenor of 3 years, maturing. The proceeds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes.
Bharat Heavy Electricals (Bhel) rose 0.31%. State-run PSUs Nuclear Power Corporation of India Limited (NPCIL) and Bhel have entered into an MoU to jointly pursue business opportunities in the area of Nuclear Power Plants based on Pressurized Heavy Water Reactor (PHWR) technology.
Numbers to track:
The yield on India's 10-year benchmark federal paper advanced to 7.218 from 7.213 in previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9750, compared with its close of 82.11 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement added 0.23% to Rs 60,765.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 101.52.
The United States 10-year bond yield fell 0.34% to 3.409.
In the commodities market, Brent crude for June 2023 settlement slipped 26 cents or 0.37% to $87.07 a barrel.
Global Markets:
Asian stocks are trading mixed on Thursday after minutes from the March Federal Open Market Committee meeting showed that Fed officials see the U.S. economy entering a recession in the wake of the banking crisis.
U.S. stocks ended lower on Wednesday after minutes from the Federal Reserve's March policy meeting revealed concern among several members of the Federal Open Markets Committee (FOMC) regarding the regional bank liquidity crisis.
Comments from the Fed erased earlier gains seen on Wall Street after the release of the U.S. consumer price index report that showed inflation cooled in March. The U.S. CPI rose 0.1% for the month and 5% from a year ago while core CPI rose 5.6% on an annual basis.
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