The headline equity indices were trading with modest gains in the early trade on buying demand in index pivotals. The Nifty traded above the 17,450 mark. Financial services, consumer durables and realty stocks were in demand while PSU bank, metal and auto stocks declined.
The barometer index, the S&P BSE Sensex, was up 249.41 points or 0.42% to 59,355.85. The Nifty 50 index gained 61.70 points or 0.35% to 17,459.75.
In the broader market, the S&P BSE Mid-Cap index shed 0.15% while the S&P BSE Small-Cap index gained 0.36%.
The market breadth was strong. On the BSE, 1,902 shares rose and 866 shares fell. A total of 123 shares were unchanged.
The Reserve Bank of India (RBI) kicked off its monetary policy meeting on 3 April 2023. The outcome of the meeting will be announced on Thursday, 6 April 2023. The RBI's monetary policy committee (MPC) is expected to hike the repo rate by 25 basis points (bps) in order to combat rising inflation.
Foreign portfolio investors (FPIs) bought shares worth Rs 321.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 328.24 crore in the Indian equity market on 3 April, provisional data showed.
Economy:
India's gross domestic product (GDP) growth will likely soften to 6.3% in FY2024, as against earlier estimate of 6.6%, the World Bank stated in its India Development Update. The bank stated that growth is set to be constrained by slower consumption growth and challenging external conditions. Rising borrowing costs and slower income growth will weigh on private consumption growth and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures.
Stocks in Spotlight:
HDFC Bank rose 1.94%. The private lender said that its advances aggregated to approximately Rs 16,00,500 crore as of 31 March 2023, a growth of around 16.9 % over Rs 13,68,800 crore as of 31 March 2022. The bank's advances are higher by 6.2 % over Rs 15,06,800 crore as of 31 December 2022.
Bajaj Finance rallied 3.47%. On a consolidated basis, customer franchise stood at 69.1 million as of 31 March 2023 as compared to 57.6 million as of 31 March 2022. In Q4 FY23, the customer franchise increased by 3.1 million. The company recorded highest ever increase in its customer franchise of 11.5 million in FY23.
Vedanta added 0.02%. The miner announced that its total aluminum production rose 0.35% to 5,74,000 tonnes in Q4 FY23 compared with 5,72,000 tonnes in Q4 FY22.
IndusInd Bank shed 0.77%. The private lender's net advances improved to Rs 2,89,965 crore as of 31 March 2023, registering a growth of 21% as compared to Rs 2,39,052 crore as of 31 March 2022.
Grasim Industries fell 0.58%. The cement major announced that it has entered into three term loan agreements to avail the rupee term loan facility aggregating to Rs 5,000 crore from Axis Bank in terms of the approval by the finance committee of the company.
Hindustan Zinc rose 0.60%. The company announced that its mined metal production grew by 2% to 301,000 tonnes in Q4 FY23 as against 295,000 tonnes registered in Q4 FY22.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined to 7.291 from 7.315 in previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0875, compared with its close of 82.32 during the previous trading session.
MCX Gold futures for 5 April 2023 settlement added 0.06% to Rs 60,990.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 101.56.
The United States 10-year bond yield advanced 0.49% to 3.353.
In the commodities market, Brent crude for June 2023 settlement gained 44 cents or 0.52% to $85.38 a barrel.
Global Markets:
Asian stocks were trading mixed on Wednesday as Wall Street digested a key U.S. labor report that showed job openings dropped to their lowest level in nearly two years in February.
New Zealand's central bank raised its benchmark cash rate by 50 basis points to 5.25%. New Zealand's central bank said its latest rate hike decision was supported by the fact that inflation is still “too high and persistent.”
US stocks snapped four day winning streak in the last trading session as investors look towards OPEC+ production cuts and inflation impact of the same with uncertainty still looming for the global economy.
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