The key equity indices were trading with decent gains in early trade. The Nifty traded above the 19,400 level. Realty, media and PSU bank stocks advanced while IT, metal and financial services shares saw a bit of selling pressure.
The barometer index, the S&P BSE Sensex, was up 59.69 points or 0.09% to 65,505.73. The Nifty 50 index added 20.75 points or 0.11% to 19,419.25.
In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index gained 0.50%.
The market breadth was strong. On the BSE, 1,842 shares rose and 785 shares fell. A total of 112 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,603.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 439.01 crore in the Indian equity market on 5 July, provisional data showed.
Stocks in Spotlight:
Tata Power advanced 2.37%. Tata Power has received Letter of Award 'LoA' to implement smart metering project in Chhattisgarh State Power Distribution Company Limited (CSPDCL). The value of project awarded to Tata Power is about Rs 1,744 crore and the project will be spanned over a period of 10 years.
Biocon added 0.16%. Biocon Biologics (BBL), a subsidiary of Biocon announced that the company has completed the integration of the acquired biosimilars business in over 70 countries in emerging markets effective 1 July 2023, increasing the scale and scope of its business.
KEC International jumped 2.83%. The global infrastructure EPC major secured new orders of Rs. 1,042 crore across its various business verticals.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper advanced 0.39% to 7.133 from previous close of 7.105.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.3950, compared with its close of 82.2575 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement gained 0.28% to Rs 58,638.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 103.38.
The United States 10-year bond yield jumped 0.30% to 3.957.
In the commodities market, Brent crude for September 2023 settlement shed 13 cents or 0.17% to $76.52 a barrel.
Global Markets:
Asian stocks were trading lower on Thursday following overnight losses in the US stocks after hawkish signals from the Federal Reserve's latest meeting minutes.
US stocks dipped after the minutes from the Federal Reserve's June monetary policy meeting showed officials intend to resume raising interest rates after a pause last month. The minutes come ahead of US payrolls data, due out on Friday.
?Almost all? officials who participated in the June Federal Open Market Committee meeting said that additional increases in interest rates would be appropriate, citing risks including the ?tight? labour market, the minutes revealed on Wednesday.
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