Indices nudge higher, breadth strong.

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Domestic equity indices were trading with minor gains in early trade. The Nifty traded above the 19,7500 level. Barring the Nifty Healthcare index, all the other sectoral indices on the NSE traded in the green.

The barometer index, the S&P BSE Sensex, was up 211.14 points or 0.32% to 66,476.70. The Nifty 50 index shed 63.25 points or 0.32% to 19,790.30.

In the broader market, the S&P BSE Mid-Cap index lost 0.53% while the S&P BSE Small-Cap index rose 0.65%.

The market breadth was strong. On the BSE, 2,032 shares rose and 693 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 758.55 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 28.11 crore in the Indian equity market on 7 September, provisional data showed.

Stocks in Spotlight:

LTIMindtree rose 0.01%. The company has launched two industry solutions, AdSpark and Smart Service Operations, to accelerate the time-to-market for businesses on the Salesforce platform.

Ashok Leyland added 0.80%. The company unveiled the Electric Light Commercial Vehicles from Switch Mobility - the IeV Series. The IeV Series is India's first electric commercial vehicles in its category and aims to provide efficient and eco-friendly solutions for last mile transportation needs.

Sterlite Technologies jumped 2.40%. The company has partnered with TruVista, a 125-year-old provider of broadband services and applications, to drive the growth and enhancement of South Carolina's rural connectivity infrastructure.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.03% to 7.171 from its previous close of 7.173.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.16, compared with its close of 83.23 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement gained 0.23% to Rs 59,131.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 104.89.

The United States 10-year bond yield declined 0.83% to 4.229.

In the commodities market, Brent crude for November 2023 settlement lost 52 cents or 0.58% to $89.40 a barrel.

Global Markets:

Asian stocks are trading lower on Friday as Japan released revised second quarter gross domestic product figures. Hong Kong cancelled the morning trading session due to a storm warning. Japan's economy grew 4.8% in the second quarter on a quarter-on-quarter annualized basis, a smaller growth than the 6% seen in the preliminary estimates.

Overnight in the U.S., the Nasdaq Composite fell for a fourth session Thursday as concerns resurfaced over the Federal Reserve's interest rate policy path, and whether policymakers will enact another hike this year.

The likelihood that inflation numbers are going to remain stubbornly high for a while could mean more interest rate increases, former St. Louis Federal Reserve President James Bullard reportedly said.

Indices edge lower, Sensex down 164 pts; breadth strong.

Domestic equity indices were trading with minor losses in early trade. The Nifty traded below the 19,600 level. PSU bank, media and realty shares advanced while metal, IT and FMCG stocks declined.

The barometer index, the S&P BSE Sensex, was down 164.03 points or 0.25% to 65,716.49. The Nifty 50 index shed 47.75 points or 0.24% to 19,563.30.

In the broader market, the S&P BSE Mid-Cap index added 0.40% while the S&P BSE Small-Cap index rose 0.37%.

The market breadth was strong. On the BSE, 1,756 shares rose and 876 shares fell. A total of 102 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,245.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 247.46 crore in the Indian equity market on 6 September, provisional data showed.

Buzzing Index:

The Nifty FMCG index declined 0.31% to 51,901.70. The index advanced 1.74% in past two trading sessions.

Tata Consumer Products (down 2.26%), Radico Khaitan (down 0.88%), Hindustan Unilever (down 0.69%), Nestle India (down 0.6%), Britannia Industries (down 0.44%), ITC (down 0.38%), Marico (down 0.25%) and United Spirits (down 0.15%) slipped.

On the other hand, United Breweries (up 2.05%) ,Godrej Consumer Products (up 1.43%) and Procter & Gamble Hygiene and Health Care (up 1.28%) edged higher.

Stocks in Spotlight:

Biocon rose 0.17%. The biopharmaceutical company announced that its subsidiary, Biocon Biologics (BBL) has completed the integration of the acquired biosimilars business from Viatris in North America (United States and Canada), effective 1 September 2023.

REC advanced 1.56% after the company announced that it has signed a foreign currency term loan agreement for $100 million with Export Import Bank of India (Exim Bank).

Force Motors hit an upper limit of 5% to Rs 3633.25 after the firm reported August output at 3,032 units with domestic sales of 2,601 units.

Vedanta declined 1.12%. A wholly owned subsidiary of the company, in the name of Sesa Iron and Steel has been incorporated on 6 September 2023 for growth projects and to undertake expansion of its operations.

Lupin added 0.40%. The pharma major forged a unique collaboration with Mark Cuban Cost Plus Drug Company (Cost Plus Drugs), a pioneer in affordable medicines, and the COPD Foundation, dedicated to enhancing the lives of COPD patients. This collaboration aims to bolster access to healthcare by expanding the availability of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, to COPD patients in the US.

AU Small Finance Bank rose 0.44%. AU Small Finance Bank has entered into bancassurance tie-up with: Star Health and Allied Insurance Company for Health Insurance solution to Bank's customers. The bank has also entered into bancassurance tie-up with Bajaj Allianz Life Insurance Company for Life Insurance solution to bank's customers.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.35% to 7.185 from its previous close of 7.210.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1525, compared with its close of 83.13 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement shed 0.07% to Rs 59,048.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 104.81.

The United States 10-year bond yield declined 0.02% to 4.292.

In the commodities market, Brent crude for November 2023 settlement lost 19 cents or 0.21% to $90.41 a barrel.

Global Markets:

Asian stocks are trading mixed on Thursday, following a sell off on Wall Street and ahead of trade data from China and Australia.

US stocks saw a sell off on Wednesday as concerns mounted that the Federal Reserve may not be done hiking interest rates.

The Institute for Supply Management's U.S. services index climbed to a six-month high in August, while the price segment ticked up to 58.9%, a report Wednesday showed. The ISM index's price barometer hit a four-month high.

Indices trade with tiny cuts; metal stocks lose sheen.

Street Investment

Key equity barometers traded with small losses in mid-morning trade. The Nifty traded below the 19,600 level after hitting day's high of 19,604.85 in morning trade. Metal shares witnessed profit booking after rising in the past three trading sessions.

The barometer index, the S&P BSE Sensex, was down 31.49 points or 0.05% to 65,748.77. The Nifty 50 index lost 5.85 points or 0.3% to 19,569.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index gained 0.29%.

The market breadth was positive. On the BSE, 2,019 shares rose and 1,440 shares fell. A total of 159 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Ratnaveer Precision Engineering received bids for 37.17 crore shares as against 1.17 crore shares on offer, according to stock exchange data at 11:30 IST on Wednesday (6 September 2023). The issue was subscribed 31.53 times.

The issue opened for bidding on Monday (4 September 2023) and it will close on Wednesday (6 September 2023). The price band of the IPO is fixed at Rs 93-98 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index declined 1.05% to 6,965.25. The index jumped 5.70% in three trading sessions.

Hindustan Copper (down 2.52%), Steel Authority of India (down 2.21%), National Aluminium Company (down 2.05%), Jindal Steel & Power (down 2.02%), Hindalco Industries (down 1.97%), NMDC (down 1.92%), Tata Steel (down 1.78%), APL Apollo Tubes (down 1.24%), JSW Steel (down 0.97%) and Hindustan Zinc (down 0.66%) slipped.

Buzzing Index:

The Nifty Pharma index rose 1.31% to 15,417.60. The index gained 2.70% in three trading sessions.

Torrent Pharmaceuticals Ltd (up 1.89%), Aurobindo Pharma Ltd (up 1.64%), Cipla Ltd (up 1.59%), Divis Laboratories Ltd (up 1.39%), Alkem Laboratories Ltd (up 1.21%), Ipca Laboratories Ltd (up 1.09%), Lupin Ltd (up 1.08%), Zydus Lifesciences Ltd (up 0.8%), Gland Pharma Ltd (up 0.68%) and Pfizer Ltd (up 0.59%) advanced.

Stocks in Spotlight:

GAIL (India) rose 1.13%. The Central Bureau of Investigation (CBI) has taken into custody an executive director of GAIL (India) following a bribery case involving a sum of Rs 50 lakh. No quantifiable impact on the financial, operational, or other activities of GAIL can be determined at this stage, stated the company.

The arrest was made on 5 September 2023. As reported in the CBI arrest cum search memo, several individuals have been implicated, including K B Singh, executive director (ER & projects), GAIL; Surendra Kumar Sharma, CEO of Advance Infrastructures.; Harsh Yadav; Suryavesh; Davinder Singh, CGM, GAIL; Sunil Kumar, Sr. GM, Mecon, along with other unidentified public servants and private persons.

Gensol Engineering added 2.85% after the company's board on Tuesday, 5 September 2023, approved a 2:1 bonus share issue.

NBCC (India) advanced 2.88% after the company announced that it has signed MoU with Kerala State Housing Board (KSHB), Govt. of Kerala, for a project worth approximately Rs 2000 crore.

Shriram Finance were down 0.21%. The NBFC informed that it has allotted 8,500 non-convertible debentures (NCDs) on a private placement basis for an issue size of Rs 75 crore plus a greenshoe option of Rs 150 crore.

Jio Financial Services (JIOFIN) fell 0.74%, following its exclusion from the Nifty 50 and other NSE indices effective from 7 September 2023.

Global Markets:

Asian stocks traded mixed on Wednesday after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year.

Saudi Arabia will extend its cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.

Australia's gross domestic product expanded 2.1% in the second quarter from a year ago, lower than the 2.3% year-on-year growth recorded in the first quarter.

US stocks ended lower on Tuesday as the rise in crude oil prices weighed on stocks.