Benchmarks edge higher in early trade; breadth strong

The key equity indices traded with decent gains in early trade. The Nifty traded a tad below the 17,400 level. Barring the Nifty Media index, all the other sectoral indices on the NSE were in the green.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 307.97 points or 0.52% to 59,270.09. The Nifty 50 index added 91.65 points or 0.53% to 17,396.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.69% while the S&P BSE Small-Cap index advanced 0.64%.

The market breadth was strong. On the BSE, 1,743 shares rose and 727 shares fell. A total of 102 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,559.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,609.87 crore in the Indian equity market on 28 February, provisional data showed.

India's economic growth slumped to 4.4% in October-December 2022 period, sharply down from 6.3% recorded in the previous quarter, as rising borrowing costs amid a gloomy global outlook dampened manufacturing activities and consumption demands.

Stocks in Spotlight:

Power Grid Corporation of India declined 0.27%. PowerGrid has been declared as the successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System for Establishment of Khavda Pooling Station-3 (KPS3) in Khavda RE Park on build, own operate and transfer (BOOT) basis.

Tata Power Company rose 0.20%. The Board of Directors of Tata Power Renewable Energy Limited (TPREL), a subsidiary of the Company, has approved the allotment of 20,00,00,000 Compulsorily Convertible Preference Shares at face value of Rs 100 each at par aggregating to Rs 2,000 crore on a preferential basis to GreenForest New Energies Bidco Limited (GreenForest), a Company incorporated under the laws of England and Wales.

Bharat Electronics (BEL) advanced 0.53%. BEL signed a Frame Supply Agreement with Thales Reliance Defence Systems (TRDS), Nagpur, for the manufacture and supply of TR Modules, Radar LRUs (Line Replaceable Units) and Micro Modules.

Global markets:

Asian stocks were trading higher as investors digested a slew of key economic data across the region.

China's factory activity in February showed further growth. China's official manufacturing purchasing managers' index rose to 52.6 in February, data from the National Bureau of Statistics showed. That's compared to January's reading of 50.1. Non-manufacturing PMI rose to 56.3, above January's reading of 54.4, the highest level since June 2022.

Japan's factory activity slowed at the fastest pace in two and a half years in February, private surveys by au Jibun Bank showed. The manufacturing purchasing managers' index fell to 47.7, down from 48.9 in January.

Australia's economy grew 2.7% for the whole of 2022, in line with economists expectations, but lower than 2021′s figure of 5.9%.

US stocks fell on Tuesday, as more evidence of stubborn inflation added to expectations that central banks will keep rates high.

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