Indices clock modest gains in early trade; broader market outperforms

The domestic equity benchmarks traded with modest gains in early trade amid buying in index pivotals. The Nifty traded tad above the 16,300 level. Shares from oil and gas, metal and IT sectors rose while pharma, healthcare and consumer durables stocks corrected.

At 09:26 IST, the barometer index, S&P BSE Sensex was up 115.91 points or 0.21% to 54,480.76. The Nifty 50 index added 61.75 points or 0.38% to 16,301.80.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index rose 0.93% while the S&P BSE Small-Cap index gained 0.40%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,556 shares rose while 926 shares fell. A total of 101 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,960.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,958.40 crore in the Indian equity market on 10 May, provisional data showed.

Stocks in Spotlight:

Wipro rose 0.45%. Wipro announced that it has extended its strategic agreement with Crit Agricole CIB, the corporate and investment bank division of Crit Agricole Group, to fuel Crit Agricole CIB's next stage of growth.

Cipla fell 0.83%. Cipla reported 12% fall in consolidated net profit to Rs 362 crore on a 14% rise in total revenue from operations to Rs 5260 crore in Q4 FY22 over Q4 FY21. Cipla announced the commercialisation of 'RT-Direct' multiplex COVID-19 RT PCR Test kit in India, in partnership with Genes2Me Pvt. Ltd. Cipla will be responsible for the distribution of RT Direct kits in India and has commenced supply of the same.

Vodafone Idea added 1.49%. Vodafone Idea reported consolidated net loss of Rs 6563.10 crore in Q4 FY22 as compared to net loss of Rs 7230.90 crore in Q4 FY21. Total revenue rose to Rs 10239.50 crore in Q4 FY22 from Rs 9717.30 crore in Q4 FY21.

MTAR Technologies rose 0.80%. The company has approved the acquisition of shares of Gee Pee Aerospace & Defence for Rs 8.82 crore.

G R Infraprojects gained 1.23%. G R Infraprojects said its wholly owned subsidiary GR Ujjain Badnawar Highway has executed a concession agreement with the National Highways Authority of India for a road project in Madhya Pradesh.

Global Markets:

Asian stocks were trading mixed on Wednesday as investors watched for market reaction to the release of higher-than-expected Chinese inflation data for April. The producer price index (PPI) rose 8% year-on-year, the National Bureau of Statistics (NBS) said in a statement on Wednesday, following an 8.3% rise in March. Consumer inflation also rose more than expected. The consumer price index (CPI) gained 2.1% from a year earlier, the fastest pace in five months, speeding up from 1.5% growth in March.

In US, the S&P 500 and Nasdaq ended higher on Tuesday, with big growth shares rising after the previous day's selloff as Treasury yields tumbled. Bank shares fell along with yields.

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