Indices drift higher in early trade amid positive global cues

The key equity benchmarks traded with minor gains in early trade tracking positive global cues. The Nifty traded above the 17,400 level. Auto, media and FMCG stocks advanced while metal, oil & gas and PSU bank shares declined. Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 74.68 points or 0.12% to 59,362.03. The Nifty 50 index added 13.90 points or 0.08% to 17,406.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index advanced 0.26%.

The market breadth was positive. On the BSE, 1,512 shares rose and 1,014 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,022.52 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,231.66 crore in the Indian equity market on 27 February 2023, provisional data showed

Stocks in Spotlight:

Vodafone Idea advanced 1.05%. The telco's board has allotted 12,000 unsecured, unrated and unlisted optionally convertible debentures of the face value of Rs 10,00,000 each (OCDs) to ATC Telecom Infrastructure. The balance 4000 OCDs shall be allotted upon receipt of application form and subscription money and due intimation of the same shall be filed as necessary.

Bharti Airtel added 1.64%. The telecom major has crossed the 10 million unique 5G user mark on its network. Airtel was the first service provider to roll-out 5G services in the country in October 2022. Today, Airtel 5G Plus is available across all states in the country.

Crest Ventures rose 0.28%. The company's board will meet on 2 March 2 for raising of funds through issuance of NCDs up to Rs 100 crore in one or more tranches on private placement basis.

Global markets:

Asian stock markets advanced across the board on Tuesday as investors digested key economic data across the region.

Japan recorded its worst decline in factory output in eight months, recording a 4.6% drop in January compared to December.

Japan's retail sales surged 6.3% for January compared to the same period last year.

Hong Kong will end its mask mandate for indoors and outdoors on Wednesday, 1 March 2023.

US stocks rose on Monday amid bargain hunting following the worst week of the year on Wall Street. All three major US indexes closed higher, with the Nasdaq Composite leading gains.

The Dow Jones Industrial average rose 72.17 points or 0.22%, while the S&P 500 and Nasdaq Composite gained 0.31% and 0.63%, respectively.

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