Indices edge higher in early trade; breadth strong

The key equity indices were trading with minor gains in early trade. The Nifty traded above the 18,300 level. Barring the Nifty FMCG index, all the other sectoral indices on the NSE were in the green.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 179.82 points or 0.29% to 61,598.78. The Nifty 50 index added 57.45 points or 0.31% to 18,301.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.34% while the S&P BSE Small-Cap index added 0.42%.

The market breadth was strong. On the BSE, 1,840 shares rose, and 889 shares fell. A total of 129 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 697.83 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 636.39 crore in the Indian equity market on 22 November, provisional data showed.

Stocks in Spotlight:

Vedanta declined 0.87%. The diversified minerals company on Tuesday announced its third interim dividend of Rs 17.50 per equity share. The dividend will lead to a total payout of Rs 6,505 crore to shareholders. The record date for the purpose of payment of dividend is 30 November 2022.

FSN E-Commerce Ventures (Nykaa) skid 1.68%. Nykaa announced the resignation of its chief financial officer (CFO) Arvind Agarwal effective close of business hours on 25 November 2022, to pursue other opportunities in the digital economy & start-up space.

Siemens slipped 2.51%. Siemens reported profit after tax from continuing operations of Rs. 392 crore for the fourth quarter of financial year 2022 ended 30 September 2022, up 23% over the same period last year. Revenue from continuing operations stood at Rs. 4,237 crore, up 11% over the same quarter in the preceding year.

Global markets:

Most of the Asian stocks are trading higher on Wednesday after US stocks rose overnight. Japanese markets are closed for a public holiday.

Meanwhile, New Zealand's central bank delivered a 75 basis point hike, matching expectations, and the biggest rate hike ever in the central bank's history.

US stocks rallied on Tuesday as Wall Street bet that interest rate hikes and inflation will ease heading into the end of the year. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

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