Indices edge higher in early trade; Nifty above 17,150

The frontline indices were trading with decent gains in early trade. The Nifty traded above the 17,150 level. All the sectoral indices on the NSE were in the green.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 274.55 points or 0.47% to 58,349.23. The Nifty 50 index added 74.50 points or 0.44% to 17,182.

In the broader market, the S&P BSE Mid-Cap index rose 0.51% while the S&P BSE Small-Cap index gained 0.73%.

The market breadth was strong. On the BSE, 1,837 shares rose and 574 shares fell. A total of 110 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,454.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,946.06 crore in the Indian equity market on 21 March, provisional data showed.

Stocks in Spotlight:

Tata Motors rose 1.09%. Tata Motors will be implementing a price increase of up to 5% on its commercial vehicles starting from 1 April 2023. The decision to increase prices is a result of the company's efforts to comply with the more stringent BS6 phase II emission norms.

Tata Power Company added 0.62%. Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited, has received the letter of award (LoA) from Maharashtra State Electricity Distribution Company Limited (MSEDCL), a wholly owned corporate entity under the Maharashtra Government, to set up a 200 MW solar PV project in Solapur, Maharashtra.

Hindustan Zinc advanced 2.72%. The board of directors of the company approved fourth interim dividend of Rs. 26 per equity share for the financial year 2022-23 amounting to Rs. 10985.83 crore.

Numbers to track:

MCX Gold futures for 5 April 2023 settlement declined 0.01% to Rs 58,573.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.16.

The United States 10-year bond yield lost 0.59% to 3.585.

In the commodities market, Brent crude for May 2023 settlement fell 41 cents or 0.54% to $74.91 a barrel.

Global Markets:

Asian stocks were trading higher on Wednesday as investors looked ahead to the U.S. Federal Reserve's latest update on its rate hike decision.

Wall Street closed higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate.

Treasury Secretary Janet Yellen said Tuesday that while authorities believe they've taken sufficient action to stem liquidity problems in the banking sector, the government is prepared to guarantee even more deposits if the banking crisis gets worse.

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