Indices drift lower in early trade; breadth strong

The domestic equity indices traded with limited cuts in early trade. The Nifty traded below the 22,350 mark. Oil & gas, media, and metal shares advanced while consumer durables, private bank, and financial services shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, shed 46 points, or 0.05%, to 73,688.49. The Nifty 50 index shed 3.30 points, or 0.01%, to 22,334.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.80%, and the S&P BSE Small-Cap index added 1.34%.

The market breadth was strong. On the BSE, 2,300 shares rose and 324 shares fell. A total of 77 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,895.04 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,370.60 crore in the Indian equity market on 5 March 2025, provisional data showed.

Stocks in Spotlight:

Tata Consultancy Services (TCS) has partnered with Vantage Towers to launch a digital service platform aimed at transforming the experience of property owners who lease telecom tower installations across Europe.

Zydus Lifesciences received the final approval from the United States Food and Drug Administration to manufacture Dasatinib tablets.

Galaxy Surfactants entered into a strategic collaboration via its group companies with one of its global customers to provide engineering, procurement, and construction (EPC) services for their performance surfactants and specialty ingredients plant at an overseas location.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.28% to 6.804 as compared with previous close 6.827.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.9575, compared with its close of 87.0650 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement rose 0.29% to Rs 86,078.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.35.

The United States 10-year bond yield added 1.36% to 4.325.

In the commodities market, Brent crude for May 2025 settlement rose 40 cents or 0.58% to $69.70 a barrel.

Global Markets:

Asian stocks traded higher on Thursday as Wall Street rose overnight after U.S. President Donald Trump postponed tariffs on certain automakers.

South Koreas consumer inflation for February rose 2% year on year, more than the estimated 1.95% increase and slower than the 2.2% gain in January.

The White House confirmed the postponement; with press spokesperson Karoline Leavitt stating that Trump remains open to further tariff exemptions after discussions with Canadian Prime Minister Justin Trudeau.

In Asia, key economic data releases include unemployment figures from the Philippines, inflation updates from Vietnam, and Malaysias interest rate decision. Later in the day, both the European Central Bank and Turkeys central bank will announce their own rate decisions.

On the U.S. economic front, initial jobless claims data is due ahead of Friday's critical monthly payrolls report.

U.S. stocks surged Wednesday after Trumps decision to grant automakers a temporary exemption from the newly imposed 25% tariffs on Mexican and Canadian imports.

The Dow Jones Industrial Average closed 1.1% higher on Wednesday, ending a two-day losing streak. The S&P 500 also advanced by 1.1%, while the NASDAQ Composite climbed 1.5%.

Shares of major automakers jumped, with General Motors advancing 7.2% and Ford climbing 5.8%. Stellantis NV shares surged 9.2%, while US-listed Toyota Motor shares jumped 6.5%.

Adding to market optimism, fresh data showed unexpected strength in the U.S. services sector. The ISM Services PMI rose to 53.5 in February from 52.8 in January, beating forecasts and signaling resilience in economic activity.

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