Indices edge higher, breadth strong

The key equity indices traded with minor gains in early trade. The Nifty traded above 21,950 mark. Realty, media and metal stocks advanced while IT, FMCG and auto shares underperformed.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 190.14 points or 0.26% to 72,376.23. The Nifty 50 index added 63.75 points or 0.29% to 21,993.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.78% and the S&P BSE Small-Cap index gained 1.03%.

The market breadth was strong. On the BSE, 2,328 shares rose and 649 shares fell. A total of 83 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 92.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,096.26 crore in the Indian equity market on 6 February, provisional data showed.

The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting began on 6 February 2024. Interest rate decision will be announced to 8 February 2024. The RBI will hold its key interest rate steady at 6.50%, as per reports.

Stocks in Spotlight:

FSN E-Commerce Ventures (Nykaa) rallied 3.46% after the company reported consolidated net profit of Rs 17.45 crore in Q3 FY24, steeply higher than Rs 8.48 crore posted in Q3 FY23. Revenue from operations increased 22.28% YoY to Rs 1,788.8 crore.

Britannia Industries added 2.76%. The company reported consolidated net profit of Rs 555.66 crore in Q3 FY24, steeply lower from Rs 932.4 crore posted in Q3 FY23. Total income rose to Rs 4,306.89 crore in Q3 FY24 from Rs 4,247.55 crore in Q3 FY23.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.34% to 7.068 as compared with previous close 7.092.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0300, compared with its close of 82.0500 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement fell 0.11% to Rs 62,505.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 104.11.

The United States 10-year bond yield declined 0.05% to 4.092.

In the commodities market, Brent crude for March 2024 settlement added 16 cents or 0.20% to $78.75 a barrel.

Global Markets:

Asian stocks were trading higher Wednesday, with the exception of Japan, tracking Wall Street gains as investors assessed corporate earnings from U.S. and Asian firms.

US stocks closed higher on Tuesday, as investors scrutinized a mixed bag of earnings at big U.S. companies and digested comments from Federal Reserve policy makers for clues about its first planned interest-rate cut.

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