Indices edge lower; breadth strong

The key equity indices traded with near flat line in early trade. Investors awaiting for Q4 earnings reports from the companies. The Nifty traded below the 24,250 mark. Barring IT index all the sectoral indices on the NSE were traded in red with media, PSU Bank and private bank shares declining the most.

At 09:26 IST, the barometer index, the S&P BSE Sensex fell 66.22 points or 0.08% to 79,721.89. The Nifty 50 index declined 28.05 points or 0.12% to 24,218.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.13% and the S&P BSE Small-Cap index dropped 0.81%.

The market breadth was strong. On the BSE, 1,038 shares rose and 1,729 shares fell. A total of 128 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 8,250.53 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 534.54 crore in the Indian equity market on 24 April 2025, provisional data showed.

Stocks in Spotlight:

Axis Bank declined 3.48% after the banks standalone net profit declined marginally to Rs 7,117.50, down 0.17% as compared with Rs 7,129.67 crore in Q4 FY25. Total income increased 5.65% to Rs 38,022.03 crore in Q4 FY25 as compared with Rs 35,990.33 crore in Q4 FY24.

Tech Mahindra shed 0.21%. The companys consolidated net profit advanced 18.66% to Rs 1,166.7 crore in Q4 FY25 as against Rs 983.2 crore reported in Q3 FY25. However, revenue from operations declined marginally, 0.74%, to Rs 13,384.0 crore in the March quarter from Rs 13,285.6 crore recorded in the preceding quarter of FY24.

Macrotech Developers added 3% after the companys consolidated net profit jumped 38.5% to Rs 921 crore in Q4 FY25 as compared with Rs 665.5 crore in Q4 FY24. Revenue from operations increased 5.12% YoY to Rs 4224.3 crore in Q4 FY25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.71% to 6.428 as compared with the previous close of 6.417.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.0850, compared with its close of 85.3300 during the previous trading session.

MCX Gold futures for the 5 June 2025 settlement fell 0.10% to Rs 95,810.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.49% to 99.77.

The United States 10-year bond yield fell 0.02% to 4.304.

In the commodities market, Brent crude for June 2025 settlement advanced 40 cents or 0.60% to $66.95 a barrel.

Global Market:

Asian stocks advanced on Friday, following a third consecutive day of gains on Wall Street. The rally was led by technology stocks, as investor sentiment improved with the U.S. signaling a softer stance on tariffs.

In Japan, inflation data showed Tokyos Consumer Price Index (CPI) rose 3.5% year-on-year in April, up from 2.9% in March, reaching a two-year high. The core CPI, which excludes fresh food prices, increased to 3.4%, beating market forecasts of 3.2% and rising from 2.4% in the previous month.

The core-core CPI, which excludes both fresh food and energy and is closely monitored by the Bank of Japan, climbed to 3.1%, up from 2.2% in March. This reading remains above the central bank's 2% inflation target.

On Wall Street, all three major U.S. indices closed higher. The S&P 500 gained 2.03%, the Nasdaq Composite rose 2.74%, while the Dow Jones Industrial Average rose 1.23%.

The tech sector led the gains, with Amazon.com Inc. and NVIDIA Corporation rising over 3% each after both companies reported strong demand for AI data centers.

Market optimism was also supported by expectations of easing trade tensions. President Donald Trump stated that the U.S. had met with Chinese officials earlier in the day but did not provide details. This statement contrasted with Beijings denial of ongoing trade talks, leaving the status of China-U.S. negotiations unclear.

In economic data, U.S. initial jobless claims for the week ended April 19 rose to 222,000, in line with forecasts and slightly up from 216,000 the prior week. Despite ongoing concerns about the economic impact of tariffs, claims remained within a stable range.

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