Indices open at fresh record highs; breadth negative

The domestic equity benchmarks traded with tiny gains in early trade. The Nifty traded above the 23,550 mark. Private bank, bank and financial services shares advanced while realty, media and consumer durables shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 128.16 points or 0.16% to 77,429.30. The Nifty 50 index added 14.90 points or 0.06% to 23,572.80.

The Sensex and Nifty clocked an all-time high of 77,581.46 and 23,630.85 respectively in early trade.

The broader market underperformed the headline indices, the S&P BSE Mid-Cap index fell 0.36% and the S&P BSE Small-Cap index declined 0.59%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,442.90 and 51,968.25 respectively.

The market breadth was negative. On the BSE, 1,401 shares rose and 1,655 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,569.40 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,555.73 crore in the Indian equity market on 18 June 2024, provisional data showed.

Stocks in Spotlight:

Tata Technologies rose 0.77%. The announced that it has collaborated with Microsoft and Tata Motors for the InnoVeni hackathon for engineering students.

Electronics Mart India rose 0.15%. The company commenced the commercial operations of a new multi brand store under the brand name 'Bajaj Electronics' on June 18th in Andhra Pradesh.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.10% to 6.974 as compared with previous close 6.981.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.3800, compared with its close of 83.4300 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement fell 0.07% to Rs 71,690.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 105.27.

The United States 10-year bond yield grew 0.04% to 4.219.

In the commodities market, Brent crude for August 2024 settlement added 3 cents or 0.04% to $85.36 a barrel.

Global Markets:

Asian stocks surged to a three-week peak on Wednesday, fueled by a tech rally. Disappointing U.S. retail sales data bolstered expectations of an interest rate cut by the Federal Reserve later this year.

The S&P 500 and Nasdaq hit record highs in the US on Tuesday, with Nvidia surpassing Microsoft to become the world's most valuable company.

U.S. retail sales data released Tuesday showed minimal growth in May, with prior month figures revised downward. This suggests sluggish economic activity in Q2, prompting investors to anticipate a Fed rate cut in September. CME FedWatch data indicates a 67% chance of easing, up from 61% the day before.

The U.S. stock market will be closed on Wednesday, June 19th, for Juneteenth

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