Market drift lower in early trade; breadth positive

The key benchmark indices traded with limited losses in early trade. The Nifty traded below 22,750 mark. Pharma, financial services and bank shares declined while realty, auto and PSU Bank shares witnessed some buying demand.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was shed 135.29 points or 0.17% to 74,912.06. The Nifty 50 index declined 49.55 points or 0.22% to 22,704.25.

In the broader market, The S&P BSE Mid-Cap index rose 0.27% and the S&P BSE Small-Cap index added 0.41%.

The market breadth was positive. On the BSE, 1,651 shares rose and 1,175 shares fell. A total of 150 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,778.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 163.36 crore in the Indian equity market on 10 April, provisional data showed.

The Asian Development Bank (ADB) on Thursday raised Indias GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Stocks in Spotlight:

Larsen &Tourbo rose 0.80%. The EPC major announced that it has completed the sale of its entire stake in L&T Infrastructure Development Projects (LTIDPL), a joint venture with Canada Pension Plan Investment Board (CPP Investments).

Dr. Reddys Laboratories shed 0.31%. The company announced the launch of the drug-free non-invasive migraine management wearable device, Nerivio in Germany through its step-down subsidiary betapharm.

Maharashtra Seamless rallied 6.29% after the company has received order with basic value of Rs. 674 crore approx. from ONGC for supply of casing seamless pipes.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.89% to 7.177 as compared with previous close 7.116.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3700, compared with its close of 83.3100 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 1.10% to Rs 72,432.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, advanced 0.05% to 105.33.

The United States 10-year bond yield fell by 0.04% to 4.574.

In the commodities market, Brent crude for May 2024 settlement added 51 cents or 0.57% to $90.25 a barrel.

Global Markets:

Asian stocks traded mixed on Friday with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers.

Singapores first-quarter gross domestic product climbed 2.7% year on year, advance estimates showed, faster than the 2.2% growth recorded in the last quarter of 2023. The Bank of Korea bank left its key policy rate unchanged for the 10th consecutive time at 3.50%.

US stocks closed higher on Thursday, with tech-related momentum stocks leading the charge, as fresh economic data rekindled hopes that inflation remains in a cooling trend.

The European Central Bank held interest rates steady again Thursday but said slowing inflation could open the door to easing monetary policy.

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