Market drifts lower in early trade; breadth positive

The key equity indices traded with moderate losses in early trade. The Nifty traded below the 22,000 level. Realty, pharma and media stocks advanced while IT, metal and oil & gas shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 401.18 points or 0.55% to 72,220.98. The Nifty 50 index declined 105.30 points or 0.48% to 21,901.55.

In the broader market, the S&P BSE Mid-Cap index shed 0.30% and the S&P BSE Small-Cap index rose 0.24%.

The market breadth was positive. On the BSE, 1,706 shares rose and 954 shares fell. A total of 115 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,826.97 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,208.87 crore in the Indian equity market on 21 March, provisional data showed.

Stocks in Spotlight:

L&T rose 0.4%. The meeting of the board of directors of the company is scheduled on 27 March 2024 to consider and approve fund raising including by way of debt issue.

Wipro declined 3.63%. Wipros step-down subsidiary, Wipro IT Services LLC has entered into an agreement with General Motors and Magna International, to incorporate a new entity i.e., SDVerse LLC. The said transaction has been completed on 20 March 2024.

Mazagon Dock Shipbuilders gained 2.96% after the Mazagon Dock Shipbuilders has accepted the offer of Mumbai Port Authority (MbPA) for the allotment of land and building adjacent to MDL Mumbai Yard measuring 14.55 acres, on long term lease basis for a period of 29 years w.e.f. 01.04.2024 to 31.03.2053.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.07% to 7.055 as compared with previous close 7.050.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2650, compared with its close of 83.1375 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.14% to Rs 66,098.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.74% to 104.17.

The United States 10-year bond yield declined 0.59% to 4.246.

In the commodities market, Brent crude for May 2024 settlement lost 58 cents or 0.68% to $85.20 a barrel.

Global Markets:

Asian stocks are trading mixed on Friday as investors assessed Federal Reserve's policy outcome. Nikkei 225 crossed 41,000 to hit a fresh all-time high on Friday as Japan inflation accelerated in February. Japan's headline consumer price rose to 2.8% on year in February, from 2.2% in January.

U.S. stocks hit fresh records, continuing its rally after the U.S. Federal Reserve held rates steady and maintained its rate cut forecast for 2024.

The Bank of England kept its main interest rate unchanged at a 16-year high of 5.25% on Thursday even though inflation continues to drop from multi-decade peaks.

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