Market opens on positive note; breadth strong

The key equity indices traded with modest gains in early trade following positive global cues. The Nifty traded above the 22,000 level. FMCG, private bank and auto stocks advanced while realty, IT and PSU bank shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 246.29 points or 0.34% to 72,650.46. The Nifty 50 index added 83.20 points or 0.38% to 22,040.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.23% and the S&P BSE Small-Cap index added 0.14%.

The market breadth was strong. On the BSE, 1,832 shares rose and 1,017 shares fell. A total of 105 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,994.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,642.53 crore in the Indian equity market on 9 May 2024, provisional data showed.

Stocks in Spotlight:

Abbott India advanced 2.01% after the companys net profit jumped 24.04% to Rs 287.06 crore in the quarter ended March 2024 as against Rs 231.42 crore during the previous quarter ended March 2023. Sales rose 7.11% to Rs 1438.63 crore in the quarter ended March 2024 as against Rs 1343.08 crore during the previous quarter ended March 2023.

Relaxo Footwears rose 0.95%. The companys consolidated net profit declined 3.02% to Rs 61.39 crore in the quarter ended March 2024 as against Rs 63.30 crore during the previous quarter ended March 2023. Sales shed 2.32% to Rs 747.21 crore in the quarter ended March 2024 as against Rs 764.94 crore during the previous quarter ended March 2023.

Mahanagar Gas slipped 5.31% after the companys net profit declined 6.16% to Rs 252.26 crore in the quarter ended March 2024 as against Rs 268.81 crore during the previous quarter ended March 2023. Sales rose 0.13% to Rs 1612.61 crore in the quarter ended March 2024 as against Rs 1610.48 crore during the previous quarter ended March 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.18% to 7.122 as compared with previous close 7.135.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4800, compared with its close of 83.4800 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.72% to Rs 72,155.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 105.31.

The United States 10-year bond yield grew 0.31% to 4.464.

In the commodities market, Brent crude for July 2024 settlement gained 45 cents or 0.54% to $ 84.33 a barrel.

Global Markets:

Most of the Asian stocks were trading higher on Friday after an upbeat day on Wall Street following jobs data that supported the case for US rate cuts. Hong Kong shares surged after news of a potential tax break for individual investors.

In the US, the Dow on Thursday extended its winning streak to seven days as all major indexes rose on jobless claims data hinting at a possible shift in Federal Reserve policy.

While US initial unemployment claims for the week ending May 4th increased to 231,000, exceeding expectations, the jump was interpreted by markets as a sign of a cooling labor market, potentially prompting the Fed to lower interest rates. This follows a previous report indicating slower US job growth and wage increases.

Next week's release of the April producer and consumer price indexes (PPI and CPI) will be closely watched for signs of continued inflation decline towards the Fed's 2% target, further influencing expectations for interest rate adjustments.

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