Nifty trades above 22,100; breadth strong

The key equity indices traded with minor gains in early trade. The Nifty traded above the 22,100 mark. Metal, realty and media stocks advanced while pharma, healthcare and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 45.36 points or 0.08% to 72,844.96. The Nifty 50 index added 18.70 points or 0.08% to 22,122.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.34% and the S&P BSE Small-Cap index added 0.91%.

The market breadth was strong. On the BSE, 2,140 shares rose and 700 shares fell. A total of 94 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,498.92 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,562.75 crore in the Indian equity market on 13 May 2024, provisional data showed.

Economy:

The annual inflation rate based on all India Consumer Price Index (CPI) number is 4.83% (provisional) for the month of April 2024 over April, 2023. Corresponding inflation rate for rural and urban is 5.43% and 4.11%, respectively. CPI for the months of January, February and March 2024 are 5.10, 5.09 and 4.85 respectively.

Stocks in Spotlight:

Vedanta rose 0.43%. The company said that it considers raising funds through equity issuance (FPO, rights issue) on May 16th. Its subsidiary Cairn Oil and Gas reports a 19% YoY growth in reserves and resources.

Shriram Finance jumped 4.02%. The firms board approves selling its entire stake in Shriram Housing Finance to Mango Crest & Warburg Pincus for Rs 4,630 crore.

Rail Vikas Nigam (RVNL) gained 3.73%. RVNL said that it has received a letter of acceptance (LoA) from southern railway for a project in Tamil Nadu worth Rs 239 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.03% to 7.114 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 83.5125, compared with its close of 83.5100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.17% to Rs 71,976.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 105.28.

The United States 10-year bond yield advanced 0.11% to 4.486.

In the commodities market, Brent crude for July 2024 settlement rose 10 cents or 0.12% to $83.46 a barrel.

Global Markets:

Shares in Asia tumbled as investors analyzed inflation data from India and Japan. Japan's wholesale inflation (corporate goods price index) rose slightly by 0.9% year-on-year in April.

US markets ended with mixed results. The Dow Jones snapped its winning streak with a 0.21% dip, while the S&P 500 barely budged. The Nasdaq managed a small gain of 0.29%. Apple and Alphabet (Google's parent company) rose despite early weakness.

Meme stocks like GameStop, AMC, and Koss soared due to speculation surrounding a potential return to social media by Keith Gill, the "Roaring Kitty" figure who ignited the meme-stock frenzy of 2021.

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