Market Commentary     26-Mar-24
Market opens lower in early trade; breadth positive
The key equity benchmarks traded with limited losses in early trade. The Nifty traded below the 22,100 mark. Barring Metal index all the other sectoral indices on the NSE were traded in red.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 164.67 points or 0.23% to 72,667.27. The Nifty 50 index declined 43.60 points or 0.20% to 22,053.15.

In the broader market, the S&P BSE Mid-Cap index added 0.02% while the S&P BSE Small-Cap index fell 0.14%.

The market breadth was positive. On the BSE, 1,580 shares rose and 1,400 shares fell. A total of 204 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,309.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,764.87 crore in the Indian equity market on 22 March, provisional data showed.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.03% to 7.089 from previous close of 7.087.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3450, compared with its close of 81.6150 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement declined 0.20% to Rs 65,893.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.22% to 102.24.

The United States 10-year bond yield fell 0.28% to 4.239.

In the commodities market, Brent crude for May 2024 settlement dropped 2 cents or 0.02% to $86.75 a barrel.

Stocks in Spotlight:

Adani Ports and Special Economic Zone rose 1.26% after the company has entered into a definitive agreement to acquire 95% stake of Gopalpur Ports Limited (GPL) from the existing shareholders [about 56% stake from SP Port Maintenance Private Limited (SP Group) and about 39% stake from Orissa Stevedores Limited (OSL)] of GPL. The equity consideration for 95% stake is Rs. 1,349 crore, with an enterprise value of Rs. 3,080 crore.

Bharti Airtel fell 0.94%. Bharti Hexacom, a subsidiary of the company, is launching an initial public offering (IPO) to allow existing shareholder TCIL to sell a portion of its holdings. Telecommunications Consultants India (TCIL) will offload 15% stake through offer for sale.

Ultratech Cement declined 0.48%. The company said that it has commissioned 1 million ton per annum (MTPA) brownfield cement capacity at Roorkee, Uttarakhand taking the unit’s capacity to 2.1 MTPA.

Global Market:

Asian stocks traded mixed as anticipation of more key economic readings this week kept sentiment on edge.

U.S. stocks took a breather on Monday amid speculation the Federal Reserve will be able to cut interest rates as soon as June.

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