At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 66.64 points or 0.09% to 73,961.04. The Nifty 50 index added 34.45 points or 0.15% to 22,477.15.
In the broader market, the S&P BSE Mid-Cap index fell 0.04% and the S&P BSE Small-Cap index lost 0.43%.
The market breadth was negative. On the BSE, 1,344 shares rose and 1,511 shares fell. A total of 101 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,168.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 781.39 crore in the Indian equity market on 6 May 2024, provisional data showed.
Politics:
On 7 May 2024, the Lok Sabha elections will enter their third phase with voting in 96 parliamentary constituencies across 12 states such as Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh, and West Bengal. The BJP is seeking a third consecutive term, facing opposition from a coalition named the Indian National Developmental Inclusive Alliance (INDIA), which includes the Congress party. This round is part of a seven-phase election process running from April 19 to June 1, with the final election results scheduled to be revealed on June 4.
Stocks in Spotlight:
Lupin slipped 4.14%. The pharma major?s consolidated net profit surged 52.33% to Rs 359.43 crore in the quarter ended March 2024 as against Rs 235.96 crore during the previous quarter ended March 2023. Sales jumped by 13.04% to Rs 4,895.11 crore in the quarter ended March 2024 as against Rs 4330.30 crore during the previous quarter ended March 2023.
Godrej Consumer Products rallied 6.90%. The company reported consolidated net loss of Rs 1,893.21 crore in the quarter ended March 2024 as against net profit of Rs 452.14 crore during the previous quarter ended March 2023. Sales rose 6.08% to Rs 3,365.11 crore in the quarter ended March 2024 as against Rs 3,172.21 crore during the previous quarter ended March 2023.
Gujarat Gas shed 0.37%. The company?s consolidated net profit jumped 10.79% to Rs 410.48 crore in Q4 FY24 as against Rs 370.50 recorded in Q4 FY23. Sales rose 5.23% to Rs 4134.18 crore in the quarter ended March 2024 as against Rs 3928.57 crore during the previous quarter ended March 2023.
Numbers to Track:
The yield on India's 10-year benchmark federal rose 0.06% to 7.112 as compared with previous close 7.108.
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 83.5200 during the previous trading session.
MCX Gold futures for 5 June 2024 settlement shed 0.01% to Rs 71,360.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.13% to 105.18.
The United States 10-year bond yield lost 0.04% to 4.485.
In the commodities market, Brent crude for July 2024 settlement gained 24 cents or 0.29% to $ 83.57 a barrel.
Global Markets:
Most of the Asian stocks advanced on Tuesday, fueled by continued optimism that U.S. interest rates will eventually decline. Indexes in Japan and South Korea led the gains, catching up to previous advances in other markets. Later in the day, the Reserve Bank of Australia meeting will be a key focus, with analysts expecting the central bank to maintain interest rates but adopt a more hawkish stance.
The positive sentiment stemmed from Wall Street's performance on Monday, particularly the technology sector's rise after a string of strong first-quarter earnings reports. U.S. stocks closed higher overall, buoyed by the expectation of a Federal Reserve interest rate cut later this year. The Dow Jones Industrial Average gained 0.5%, the S&P 500 rose 1%, and the Nasdaq Composite climbed 1.2%.
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