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Market drifts higher in early trade; Nifty above 22,700 level

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The key benchmark indices traded with moderate gains in early trade. The Nifty traded above 22,700 level. Metal, Oil& gas and realty shares advanced while pharma, IT and healthcare stocks declined.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 258.85 points or 0.35% to 74,945.76. The Nifty 50 index added 71.10 points or 0.31% to 22,713.85.
In the broader market, The S&P BSE Mid-Cap index rose 0.47% and the S&P BSE Small-Cap index added 0.19%.
The market breadth was positive. On the BSE, 1,566 shares rose and 1,187 shares fell. A total of 91 shares were unchanged.
The domestic market will remain closed on 11 April 2024, on account of Ramadan Eid.
Foreign portfolio investors (FPIs) sold shares worth Rs 593.20 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,257.18 crore in the Indian equity market on 9 April, provisional data showed.
Stocks in Spotlight:
Avenue Supermarts added 1.90% after the company has opened a new store at Vaishnavi Sapphire Mall, Bengaluru (Karnataka). The total number of stores as on date stands at 366.
Lupin rose 1.62% after the pharma major said that it has received an approval from US Food and Drug Administration (USFDA) to launch first generic version of Oracea (Doxycycline capsules, 40 mg) in the United States.
PB Fintech rallied 4.66% after the wholly-owned subsidiary of the company by the name of PB Pay has been incorporated vide Certificate of Incorporation issued by Registrar of Companies, Central Registration Centre, Ministry of Corporate Affairs dated 9 April 2024.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.39% to 7.126 as compared with previous close 7.154.
In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.1750, compared with its close of 83.3150 during the previous trading session.
MCX Gold futures for 5 April 2024 settlement rose 0.16% to Rs 71,451.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was shed 0.03% to 104.12.
The United States 10-year bond yield fell by 0.21% to 4.355.
In the commodities market, Brent crude for May 2024 settlement added 5 cents or 0.06% to $ 89.47 a barrel.
Global Markets:
Asian stocks traded mixed on Wednesday as of Japans corporate inflation climbed in March and rate decisions are assessed from New Zealand and Thailands central banks.
South Koreas markets are closed Wednesday, as the country heads to the polls to elect its next parliament. Japans corporate goods price index rose 0.8% in March from a year ago, accelerating from the revised 0.7% increase in February.
U.S. stock indexes ended nearly flat on Tuesday, pressured by financial-sector stocks as investors awaited a key inflation reading and braced for major banks to kick off earnings-reporting season later this week. The widely watched report on March's consumer-price index is due on Wednesday.
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First Published: Apr 10 2024 | 9:38 AM IST

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