Indices edged higher amid positive global cues

The key equity benchmarks traded with decent gains in early trade amid positive global cues. The Nifty traded above the 17,900 mark. Barring the Nifty Consumer Durables index, all the other sectoral indices on the NSE were in the green.

At 09:23 IST, the barometer index, the S&P BSE Sensex, was up 324.89 points or 0.54% to 60,225.26. The Nifty 50 index added 104.25 points or 0.58% to 17,963.70.

In the broader market, the S&P BSE Mid-Cap index gained 0.74% while the S&P BSE Small-Cap index added 0.78%.

The market breadth was strong. On the BSE, 2,144 shares rose and 484 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,902.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,083.17 crore in the Indian equity market on 6 January, provisional data showed.

Stocks in Spotlight:

Titan Company slipped 1.41%. Titan Company in its quarterly update for Q3FY23 said that the healthy consumer demand spurred by a vibrant festive season resulted in about 12% growth in combined sales YoY across company's standalone businesses.

Tata Steel rose 1.60%. On a provisional basis, Tata Steel India crude steel production stood at 5 million tons and was up 4% on YoY and QoQ basis in 3QFY23. Deliveries stood at 4.73 million tons and were up 7% YoY primarily driven by 11% growth in domestic deliveries, which also led to improvement in product mix.

HCL Technologies rose 0.91%. HCL Technologies announced that The ODP Corporation (ODP), a leading provider of products, services and technology solutions through an integrated business-to-business (B2B) distribution platform and omnichannel presence, has selected the company as its primary IT partner.

Global markets:

Asian stocks are trading higher as Hong Kong and mainland China resumed quarantine-free travel over the weekend, signaling the end of zero-Covid policy which kept borders effectively closed for nearly three years.

Wall Street's main indices advanced on Friday after December payrolls expanded more than expected even as wage increases slowed and services activity contracted, easing worries about the Federal Reserve's interest rate hiking path.

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