Market trades with minor gains; auto shares in demand

The domestic equity benchmarks traded with moderate gains in the afternoon session, buoyed by optimism over the ongoing June-quarter earnings season. However, profit booking at higher levels restricted further gains, with the Nifty trading above the 24,050 mark. Media shares extended gains for the second consecutive trading session.

At 14:30 IST, the S&P BSE Sensex advanced 94.15 points or 0.13% to 77,306.32. The Nifty 50 index added 19.65 points or 0.08% to 24,097.35.

In the broader market, the BSE 150 MidCap Index fell 0.38% and the BSE 250 SmallCap Index slipped 0.12%.

The market breadth was positive. On the BSE, 1,977 shares rose and 2,169 shares fell. A total of 221 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.95% to 12.88.

India-UK Pact:

The India?United Kingdom Comprehensive Economic and Trade Agreement (CETA), along with the Agreement on Social Security, also known as the Double Contribution Convention (DCC), formally entered into force yesterday, marking a major milestone in the economic partnership between the two countries.

In a post on social media, Union Minister of Commerce and Industry Piyush Goyal said that the entry into force of the India?UK Comprehensive Economic and Trade Agreement (CETA) and the Agreement on Social Security marks a defining milestone in India?UK relations. This provides zero-duty market access for nearly 99% of India?s exports and covering almost 100 per cent of trade value.

The Minister noted that the Agreement creates unprecedented opportunities for sectors including textiles, leather, gems and jewellery, engineering goods, marine products, chemicals and processed foods, while benefiting MSMEs, farmers and manufacturers. He further observed that the Agreement opens new opportunities for India?s IT, professional, financial, education and business services sectors and expands mobility for Indian talent.

Buzzing Index:

The Nifty Auto Index rose 0.55% to 26,792.85. The index rallied 0.92% in the two consecutive trading sessions.

Maruti Suzuki India (up 1.74%), Samvardhana Motherson International (up 1.69%), Mahindra & Mahindra (up 1.63%), Sona BLW Precision Forgings (up 1.61%), Hero MotoCorp (up 0.29%), Eicher Motors (up 0.13%) and Exide Industries (up 0.11%) advanced.

On the other hand, TVS Motor Company (down 1.45%), Ashok Leyland (down 1.12%) and Bosch (down 0.78%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.44% to 6.745 as compared with previous close 6.742.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 96.3300, compared with its close of 96.2500 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.31% to Rs 141,408.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.57% to 100.54.

The United States 10-year bond yield gained 0.57% to 4.571.

In the commodities market, Brent crude for September 2026 settlement shed 48 cents or 0.57% to $84.47 a barrel.

Stocks in Spotlight:

ITI slipped 1.18%. The company said it has received a work order worth Rs 856.39 crore from Bharat Sanchar Nigam (BSNL) for the expansion of the 4G mobile network in the West Zone.

Aurum PropTech's dropped 3.03%. The company said that its board has approved the acquisition of 100% of Locon Solutions, the owner of Housing.com, from REA India Pte. Ltd. through a share-swap transaction valued at Rs 458.06 crore.

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