Indices nudge higher in early trade; Nifty above 24,400

The domestic equity benchmarks traded with moderate gains in early trade. Nifty traded above 24,400 level. Oil & gas, FMCG and IT shares advanced, while private bank, realty and PSU bank stocks traded lower.

At 09:30 IST, the barometer index, the S&P BSE Sensex, advanced 197.33 points or 0.25% to 80,699.32. The Nifty 50 index rose 73.15 points or 0.30% to 24,419.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.59% and the S&P BSE Small-Cap index added 0.25%.

The market breadth was positive. On the BSE, 1,761 shares rose and 1,208 shares fell. A total of 183 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth 2,769.81 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,290.49 crore in the Indian equity market on 2 May 2025, provisional data showed.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 1.98% to 18.62.

Economy:

India's foreign exchange reserves (Forex) rose by USD 1.983 billion to USD 688.129 billion in the week that ended on April 25, extending gains for the eighth straight week, official data released by the Reserve Bank of India (RBI) this week showed.

The RBI data shows that foreign currency assets (FCAs) witnessed an uptick of USD 2.168 billion reaching at USD 580.663 billion.

In the reported week, the gold reserves with the RBI declined by USD 207 million, standing at USD 84.365 billion.

The Special Drawing Rights (SDRs), which are kept with the International Monetary Fund (IMF), witnessed a rise reaching USD 18.589 billion, up USD 21 million in the reporting week.

India's foreign exchange reserves rose USD 8.310 billion to USD 686.145 billion in the week that ended on April 18.

Stocks in Spotlight:

Kotak Mahindra Bank dropped 4.74% after the bank's standalone net profit fell 14.07% to Rs 3,551.74 crore in Q4 FY25 as against Rs 4,133.30 crore posted in Q4 FY24. However, total income rose 9.33% year on year (YoY) to Rs 16,712.23 crore in the quarter ended 31 March 2025.

Marico jumped 4.23% after the company reported a 7.86% jump in consolidated net profit to Rs 343 crore in Q4 FY25 as compared with Rs 318 crore in Q4 FY24. Revenue from operations increased 19.84% to Rs 2,730 crore during the quarter as compared with Rs 2,278 crore in Q4 FY24, with underlying volume growth of 7% in the India business and constant currency growth of 16% in the international business.

State Bank of India (SBI) slipped after bank's standalone net profit declined by 9.93% year-on-year (YoY) to Rs 18,642.59 crore in Q4 FY25, compared to Rs 20,698.35 crore reported in Q4 FY24. However, total income increased 12.04% YoY to Rs 1,43,876.06 crore in the quarter ended 31 March 2025.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.50% to 6.445 as compared with previous close 6.350.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.2700, compared with its close of 84.5700 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement added 0.39% to Rs 93,000.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.28% to 99.560.

The United States 10-year bond yield shed 0.05% to 4.318.

In the commodities market, Brent crude for July 2025 settlement dropped $2.22, or 3.62% to $59.07 a barrel.

Global Markets:

The US Dow Jones index futures were currently down by 271 points, signaling a negative opening for US stocks today.

Asian stocks were mixed on Monday as investors remained cautious ahead of potential U.S.-China trade negotiations and the upcoming U.S. Federal Reserve policy meeting later in the week.

China stated last week that it is considering trade discussions with the United States, emphasizing that any talks must be based on mutual sincerity and the removal of unilateral tariffs. This statement followed recent U.S. comments indicating a willingness to resume negotiations.

Markets in Japan, South Korea, Hong Kong, and China were closed due to public holidays.

In the United States, equities closed higher on Friday, supported by gains in the financial, industrial, and oil and gas sectors. The Dow Jones Industrial Average rose by 1.39%, the S&P 500 gained 1.47%, and the NASDAQ Composite advanced 1.51%.

Apple Inc. shares declined by over 3% following the company's announcement of approximately $900 million in expected tariff-related costs for the upcoming quarter. Although Apple reported fiscal second-quarter earnings that exceeded expectations'driven by stronger-than-anticipated iPhone sales'concerns over tariffs tempered investor sentiment.

Amazon stock ended marginally lower after the company issued softer guidance for the current quarter and reported slower growth in its cloud computing division.

U.S. nonfarm payrolls increased by 177,000 in the previous month, exceeding expectations and suggesting continued strength in the labor market despite trade policy uncertainties. This followed a downwardly revised gain of 185,000 in March. The unemployment rate remained steady at 4.2%, while average hourly earnings rose by 0.2%, down slightly from the previous month's 0.3% increase.

The Federal Reserve is set to begin its two-day policy meeting on Tuesday. It is widely expected to keep interest rates unchanged amid global economic uncertainty. Fed Chair Jerome Powell recently indicated a cautious stance, citing inflation concerns linked to trade tariffs, despite calls from President Donald Trump and Treasury Secretary Scott Bessent to reduce policy rates.

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