Market drifts lower; breadth negative

The frontline indices traded with minor losses in early trade. Nifty traded below the 24,450 mark. pharma, realty and consumer durables shares declined while auto, FMCG and metal shares edged higher.

At 09:30 IST, the barometer index, the S&P BSE Sensex, shed 70.69 points or 0.09% to 80,726.15. The Nifty 50 index lost 12.80 points or 0.05% to 24,448.35.

In the broader market, the S&P BSE Mid-Cap index declined 0.27% and the S&P BSE Small-Cap index fell 0.36%.

The market breadth was negative. On the BSE, 1,144 shares rose and 1,629 shares fell. A total of 153 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth 497.79 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,788.66 crore in the Indian equity market on 5 May 2025, provisional data showed.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.11% to 18.54.

Stocks in Spotlight:

Computer Age Management Services (CAMS) slipped 1.43%. The company reported a 10.2% jump in consolidated net profit to Rs 114.02 crore in Q4 FY25 as compared with Rs 103.50 crore in Q4 FY24. Net sales increased 14.7 % YoY to Rs 356.17 crore in Q4 FY25.

Coforge advanced 3.88% after the company reported a 20.81% jump in consolidated net profit from continuing operations to Rs 305.9 crore in Q4 FY25 as compared with Rs 253.2 crore in Q3 FY25. Revenue from operations increased 4.66% QoQ to Rs 3,409.9 crore in Q4 FY25.

Indian Hotels declined 2.48%. The company's consolidated net profit jumped 25% to Rs 522.30 crore in Q4 FY25 as compared with Rs 417.76 crore in Q4 FY24. Net sales increased 27.3% YoY to Rs 2425.14 crore in Q4 FY25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.96% to 6.447 as compared with previous close 6.419.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.3350, compared with its close of 84.3000 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement added 1.44% to Rs 96,003.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 99.630.

The United States 10-year bond yield gained 0.46% to 4.365.

In the commodities market, Brent crude for July 2025 settlement added 91 cents, or 1.51% to $61.14 a barrel.

Global Markets:

Most Asian stocks ticked higher on Tuesday as investors sifted through the latest whispers on U.S. trade moves and a weakening dollar. Japan and South Korea, meanwhile, hit the snooze button for public holidays.

India may be angling for a tariff truce, reportedly floating a zero-duty deal on steel, auto parts, and pharma goodies'provided the favor is returned. Over in Malaysia, officials said the U.S. is game for more talks and might even consider trimming tariffs.

Adding to the optimism, U.S. Treasury Secretary Scott Bessent chimed in Monday, saying deals were 'very close''a tune President Trump had already been humming over the weekend.

Meanwhile, China's markets reopened post-Labor Day to a slightly more diplomatic mood between Washington and Beijing.

China's Caixin Services PMI clocked in at 50.7 for April'a seven-month low and a step down from March's 51.9. Still above the 50-mark (which separates growth from contraction), but just barely.

Across the Pacific, U.S. stocks dipped slightly on Monday as investors braced for the Federal Reserve's next move. Energy stocks led the decline, with Wall Street adopting a 'wait-and-see' stance amid shifting trade winds.

The Dow Jones edged down 0.24%, while the S&P 500 fell 0.64% and NASDAQ slipped 0.74%. Investors are eyeing the Fed's two-day policy meeting starting Tuesday, with an interest rate verdict expected Wednesday.

Oil majors Exxon Mobil and Chevron both took hits as crude prices tumbled to a four-year low. Blame it on OPEC+ deciding to pump more oil for the second month running.

Skechers USA shares sprinted up over 24% after the company agreed to a $9.4 billion buyout by 3G Capital. Berkshire Hathaway stumbled 5% after reporting a 14% drop in Q1 operating earnings.

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