Indices edge higher in early trade; breadth strong

The key equity benchmarks traded with modest gains in early trade. The Nifty traded above the 24,650 level. Barring the Nifty private bank index, all the other sectoral indices on the NSE traded in green.

At 09:30 IST, the barometer index, the S&P BSE Sensex, advanced 323.38 points or 0.40% to 81,471.60. The Nifty 50 index jumped 120.60 points or 0.49% to 24,698.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.85% and the S&P BSE Small-Cap index added 0.93%.

The market breadth was strong. On the BSE, 2,265 shares rose and 623 shares fell. A total of 114 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth 476.86 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,273.80 crore in the Indian equity market on 13 May 2025, provisional data showed.

IMD Monsoon Forecast:

The southwest monsoon is progressing as anticipated, having reached the Andaman Sea and parts of the southern Bay of Bengal. This marks the initial entry point for the southwest monsoon, according to the India Meteorological Department (IMD), Thiruvananthapuram. The IMD had forecast the onset of the monsoon for May 13, and it arrived on schedule. Over the next four to five days, it is expected to advance northward, covering additional areas of the Arabian Sea and Bay of Bengal and extending into the Andaman Islands and most parts of the Andaman Sea.

Stocks in Spotlight:

Tata Motors fell 1.51% after the company's consolidated net profit from continuing operations declined 51.74% to Rs 8,470 crore in Q4 FY25 as compared with Rs 17,552 crore in Q4 FY24. Revenue from operations increased 0.39% YoY to Rs 1,19,503 crore in Q4 FY25.

Siemens rose 3.69%. The company reported a 37.17% decline in consolidated net profit to Rs 407.9 crore in Q4 FY25 as compared with Rs 649.2 crore in Q4 FY24. Revenue from operations increased 2.57% YoY to Rs 4,259 crore in Q4 FY25.

GlaxoSmithKline Pharmaceuticals rallied 7.80% after the company's consolidated net profit jumped 35.17% to Rs 262.87 crore on a 4.79% jump in revenue from operations to Rs 974.37 crore in Q4 FY25 over Q4 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.26% to 6.364 compared with the previous close of 6.381.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.1950, compared with its close of 85.3600 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement shed 0.51% to Rs 93,175.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 100.91.

The United States 10-year bond yield shed 0.62% to 4.471.

In the commodities market, Brent crude for July 2025 settlement shed 34 cents, or 0.59% to $66.29 a barrel.

Global Markets:

Asian stocks traded mixed on Wednesday following a rebound in key Wall Street indices, driven by easing U.S.-China trade tensions and lower-than-expected inflation data.

Unemployment in South Korea dropped to 2.9% in April from the previous month, marking its fourth straight month of decline and its lowest point since November 2024. Meanwhile, the seasonally adjusted unemployment rate was 2.7% in April, down from 2.9% in March.

Data from the country's national statistics site revealed that the economically active population grew to 29.74 million people, up 0.6% year on year.

South Korea's labor force participation rate stood at 65.1% in April, up 0.1 percentage points year on year.

On Tuesday, the S&P 500 gained 0.7%, and the NASDAQ Composite advanced 1.6%. In contrast, the Dow Jones Industrial Average declined 0.6%.

The U.S. headline Consumer Price Index (CPI) rose 2.3% year-on-year in April, with a monthly increase of 0.2%. Core CPI, which excludes food and energy prices, also rose 0.2% month-on-month, indicating contained inflationary pressures.

The U.S. and China agreed to temporarily reduce tariffs for 90 days. The U.S. will lower its tariff on Chinese goods from 145% to 30%, while China will reduce its retaliatory tariff from 125% to 10%. Additionally, the U.S. will reduce tariffs on lower-value imports from China.

NVIDIA Corporation shares rose 5.6% after CEO Jensen Huang announced the sale of over 18,000 advanced AI chips to Humain, an artificial intelligence startup backed by Saudi Arabia's Public Investment Fund. The chips will support the development of a 500-megawatt data center in the region. The development may influence investor sentiment towards Asian semiconductor stocks.

Boeing Co. shares gained more than 2% after reports indicated that China has lifted a month-long ban on local airlines accepting deliveries of its aircraft.

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