The domestic equity benchmarks traded with limited gains in early trade. The Nifty traded above 22,400 level. Barring the Nifty FMCG index, all the other sectoral indices on the NSE were traded in green.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 154.88 points or 0.21% to 73,893.33 . The Nifty 50 index added 38.30 points or 0.17% to 22,406.30.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index rose 0.64% and the S&P BSE Small-Cap index added 0.90%.

The market breadth was strong. On the BSE, 2,180 shares rose and 542 shares fell. A total of 93 shares were unchanged.

Volatility may zoom as traders roll over positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire tomorrow, 25 April 2024.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,044.54 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,918.94 crore in the Indian equity market on 23 April, provisional data showed.

Stocks in Spotlight:

Tata Consumer Products declined 3.19% after the company's consolidated net profit declined 19.35% to Rs 216.63 crore in Q4 FY24 as compared with Rs 268.59 crore recorded in Q4 FY23. Revenue from operations rose 8.52% year on year (YoY) to Rs 3,926.94 crore in March 2024 quarter.

Tata Elxsi fell 4.64% after The company's net profit declined 2.3% to Rs 196.9 crore in Q4 FY24 as compared with Rs 201.5 crore recorded in Q4 FY23. Revenue from operations rose 8.1% year on year (YoY) to Rs 905.9 crore in March 2024 quarter from Rs 837.9 crore in March 2023 quarter.

Shakti Pumps (India) slipped 4.02%. The company said that it has invested Rs 5.08 crore in its wholly owned subsidiary, Shakti EV Mobility by subscribing to equity shares.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.01% to 7.166 as compared with previous close 7.167.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.2925, compared with its close of 83.3150 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.06% to Rs 71,078.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 105.66.

The United States 10-year bond yield jumped 0.44% to 4.619.

Global Markets:

Asian stocks advanced on Wednesday following Wall Street’s continued rally for a second straight day.

U.S stock indexes climbed for a second straight session on Tuesday as a strong batch of corporate earnings assuaged concerns over higher rates.