Barometers trade with strong gains; strong market breadth
Published on Sep 08, 2022 09:29
The domestic equity benchmarks edged higher in early trade amid across the board buying in index pivotals. The Nifty traded above the 17,750 mark. Markets in Asia traded mostly higher today.
At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 546.94 points or 0.93% to 59,575.85. The Nifty 50 index added 149.40 points or 0.85% to 17,773.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.56% while the S&P BSE Small-Cap index advanced 0.90%.
The market breadth was strong. On the BSE, 2169 shares rose and 552 shares fell. A total of 94 shares were unchanged.
Stocks in Spotlight:
Zydus Lifesciences was down 0.06%. The company announced that it has achieved a positive Proof-of-Concept in its Phase 2 clinical study of ZYIL1, in patients with Cryopyrin Associated Periodic Syndrome (CAPS).
Interglobe Aviation fell 2.92%. Rakesh Gangwal, co-founder of IndiGo will sell up to a 2.8% stake in Interglobe Aviation through a block deal that will fetch him at least $250 million, as per reports.
Ramkrishna Forgings advanced 2.77%. The board of Ramkrishna Forgings will meet on 12 September 2022 to consider proposal for fund raising by way of issue of equity shares/ preference shares/warrants/ any other securities, including through preferential issue on a private placement basis or any other methods or combination thereof.
Asian stocks are trading mixed following Wall Street`s solid rebound rally overnight.
Japan`s economy grew more than initially reported in the second quarter, as the lifting of local Covid-19 restrictions boosted consumer and business spending. Gross domestic product (GDP) in the world`s third-largest economy expanded an annualised 3.5% in the second quarter, stronger than the preliminary estimate of annualised 2.2% growth, government data showed Thursday.
US stock indexes climbed the most in roughly a month as bond yields eased, with investors shrugging off hawkish remarks made by Federal Reserve officials on Wednesday.
Stocks rallied as Fed Vice Chair Lael Brainard reaffirmed that the central bank would do what it takes to stifle inflation, while also noting the risks of going too far.
On Wednesday, the Federal Reserve gave its summary on current economic conditions, known as the Beige Book. The report showed that economic activity was little changed in many regions across the U.S., and that growth outlooks remain weak.
Investors will also be closely watching Federal Reserve Chair Jerome Powell`s speech Thursday as markets brace for another 75 basis-point hike later this month.
Meanwhile, the European Central Bank is expected to make its next move on interest rates on Thursday. The ECB is expected to deliver its first-ever 75 basis point interest rate increase, as per reports.
Oil prices settled sharply lower on Wednesday, slumping below levels seen prior to Russia`s invasion of Ukraine as downbeat Chinese trade data fed investor worries about recession risks. Brent crude futures settled down $4.83 to $88 a barrel, falling below $90 a barrel for the first since February 8.
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