Benchmarks trade with decent gains; European markets advance
Published on Sep 12, 2022 13:27
The domestic equity benchmarks continued to trade with decent gains in afternoon trade. The Nifty traded above the 17,950 mark. All the sectoral indices on the NSE were in the green with media, IT and realty stocks leading the rally. European and Asian markets traded in the green on Monday.
At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 392 points or 0.66% to 60,185.14. The Nifty 50 index gained 117.75 points or 0.66% to 17,951.10.
Adani Ports (up 3.20%), Tech Mahindra (up 2.34%), Axis Bank (up 2.20%), Eicher Motors (up 1.98%) and Divi`s Lab (up 1.88%) were the top Nifty gainers.
Coal India (down 2.99%), Shree Cement (down 1.28%), IndusInd Bank (down 0.56%), NTPC (down 0.51%) and Asian Paints (down 0.29%) were the top Nifty losers. In the broader market, the S&P BSE Mid-Cap index rose 0.67% while the S&P BSE Small-Cap index gained 0.99%.
The market breadth was strong. On the BSE, 2,186 shares rose and 1,322 shares fell. A total of 179 shares were unchanged.
Stocks in Spotlight:
Reliance Industries (RIL) rose 1.28%. RIL said that its wholly owned subsidiary Reliance Petroleum Retail has executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex). Reliance Petroleum Retail (under name change to 然eliance Polyester`) will be acquiring polyester business of SPL and SPTex for cash consideration of Rs 1,522 crore and Rs 70 crore, respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis.
Oil and Natural Gas Corporation (ONGC) shed 0.04%. ONGC has signed 6 contracts for Discovered Small Fields (DSF) in the Offshore under DSF-III bid round, with 3 each for fields in the Arabian Sea and Bay of Bengal. These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation Limited (IOCL). The company also signed 2 Contracts for Fields under Special CBM Bid round-2021 blocks in Jharkhand and Madhya Pradesh.
JSW Steel lost 0.20%. The steel major said that its standalone crude steel production for the month of August 2022 stood at 16.76 lakh tonnes, a growth of 22% YoY on standalone basis. The company`s crude steel production was 13.77 lakh tones in the same period last year. While the production of flat rolled product increased by 34% to 12.01 lakh tones, the production of long rolled product improved by 25% to 3.75 lakh tones in August 2022 over August 2021. The average capacity utilization was 87.4% during August 2022, mainly due to shortage of iron ore both in Karnataka and Odisha regions.
Engineers India advanced 2.59%. The company an order from Oil and Natural Gas Corporation (ONGC) on EPC Reimbursable basis for Rs 249 crore. The order includes restoration of gas terminal, Phase-1 at Hazira plant of ONGC. The contract is to be executed on EPC Reimbursable basis (open book brief estimate (OBE) model). The total estimated order value is Rs 249 crore and the time period for execution of the project is scheduled at 33 months.
Shares in Europe and Asia advanced across the board on Monday following the improved risk sentiment.
Mainland China, Hong Kong and South Korea markets are closed for a holiday today.
Global markets are gearing up for the latest reading of U.S. inflation, with the August data set to be released Tuesday.
The report is one of the last pieces of data on inflation the U.S. Federal Reserve will see ahead of its September meeting, where the central bank is expected to deliver its third consecutive 0.75 percentage point rate hike in an effort to combat high inflation.
Fed Chair Jerome Powell reiterated last week that he is �strongly committed� to bringing down inflation.
US stocks rallied on Friday as investors went on a buying spree, shrugging off concerns about the economic outlook.
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