Broader market outperforms; market breadth in favor of bulls
Published on Oct 06, 2022 09:24
The key equity indices traded with decent gains in early trade as the bourses witnessed some modest buying in key index pivotals. The Nifty traded above the 17,350 mark. Metal, auto and realty shares advancing while FMCG stocks recorded some bit of selling pressure
At 09:21 IST, the barometer index, the S&P BSE Sensex, was up 303.98 points or 0.52% to 58,369.45. The Nifty 50 index added 106.15 points or 0.61% to 17,380.45.
Hindalco (up 2.27%), Larsen & Toubro (up 1.93%), JSW Steel (up 1.76%), Coal India (up 1.66%) and HCL Tech (up 1.61%) were the top Nifty gainers.
In the broader market, the S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index gained 0.74%.
The market breadth was strong. On the BSE, 2039 shares rose and 546 shares fell. A total of 97 shares were unchanged.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.74%. RIL said that Jio has announced the Beta trial of its True-5G services on Dussehra for Jio users in 4 cities - Mumbai, Delhi, Kolkata, and Varanasi. The customers of Jio True 5G welcome offer will get Unlimited 5G data with up to 1 Gbps+ speeds.
Jubilant Foodworks advanced 2.22%. Jubilant Foodworks Netherlands B.V. (JFN), wholly owned subsidiary of the company has increased its stake in DP Eurasia N.V. (DPEU) through various on-market purchases. 63,53,138 ordinary shares of DP Eurasia were acquired through various on-market purchases for a total consideration of GBP 28,73,328.
JSW Energy gained 2.17%. JSW Neo Energy (JSWNEL), a 100% subsidiary of the company, has entered into a memorandum of understanding with the Government of Maharashtra for setting up a 960 MW capacity of hydro pumped storage project viz. Pane (Raigarh) Pumped Storage Project, in the State of Maharashtra.
Asian stocks are trading mixed on Thursday after Wall Street`s two-day rally fizzled. Mainland China markets are closed for a holiday this week.
Wall Street stocks closed lower on Wednesday after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer. Fed officials have insisted on aggressive rate tightening to battle inflation, a message the market has feared would lead to a hard landing and likely recession.
The U.S. trade deficit fell slightly more than expected in August to its lowest level in more than a year, the Bureau of Economic Analysis reported Wednesday. The trade shortfall declined to $67.4 billion, a $3.1 billion drop from the previous month. In March 2022, the deficit had hit a record $106.9 billion.
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