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Indices nudge higher in early trade; breadth strong

Published on Sep 02, 2022 09:33

The benchmark indices are trading with small gains in the early trade. The Nifty traded above the 17,550 mark. FMCG, healthcare and pharma shares saw buying demand while PSU bank, metal and oil & gas stocks corrected. Asian stocks are trading mixed.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 81.04 points or 0.14% to 58,847.63. The Nifty 50 index added 28.95 points or 0.17% to 17,571.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.38% while the S&P BSE Small-Cap index advanced 0.33%.

The market breadth was strong. On the BSE, 1,850 shares rose and 855 shares fell. A total of 124 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,290.31 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 951.13 crore in the Indian equity market on 1 September, provisional data showed.

Stocks in Spotlight:

Birla Corporation rose 0.70%. The company has permanently closed the manufacturing establishment at its unit namely, Auto Trim Division, Gurgaon situated at Village- Nawada, Fatehpur, Gurgaon with effect from 1 September 2022.

Eicher Motors rose 0.98%. Eicher Motors` total motorcycles (Royal Enfield) sales soared 53% to 70,112 units in August 2022 as against 45,860 units sold in the same period last year.

Aurobindo Pharma advanced 1.89%. The board of directors of 100% subsidiary company, CuraTeO Biologics Pvt. Ltd. (CuraTeQ) decided to expand its operations by establishing another mammalian cell culture manufacturing facility of higher capacity to cater to the future requirements. The board also decided to enter into contract manufacturing operations (CMO) for biologicals for effective utilization of capacities and augmenting the business prospects in this area.

Global markets:

Asian stocks were trading mixed on Friday as investors look ahead to the U.S. jobs report for August, a key indicator before the Federal Reserve`s next interest rate decision later this month.

The Dow Jones Industrial Average and the S&P 500 ended the first day of September on a high note as traders looked forward to the jobs report Friday.

US manufacturing grew steadily in August but factory activity in China, the euro zone and Britain fell as Russia`s war in Ukraine and China`s zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday. The Institute for Supply Management (ISM) said on Thursday that its index of US factory activity was unchanged at 52.8 last month, although that is still the lowest reading since June 2020.

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