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Indices spurt in early trade on upbeat global cues, breadth strong

Published on Aug 26, 2022 09:30

The benchmark indices are trading with strong gains in the early trade on buying demand in index pivotals. The Nifty traded above the 17,650 mark. All the sectoral indices on the NSE were in the green with metal, IT and consumer durables stocks gaining the most. Positive global cues boosted the sentiment.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 486.77 points or 0.83% to 59,261.49. The Nifty 50 index gained 141.30 points or 0.81% to 17,663.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.82% while the S&P BSE Small-Cap index gained 0.87%.

The market breadth was strong. On the BSE, 2,109 shares rose and 526 shares fell. A total of 102 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 369.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 334.31 crore in the Indian equity market on 25 August, provisional data showed.

Stocks in Spotlight:

HDFC Bank gained 1.13%. The private lender announced that it has entered into an indicative and non-binding term sheet with Go Digit Life Insurance (Company) which summarizes the principal terms of a proposed investment, by HDFC Bank in Go Digit Life Insurance, of an amount between Rs 49.9 crore to Rs 69.9 crore, in two tranches, by subscribing to equity shares of the Company, for an equity stake of up to 9.944% of the paid up equity share capital of the Company. The Company proposes to carry out life insurance business in India, subject to grant of certificate of registration by Insurance Regulatory and Development Authority of India.

Dr. Reddy`s Laboratories rose 0.25%. The company has received the Establishment Inspection Report (EIR) from the United States Food & Drug Administration (USFDA) for its formulations manufacturing facility in Srikakulam, Andhra Pradesh. The Agency has concluded that the inspection is "closed".

Goa Carbon rallied 4.39% after the company said that the operations at the company`s Bilaspur Unit has resumed. After preliminary heat up and commencement of feeding of raw material, normal production is likely to resume shortly.

Nelco hit an upper circuit limit of 10%. Intelsat announced the beginning of Intelsat`s inflight connectivity services in Indian skies through an agreement with Nelco. Intelsat`s airline partners and flyers will enjoy end-to-end broadband coverage on domestic and international aircraft flying to or from an Indian airport, as well as aircraft flying over the country.

Inox Wind Energy tumbled 8.53%. The heavy electrical equipment company said that the meeting of the board of directors of the company is scheduled on 30 August 2022 to consider and approve fund raising and other business matters.

Global Markets:

Asian stocks are trading higher on Friday as investors look ahead to Fed Chair Jerome Powell`s speech at Jackson Hole later stateside.

Wall Street ended sharply higher on Thursday, lifted by gains in Nvidia and other technology-related stocks as investors focused on the Federal Reserve`s Jackson Hole conference for clues about the central bank`s policy outlook.

Investors are awaiting the Jackson Hole economic symposium with Federal Reserve Chair Jerome Powell slated to speak Friday. Fed watchers expect him to reinforce the central bank`s goal of squashing inflation and keeping expectations about future price gains in check.

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