Indices trade with minor gains; breadth strong
Published on Oct 12, 2022 09:32
The domestic equity benchmarks traded with decent gains in early trade as the bourses witnessed some modest buying in key index pivotals. The Nifty traded above the 17,000 mark. Barring the Nifty Media index, all the other sectoral indices on the NSE were in the green.
At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 230.34 points or 0.40% to 57,377.66. The Nifty 50 index added 68.60 points or 0.40% to 17,052.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.11% while the S&P BSE Small-Cap index added 0.31%.
The market breadth was strong. On the BSE, 1716 shares rose and 906 shares fell. A total of 108 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 4,612.67 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,430.76 crore in the Indian equity market on 11 October, provisional data showed.
The International Monetary Fund (IMF) on Tuesday cut its projection of India`s economic growth in 2022 to 6.8 per cent, as it joins other global agencies that have trimmed forecasts, as per figures released in the IMF`s October 2022 World Economic Outlook. The IMF had in July projected a gross domestic product (GDP) growth of 7.4 per cent for India in the fiscal year that started in April 2022. For the next year 2023, India has been projected to grow at 6%.
Stocks in Spotlight:
Tata Consultancy Services (TCS) rose 0.74%. TCS announced that it has enhanced its Quartz solution to enable central and commercial banks to support the entire lifecycle of Central Bank Digital Currency (CBDC) issuance, book-keeping and transactions.
Indian Railway Finance Corporation (IRFC) advanced 0.70%. IRFC signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd. (IIFCL) to strengthen cooperation in financing railway infrastructure projects with forward and backward linkages to Indian Railways sector.
Spandana Sphoorty Financial declined 1.14%. The meeting of the board of directors of the company is scheduled on 14 October 2022 to consider and approve fund raising by way of non- convertible debentures on a private placement basis.
Genesys International Corporation rose 1.71%. Genesys International Corporation has won a Rs 46 crore project for resurveying with modern technology using CORS Network, GNSS Receiver, and Aerial Systems from the Andhra Pradesh government.
Asian stocks are trading mostly lower on Wednesday amid concerns over the global economy. Investors are also waiting for inflation data from the U.S. due later this week.
Banks in China extended 2.47 trillion yuan ($344 billion) of new loans in September, compared with 1.25 trillion yuan in August, the country`s central bank said in a statement late Tuesday.
The Bank of Korea raised its policy rate to 3%, an increase of 50 basis points in line with expectations. Inflation in South Korea stood at 5.6% in September, above the central bank`s target.
The International Monetary Fund on Tuesday cut its global growth forecast for next year to 2.7%. The prediction is 0.2 percentage points lower than its July forecast, and suggests that 2023 will feel like a recession for millions around the world.
In US, the S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country`s bond market for just three more days adding to market jitters late in the session.
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