KEY INDICES TRADE WITH STRONG GAINS; MARKET BREADTH IN FAVOR OF BUYERS

The key equity indices traded with strong gains in early trade as the bourses witnessed across the board buying in key index pivotals. The Nifty was currently at the 19,550 level. Shares across sectors advanced with metals, banks, financials and IT stocks leading the charge.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 357.89 points or 0.55% to 65,791.19. The Nifty 50 index advanced 105.15 points or 0.54% to 19,549.15.

In the broader market, the S&P BSE Mid-Cap index added 0.81% while the S&P BSE Small-Cap index gained 0.66%.

The market breadth was strong. On the BSE, 2047 shares rose and 639 shares fell. A total of 97 shares were unchanged.

Stocks in Spotlight:

Ramkrishna Forgings rose 2.32%. The company has been awarded a business contract worth 17.2 million euros from a Eurasian customer in the farm equipment industry. The contract spans over four years, resulting in an annual contract value of approximately 4.31 million euros. The company will supply forged and machined components for transmission and engine parts.

Sprayking Agro Equipment added 2.84%. The company`s board has approved the issuance of 8,40,000 convertible warrants on a preferential basis to foreign investors, Nexpact and AG Dynamic Fund, at a price of Rs 207 per warrant, subject to regulatory approvals.

Torrent Pharmaceuticals advanced 0.79%. The company has received an establishment inspection report (EIR) from the US FDA for its manufacturing facility in Dahej, Gujarat. The inspection conducted by the regulator from 17 May 2023 to 25 May 2023 has been successfully closed.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper declined 0.17% to 7.182 from its previous close of 7.194.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.4800, compared with its close of 82.7200 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement fell 0.03% to Rs 58,800.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.03% to 103.39.

The United States 10-year bond yield advanced 0.28% to 4.212.

In the commodities market, Brent crude for October 2023 settlement lost 27 cents or 0.32% to $82.94 a barrel.

Global Markets:

The US Dow Jones index futures were up 29 points, indicating a positive opening in the US stocks today.

Asian stocks rose on Thursday, driven by technology stocks gaining on Nvidia Corp`s better-than-expected quarterly earnings. However, concerns over China and high interest rates restricted market gains.

U.S. stocks surged on Wednesday, driven by Nvidia`s strong quarterly earnings and positive after-hours trading for tech companies like Microsoft. Investors were hopeful that Nvidia`s performance would further boost the rally in tech stocks.

The slight decline in 10-year U.S. Treasury yields and weak business activity data from the U.S. and eurozone also contributed to the market. Investors are eagerly awaiting comments from U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole conference for insights into interest rates. The Dow Jones rose 0.54%, the S&P 500 gained 1.10%, and the Nasdaq Composite added 1.59%.

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