Market near day`s high; Nifty above 17,600

The key equity indices traded near the day`s high with modest gains in the mid-afternoon trade. The Nifty traded above the 17,600 mark after the hitting the day`s low of 17,476.45 in the morning trade. Metal stocks rise for the third straight day.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 252.29 points or 0.43% to 59,018.88. The Nifty 50 index added 65.30 points or 0.37% to 17,608.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index advanced 0.62%.

The market breadth was positive. On the BSE, 1,979 shares rose and 1,390 shares fell. A total of 160 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper slipped to 7.239 as compared with 7.215 at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.7925, compared with its close of 79.565 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement rose 0.35% to Rs 50,245.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.24% to 109.43.

In the commodities market, Brent crude for November 2022 settlement advanced $2.81 or 3.04% at $95.17 a barrel.

Buzzing Index:

The Nifty Metal index rose 1.63% to 2,105.60, continuing its gaining streak to the third day. The index had advanced 3.16% in three trading sessions.

Among the components of the Nifty Metal index, Adani Enterprises (up 3.77%), Welspun Corp (up 2.7%), Hindustan Zinc (up 1.11%), APL Apollo Tubes (up 0.88%), JSW Steel (up 0.85%) Ratnamani Metals & Tubes (up 0.31%) and MOIL (up 0.06%) were the gainers.

On the other hand, Steel Authority of India (down 1.11%), Jindal Steel & Power (down 1%) and Hindalco Industries (down 0.95%) declined.

Stocks in Spotlight:

Tanla Platforms advanced 3.19% after the company said that its board will consider proposal for buyback of equity shares on Thursday, 8 September 2022.

SIS declined 0.07%. The company on Thursday announced that its subsidiary, SIS Australia Group Pty has signed share purchase agreement for acquisition of 85% shareholding in Safety Direct Solutions Pty for a cash consideration of AUD 5 million.

Natco Pharma slipped 0.41%. The company said that its board has approved a proposal to sell the investment of 15% of shareholding in joint limited liability company (JLLC) Nativita for 3.45 lakh euros to Pharmasyntez-Nord Joint Stock Company. Nativita is a company registered under the Companies Law of the Republic of Belarus.

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