Market opens on a firm note; breadth strong
Published on Sep 20, 2022 09:28
The key equity benchmarks are trading with strong gains in early trade amid postive global cues. The Nifty traded above the 17,800 mark. All the sectoral indices on the NSE were in the green.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 650.2 points or 1.10% to 59,791.43. The Nifty 50 index added 204.75 points or 1.16% to 17,827.
In the broader market, the S&P BSE Mid-Cap index rose 1.10% while the S&P BSE Small-Cap index rose 1.12%
The market breadth was strong. On the BSE, 2277 shares rose and 640 shares fell. A total of 91 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 312.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 94.68 crore in the Indian equity market on 20 September, provisional data showed.
Stocks in Spotlight:
Adani Enterprises rose 1.14%. The company has raised Rs. 100 crore by allotment of 1,000 Rated, Listed, Secured, Redeemable, Principal Protected Market Linked Non-Convertible Debentures (MLD) of the face value of Rs. 10,00,000/- each on private placement basis.
CEAT declined 2.24%. The board of directors of CEAT has allotted Non-Convertible Debentures (NCDs) on a private placement basis aggregating to Rs 150 crore.
Bombay Dyeing & Manufacturing Company jumped 4.77%. A meeting of the board of directors of the company will be held on 22 September 2022, to consider proposal of raising of funds by issue of equity shares by way of a rights issue to the eligible equity shareholders of the company.
Asian stocks are trading higher Tuesday as Japan`s inflation accelerated and China kept its loan prime rate on hold.
Core consumer prices in Japan rose 2.8% in August from a year ago, government data showed. That`s the fastest growth in nearly eight years, and the fifth consecutive month where inflation has exceeded the central bank`s target of 2%.
The People`s Bank of China kept its one-year and five-year loan prime rates (LPR) unchanged, in line with predictions. The one-year loan prime rate remains at 3.65%, and the five-year rate closely tied to home mortgages stands at 4.3%.
US stocks ended higher on Monday, as investors turned their attention to this week`s policy meeting at the Federal Reserve and how aggressively it will hike interest rates.
Investors prepared for an important week, lined up with 13 central bank meetings, with expectations of interest rates rising globally and an ultra-hawkish monetary tightening by the US Fed`s meeting on Wednesday, followed by the Bank of Japan and Bank of England on the next day.
Traders are anticipating another sharp rate hike, third consecutive, from the US central bank to tame the rising inflation. The Bank of Japan is expected to keep rates on hold at ultra-low levels, as per reports.
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