Market opens on firm note, breadth strong

The domestic equity benchmarks are trading on a firm note in the early trade on buying demand in index pivotal. Positive Asian stocks boosted the sentiment. The Nifty traded above the 17,680 mark. All the sectoral indices on the NSE were in the green with PSU bank, realty and consumer durables stocks gaining the most.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 312.28 points or 0.53% to 59,397.71. The Nifty 50 index gained 91.70 points or 0.52% to 17,696.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.62% while the S&P BSE Small-Cap index gained 0.72%.

The market breadth was strong. On the BSE, 2,044 shares rose and 569 shares fell. A total of 107 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 23.19 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 322.34 crore in the Indian equity market on 24 August, provisional data showed.

Stocks in Spotlight:

Wipro rose 0.58%. The IT major announced the appointment of Wagner Jesus as Country Head and Managing Director for operations in Brazil. Wagner joined Wipro three years prior, taking the lead of the non-financial business cluster.

Mahindra & Mahindra (M&M) added 0.52%. M&M announced that its listed subsidiary Mahindra Holidays & Resorts India has incorporated a wholly owned subsidiary, named Mahindra Holidays & Resorts Harihareshwar in Mumbai on 23 August 2022.

NHPC gained 1.91% while Bharat Electronics rose 0.80%. A Memorandum of Understanding (MoU) has been signed between NHPC and Bharat Electronics (BEL) for setting up of Giga Watt Scale Vertically Integrated Solar Manufacturing Unit.

Macrotech Developers rose 1.49%. The board of Macrotech Developers will meet on 29 August 2022 to seek approval for raising funds up to Rs. 250 crore in one or more tranches by issuing Non-Convertible Debentures.

Barbeque-Nation Hospitality gained 1.90%. Credit rating agency ICRA has upgraded credit rating for the bank facilities of the company. ICRA has upgraded credit rating for the bank facilities of Rs 15.50 crore of the company to A (stable) and for Rs 5 crore bank facilities the rating has been upgraded to A2+.

PSP Projects rallied 4.54% after the company said that it has been awarded the contracts worth Rs 247.35 crore (excluding GST) from Precast and Government segments. With receipt of the above, the total order inflow for the financial year 2022-23 till date amounts to Rs 1,344.24 crore.

Global Markets:

Asian stocks are trading higher on Thursday ahead of the Jackson Hole symposium kicking off stateside. Hong Kong`s morning session was canceled due to the issuance of a typhoon warning. In South Korea, the Bank of Korea raised its benchmark interest rate by 25 basis points to 2.50%.

Wall Street ended higher on Wednesday, lifted by gains in energy stocks and Intuit while investors awaited the US Federal Reserve`s Jackson Hole conference this week.

Investors are awaiting the three-day Jackson Hole economic symposium that starts Thursday with Federal Reserve Chair Jerome Powell slated to speak Friday morning. 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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