Market opens on firm note, breadth strong

The benchmark indices are trading with strong gains in the early trade on buying demand in index pivotals. The Nifty traded above the 17,450 mark. All the sectoral indices on the NSE were trading in the green. Asian stocks are trading mixed.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 439.4 points or 0.76% to 58,412.02. The Nifty 50 index added 143.10 points or 0.83% to 17,456.

In the broader market, the S&P BSE Mid-Cap index rose 1.01% while the S&P BSE Small-Cap index advanced 1.17%.

The market breadth was strong. On the BSE, 2,205 shares rose and 469 shares fell. A total of 92 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 561.22 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 144.08 crore in the Indian equity market on 29 August, provisional data showed.

Stocks in Spotlight:

Mahindra & Mahindra rose 0.81% after the company said that Mahindra Electric Mobility (MEML) has launched its all-new cargo electric three-wheeler - Zor Grand. The premium product from Mahindra is priced starting at Rs 3.60 lakh, ex-showroom Bangalore.

Krishna Institute of Medical Sciences (KIMS) advanced 2.73%. The company has entered into a definitive agreement to acquire a majority stake (51%) in M/s SPANV Medisearch Lifesciences Private Limited, Nagpur, which is running a Multi-Speciality Hospital in the name of `Kingsway Hospitals`, having over 300+ beds. Existing promoters and shareholders will continue to hold a balance 49% stake. Post-acquisition, the hospital will be renamed `KIMS Kingsway Hospitals`.

UGRO Capital rose 2.19%. The Investment and Borrowing Committee of the Board of Directors of the Company has made an allotment of 50000 Rated, Unsubordinated, Unlisted, Secured Transferable, Redeemable Non-Convertible Debentures having face value of Rs 10,000 each, through private placement.

Global markets:

Asian stocks were trading mixed on Tuesday after sharp falls to start the week following Fed Chair Jerome Powell`s hawkish speech in Jackson Hole.

Japan`s jobless rate was unchanged at 2.6% in July, in line with expectations and flat for the third consecutive month, according to official data.

US stocks closed lower on Monday, adding to last week`s sharp losses on nagging concerns about the Federal Reserve`s determination to aggressively hike interest rates to fight inflation even as the economy slows.

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