Market opens on firm note, breadth strong
Published on Sep 09, 2022 09:32
The domestic equity benchmarks are trading with modest gains in the early trade on buying demand in index pivotals. Positive Asian stocks boosted the investors sentiment. The Nifty traded above the 17,850 mark. All the sectoral indices on the NSE were in the green with metal, bank and FMCG stocks gaining the most.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 300.89 points or 0.50% to 59,989.11. The Nifty 50 index gained 92.15 points or 0.52% to 17,890.90.
In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.63%.
The market breadth was strong. On the BSE, 2,054 shares rose and 700 shares fell. A total of 117 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,913.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 212.61 crore in the Indian equity market on 8 September, provisional data showed.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) rose 0.44%. M&M took the wraps off the fun and fast XUV400 electric SUV on the eve of World EV Day, for personal car buyers looking to embrace the future. Test drives will begin from December 2022 and bookings will commence from first week of January 2023 at both Mahindra dealerships as well as online. Deliveries of the XUV400 are scheduled to begin from end of January 2023.
PNC Infratech advanced 3.43% after the company informed signing of concession agreement between National Highways Authority of India and the Special Purpose Vehicle incorporated by the company for implementation of the following Hybrid Annuity Mode (HAM) Project Package.
Capital India Finance declined 1.74%. The company approved providing corporate guarantee for an amount not exceeding Rs 30 crore in favour of National Housing Bank (`NHB`) for securing the refinance facility to be availed by Capital India Home Loans, a material subsidiary of the company.
GMR Power and Urban Infra gained 1.25% GMR Warora Energy a stepdown subsidiary of GMR Power and Urban Infra, has entered into definitive agreements with its lenders to restructure its debt by way of Resolution Plan (RP).
3i Infotech added 2.66% after the company announced the launch of NuRe 3i+ powered by Oracle, a first-ever Zero Trust Sovereign Cloud in Malaysia, which is slated to be a gamechanger in the way SMBs and enterprises embrace transformation.
SBC Exports rallied 5.43%. SBC Exports informed that a work order for providing office support, project management support and rollout services has been awarded to us by National Informatics Centre Services Incorporated (NICSI), New Delhi. The purchase order cost of the work order is Rs. 57.88 lakh.
Asian stocks are trading higher as investors digested Federal Reserve Chair Jerome Powell`s latest comments as he vowed to raise rates to tackle inflation �until the job is done.�
China`s consumer inflation came in at 2.5% in August, lower than the 2.7% recorded in July.
US stocks rose Thursday after moving between gains and losses as Wall Street weighed Federal Reserve Chair Jerome Powell`s comments on the central bank continuing to fight inflation.
Powell reiterated that the central bank will do what it takes to fight inflation. He also signaled that a pause in rate hikes or a pivot to cutting interest rates is not coming soon.
The European Central Bank Thursday hiked interest rates by 0.75 percentage point, raising its deposit to 0.75% from zero, in a largely expected move to tamp down inflation. The bank said it expects more hikes ahead because inflation may rise further in the near term. The central bank noted that the economy was expected to stagnate later in the year.
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