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Market opens on firm note, breadth strong

Published on Sep 15, 2022 09:31

The domestic equity barometers are trading with modest gains in the early trade on buying demand in index pivotals. The Nifty traded above the 18,060 mark. Auto, bank and financial services stocks were in demand while media, IT and pharma shares were under pressure.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 281.23 points or 0.47% to 60,628.20. The Nifty 50 index gained 74.65 points or 0.41% to 18,078.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.61% while the S&P BSE Small-Cap index gained 0.81%.

The market breadth was strong. On the BSE, 2,140 shares rose and 665 shares fell. A total of 110 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,397.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 187.58 crore in the Indian equity market on 14 September 2022, provisional data showed.

Stocks in Spotlight:

Tata Steel declined 0.87%. The steel major said it will raise Rs 2,000 crore through issuance of non-convertible debentures on private placement basis. In a regulatory filing, it said that the committee of directors (constituted by the board of directors of Tata Steel), at its meeting held on 14 September 2022, approved the issue of debt securities in the form of non-convertible debentures (NCDs).

Balaji Amines advanced 3.78%. The company announces commissioning of a greenfield project along with construction of 2 new plants. The Phase 1 of 90-acre greenfield project (Unit IV) has been completed and the DMC/PC and PG Plant will be ready to commence commercial production by the end of September 2022. Meanwhile, the company has also started construction in Phase 2 of greenfield project (Unit IV) for 2 plants.

HFCL rose 1.58%. The company has received the advance purchase orders (`APO`) aggregating to about Rs 447.81 crore, consisting Rs 341.26 crore order from Bharat Sanchar Nigam (BSNL) and a Rs 106.55 crore order from RailTel Corporation of India (RailTel).

KPI Green Energy rallied 4.21% after the renewable energy player said it received a new order for executing wind-solar hybrid power project of 4.20 MW (comprising of 4.20 MW wind turbine and 3 MW Solar) capacity trom Nouveau Jewellery, Surat.

Global Markets:

Most Asian shares rose on Thursday after Wednesday`s negative session. In China, the central bank kept its one-year medium-term lending facility (MLF) unchanged at 2.75%.

US indices ended a choppy session on a modestly higher note. The Dow closed slightly higher, by 30 points, after falling more than 200 points at one point. The S&P 500 rose 0.3%, and the Nasdaq Composite advanced 0.7%.

US Inflation rose more than expected in August as rising shelter and food costs offset a drop in gas prices, the Bureau of Labor Statistics reported Tuesday. The consumer price index, which tracks a broad swath of goods and services, increased 0.1% for the month and 8.3% over the past year. Excluding volatile food and energy costs, CPI rose 0.6% from July and 6.3% from the same month in 2021.

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