Nifty above 17,550 mark, European shares advance
Published on Sep 02, 2022 13:33
The headline equity indices traded with decent gains in the afternoon trade. The Nifty traded above the 17,550 mark after the hitting the day`s low of 17,476.45 in the morning trade. Financial services, media and metal stocks were in demand while PSU bank, oil & gas and pharma shares declined.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 183.06 points or 0.31% to 58,949.65. The Nifty 50 index added 46.05 points or 0.26% to 17,588.85.
In the broader market, the S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index advanced 0.45%.
The market breadth was positive. On the BSE, 1,916 shares rose and 1,404 shares fell. A total of 172 shares were unchanged.
Larsen & Toubro (up 1.94%), Adani Ports and Special Economic Zone (up 1.85%), ITC (up 1.45%), Kotak Mahindra Bank (up 1.11%) and Apollo Hospitals Enterprise (up 1.07%) were top Nifty gainers.
Shree Cement (down 1.74%), Oil and Natural Gas Corporation (ONGC) (down 1.56%), Hindalco Industries (down 1.37%), Bharat Petroleum Corporation (BPCL) (down 1.06%) and Hero MotoCorp (down 1.03%) were major Nifty losers.
Stocks in Spotlight:
Shares of Adani Enterprises advanced 3.39% while those of Shree Cement declined 1.74%. Adani Enterprises will replace Shree Cement in the 50-share benchmark NIFTY 50 index effective 30 September 2022.
Adani Ports and Special Economic Zone rose 1.85% after the company`s handled cargo volume increased by 18% YoY to 29.3 MMT in August 2022. Of the total handled cargo volume, dry bulk cargo volume grew by 44% YoY while container volume rose by 8% YoY during the period under review.
Eicher Motors added 0.58%. Eicher Motors` total motorcycles (Royal Enfield) sales soared 53% to 70,112 units in August 2022 as against 45,860 units sold in the same period last year.
Hero MotoCorp declined 1.03%. The two-wheeler major`s total sales rose 1.92% to 462,608 units in August 2022 as against 453,879 units sold in August 2021. Sequentially, this translates into a growth of 3.82% over the month of July 2022, when the company had sold 445,580 units.
Birla Corporation gained 0.17%. The company said that it has permanently closed the manufacturing establishment at its unit namely, Auto Trim Division, Gurgaon w.e.f. 1st September, 2022. The company said that there is no binding agreement entered for sale of the Unit-Auto Trim Division, Gurgaon.
Shares in Europe advanced while most Asian stocks declined on Friday as investors look ahead to the U.S. jobs report for August, a key indicator before the Federal Reserve`s next interest rate decision later this month.
Investors in Europe are faced with additional downward pressures from the growing prospect of recessions in the euro zone and the U.K., with energy shortages arising from Russia`s war in Ukraine fueling cost of living crises and soaring inflation.
The Dow Jones Industrial Average and the S&P 500 ended the first day of September on a high note as traders looked forward to the jobs report Friday.
US manufacturing grew steadily in August but factory activity in China, the euro zone and Britain fell as Russia`s war in Ukraine and China`s zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday. The Institute for Supply Management (ISM) said on Thursday that its index of US factory activity was unchanged at 52.8 last month, although that is still the lowest reading since June 2020.
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