Nifty nears 17,750 mark; strong market breadth

The domestic equity benchmarks edged higher in early trade led by gains in key index pivotals. The Nifty hovered near the 17,750 mark. Shares across sectors advanced, with oil & gas, autos and metal stocks rising the most.

At 09:22 IST, the barometer index, the S&P BSE Sensex, was up 256.1 points or 0.43% to 59,502.08. The Nifty 50 index added 78.15 points or 0.44% to 17,743.95.

Apollo Hospitals Enterprise (up 2%), Power Grid Corp (up 1.41%), HDFC Life (up 1.04%), Coal India (up 1.03%) and Tata Motors (up 0.87%) were the top Nifty gainers.

Nestle India (down 0.28%) and Kotak Mahindra Bank (down 0.20%), ONGC (down 0.11%) were the top Nifty laggards.

In the broader market, the S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index advanced 0.69%.

The market breadth was strong. On the BSE, 2004 shares rose and 594 shares fell. A total of 104 shares were unchanged.

Stocks in Spotlight:

Reliance Industries (RIL) added 0.90%. RIL has signed definitive agreements to acquire a 79.4% stake in SenseHawk Inc for a total transaction value of $32 million, including funding for future growth, commercial rollout of products, and R&D.

Narayana Hrudayalaya jumped 4.22%. The company has signed a business transfer agreement with Shiva and Shiva Orthopaedic Hospital to acquire its orthopedic and trauma hospital (�Sparsh Hosur Road� unit), situated at Narayana Health City campus, Bengaluru as a going concern on slump sale basis for aggregate cash consideration of Rs 200 crore.

Coal India gained 0.73%. The company`s coal dispatch in August rose by 5.41% YoY to 63.43 million tones while production increased by 8.27% YoY to 58.33 million tonnes.

Global markets:

Asian stocks are trading mixed on Tuesday ahead of the Reserve Bank of Australia`s rate decision. The Reserve Bank of Australia is expected to raise interest rates by a half point to 2.35%, as per reports.

US markets were closed on Monday on account of Labor Day.

In Europe, Mary Elizabeth Truss, prominently referred to as Liz Truss, was on September 5 announced as the next prime minister of the United Kingdom, after she defeated rival Rishi Sunak in the Conservative Party leadership race.

Crude oil prices rebounded after OPEC and key allies such as Russia agreed to cut production quotas by 100,000 barrels per day in October.

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