Nifty tops 17,700; Sensex adds 91 pts; European stocks advance

The key equity benchmarks traded in a narrow range with modest gains in the afternoon trade. The Nifty traded a tad above the 17,700 mark after hitting the day`s low of 17,587.65 in the mid morning trade. Oil & gas, PSU Bank and metal stocks were in demand while FMCG, auto and IT shares were under pressure.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 91.3 points or 0.15% to 59,337.28. The Nifty 50 index gained 35.75 points or 0.20% to 17,701.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index added 0.30%.

The market breadth was positive. On the BSE, 1,782 shares rose and 1,592 shares fell. A total of 141 shares were unchanged.

Bharti Airtel (up 2.78%), Apollo Hospitals Enterprise (up 2.40%), NTPC (up 1.79%), Relaince Industries (up 1.04%) and Cipla (up 0.97%) were top Nifty gainers.

Bajaj Finserv (down 1.52%), Britannia Industries (down 1.48%), Tata Consumer Products (down 1.04%), Mahindra & Mahindra (down 1.03%) and Nestle India (down 1%) were major Nifty losers.

Economy:

India`s overall coal production increased by 8.27% to over 58 million ton in August this year as compared to the same month last year. The Coal Ministry said that of the top 37 coal producing mines in the country, 25 mines produced more than 100% while the production level of five mines stood between 80% and 100%.

At the same time, the coal despatch has also increased by 5.41% to over 63 million tonnes as compared to August last year. The Ministry said the overall power generation in August this year has been 3.14% higher than the power generated in August last year.

Meanwhile, Indian Railways (IR) has recorded best ever August monthly freight loading of 119.32 MT in August 2022. The incremental loading has been 8.69 million tonnes, a growth of 7.86% over the same month last year. The Railway Ministry said with this, Indian Railways has had 24 straight months of best ever monthly freight loading.

Global markets:

The Dow Jones futures were trading 222 points higher, indicating a positive opening in the US markets today.

Shares in Europe advanced while Asian stocks traded mixed on Tuesday.

On Monday, the People`s Bank of China announced it would cut the foreign exchange reserve requirement ratio, or the amount of FX reserves that financial institutions must hold, to improve the ability of financial institutions to use foreign exchange funds.

Meanwhile, the Reserve Bank of Australia raised rates by a half point to 2.35%. That`s the fifth increase in a row since the central bank started raising rates in May.

Inflation in Australia stood at 6.1% in the June quarter, above the target range of between 2% and 3%.

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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