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Stocks open on firm note; breadth strong

Published on Mar 09, 2022 09:35

The domestic equities witnessed strong start to the day`s trading session on Wednesday. IT and pharma led the upmove. The Nifty traded above 16,100 level.

At 9:30 IST, the barometer index, the S&P BSE Sensex, rose 405 points or 0.76% at 53,829.09. The Nifty 50 index gained 116.40 points or 0.73% at 16,129.85.

In the broader market, the S&P BSE Mid-Cap index added 0.96% while the S&P BSE Small-Cap index rose 1.25%.

The market breadth was strong. On the BSE, 2,187 shares rose and 437 shares fell. A total of 78 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 8,142.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,489.59 crore in the Indian equity market on 8 March 2022, provisional data showed.

LIC IPO Update:

State-owned insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday has reportedly received capital markets regulator Sebi`s go-ahead to raise funds through an initial share sale. The government will sell over 31 crore equity shares of LIC.

Stocks in Spotlight:

Sun Pharmaceutical Industries advanced 2.05%. The company`s subsidiary Taro Pharmaceuticals USA Inc has completed the acquisition of subsidiary companies of Galderma.

Bharat Forge rose 0.71%. The auto ancillary company said its subsidiary Kalyani Strategic Systems (KSSL) has incorporated a company - Sagar-Manas Technologies (SMTL) on 7 March 2022 as a wholly owned subsidiary.

ISGEC Heavy Engineering rallied 3.92%. Isgec has received an order from Shree Cement for Cement Waste Heat Recovery Boilers for their 3.8 MTPA (million tonnes per annum) clinker capacity, integrated Cement Plant at Nawalgarh, District Jhunjhunu, Rajasthan.

Zydus Lifesciences gained 4.22%. Sentynl Therapeutics Inc., a wholly owned subsidiary of Zydus Lifesciences and BridgeBio Pharma announced asset purchase agreement for BridgeBio Pharma`s NULIBRY (Fosdenopterin).

Global Markets:

Asian stocks traded mixed on Wednesday, recovering partially from losses earlier in the week as investors continue to assess the potential economic ramifications of the ongoing war in Ukraine. Markets in South Korea are closed on Wednesday due to the country`s presidential election.

Japan`s economic rebound was softer than initial estimates in the final quarter of 2021, revised data showed on Wednesday. Revised gross domestic product (GDP) data showed Japan expanded an annualised 4.6% in October-December. That was lower than the preliminary reading of 5.4% released last month.

Oil prices jumped to their session highs on Tuesday after President Joe Biden said the U.S. will ban imports of Russian oil, a further escalation in the international response to Moscow`s invasion of Ukraine. The United Kingdom also announced its own plans to phase out its reliance on Russian oil imports by the end of the year.

US stocks declined on Tuesday as investors continue to assess geopolitical tensions between Russia and Ukraine and high commodity prices.

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