The key equity barometers started the week on a positive note, as they traded with decent gains in early trade. The Nifty traded below the 19,350 level. Shares across sectors advanced, with IT, metals and pharma stocks gaining the most.
The barometer index, the S&P BSE Sensex, was up 163.29 points or 0.25% to 65,111.95. The Nifty 50 index added 49.60 points or 0.26% to 19,359.75.
In the broader market, the S&P BSE Mid-Cap index rose 0.56% while the S&P BSE Small-Cap index advanced 0.55%.
The market breadth was strong. On the BSE, 1,924 shares rose and 859 shares fell. A total of 156 shares were unchanged.
Stocks in Spotlight:
Titan Company gained 0.35%. The company stated that it has entered into a share purchase agreement to acquire the entire shares held by the founder of CaratLane and his family members representing 27.18% of its total share capital on a fully diluted basis for Rs 4,621 crore. The indicative time period for completion of the acquisition would be 31 October 2023.
Infosys rose 0.67%. The Commonwealth of Massachusetts, Pennsylvania Department of Revenue have imposed a penalty of $1124.6 and $12.28 on the company. There is no material impact on financials, operations or other activities of the company.
Mahindra & Mahindra (M&M) fell 1.02%. M&M announced that it will be undertaking proactive inspection and rectification of its select XUV range of products due to the potential risk of wiring loom and ineffective brake potentiometer.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose 0.15% to 7.225 from its previous close of 7.214.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0800, compared with its close of 83.1050 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement added 0.05% to Rs 58,404.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 103.37.
The United States 10-year bond yield advanced 0.70% to 4.282.
In the commodities market, Brent crude for October 2023 settlement rose 65 cents or 0.77% to $85.45 a barrel.
Global Markets:
Asian stocks are trading mixed as China slashed its one-year loan prime rate, but kept its five-year rate unchanged on Monday.
The People's Bank of China cut its one-year loan prime rate by 10 basis points to 3.45%, but held the five-year LPR at 4.2%.
U.S. stocks mostly fell Friday as the recent rise in bond yields and China's economic woes left major benchmarks with another losing week.
Federal Reserve Chairman Jerome Powell will be delivering an address at the central bank's symposium in Jackson Hole, Wyo., next week. The Fed announced that Powell will speak Friday, 25 August 2023. He will deliver a speech, but there will be no question-and-answer session afterwards.
No comments:
Post a Comment