The domestic equity benchmarks edged higher in early trade as the bourses witnessed significant buying in key index pivotals. The Nifty traded above the 19,500 level. Stocks across sectors advanced, with IT, autos and bank shares gaining the most.
The barometer index, the S&P BSE Sensex, was up 296.91 points or 0.46% to 65,522.95. The Nifty 50 index added 85.20 points or 0.44% to 19,521.30.
In the broader market, the S&P BSE Mid-Cap index gained 0.85% while the S&P BSE Small-Cap index rose 0.94%.
The market breadth was strong. On the BSE, 2104 shares rose and 403 shares fell. A total of 81 shares were unchanged.
The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for 4 to 6 October 2023. The MPC of the Reserve Bank of India (RBI) is likely to maintain a status quo on interest rates, as per reports.
Stocks in Spotlight:
Hero MotoCorp added 1.66%. The company has received 13,688 bookings for its newly launched flagship motorcycle, Karizma XMR. Dispatches of Karizma XMR to Hero MotoCorp dealerships have already started and customer deliveries will begin in the festive period this month.
Healthcare Global Enterprises (HCG) rose 0.26%. HCG announced the strategic acquisition of SRJ CBCC Cancer hospital in Indore. This acquisition marks HCG's entry into the key geography of Madhya Pradesh enhancing its commitment to delivering cancer care across India.
Sheela Foam shed 0.59%. The company has received a show cause cum demand notice from the commissioner of GST Intelligence, Gautam Budh Nagar, Greater Noida under section 16 of the Central Goods and Services Tax Act, 2017, alleging a tax demand of Rs 20.26 crores in addition with the an equivalent penalty of Rs. 20.26 crore and applicable interest on the demand.
Numbers to track:
The yield on India's 10-year benchmark federal paper declined 0.35% to 7.213 from its previous close of 7.238.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2100, compared with its close of 83.2400 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement advanced 0.28% to Rs 56,878.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 106.52.
The United States 10-year bond yield declined 0.32% to 4.718.
In the commodities market, Brent crude for September 2023 settlement gained 59 cents or 0.69% to $86.40 a barrel.
Global markets:
Asian stocks are trading higher on Thursday following a drop in oil prices and softer US labour data. China's markets remain closed for the weeklong holiday.
US stocks broke a three-day losing streak Wednesday as Treasury yields pulled back from multiyear highs following the release of much weaker-than-expected jobs data.
Wednesday's moves follow the release of new jobs data. ADP said 89,000 private payrolls were added last month. That's well below an upwardly revised 180,000 payroll additions from August.
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