The domestic equity barometers traded with modest gains in early trade, amid decent buying in index pivotals. The Nifty hovered near the 16,100 level. Autos, IT, consumer durables and realty stocks led the charge.
At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 346.51 points or 0.64% to 54,097.48. The Nifty 50 index added 108.60 points or 0.68% to 16,098.40.
In the broader market, the S&P BSE Mid-Cap index rose 0.69% while the S&P BSE Small-Cap index gained 0.87%.
The market breadth was strong. On the BSE, 1,921 shares rose and 485 shares fell. A total of 87 shares were unchanged.
Gainers & Losers:
Tata Motors (up 2.08%), Mahindra & Mahindra (up 1.68%), Power Grid Corporation Of India (up 1.57%), Asian Paints (up 1.56%) and Hindalco (up 1.55%) were the top Nifty gainers.
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Britannia Industries (down 0.65%), Hindustan Unilever (down 0.58%), Bharti Airtel (down 0.48%), Cipla (down 0.26%) and Nestle India (down 0.21%) were the top Nifty losers.
Stocks in Spotlight:
Titan Company jumped 6.51%. Sales in Q1 FY23 grew 205% YoY on a low base and clocked 3-year CAGR of 20.5% over Q1FY20. The network expansion and campaigns continued to progress well throughout the quarter.
City Union Bank advanced 1.06%. The bank's board approved raising further capital through QIP route to the tune of Rs 500 crore (including premium).
Deep Industries surged 7.43%. The company has received letter of awards from ONGC for charter hiring of two Nos. of 1000 HP Mobile Drilling Rigs for Ahmedabad Asset for a period of three years. The total estimated value of the said Awards is $19.02 Million equivalent to approximate Rs 150.24 crore.
Global markets:
Asian stocks are mostly higher on Thursday as investors watch for market reaction to the latest Fed minutes.
U.S. stocks moved slightly higher on Wednesday as investors pored over the latest minutes from the Federal Reserve.
Federal Reserve officials recognized that a more restrictive stance in policy could be suitable if inflation doesn't ease, even if it slows the economy, the meeting minutes said. Fed officials also said a hike of 50 or 75 basis points would be likely at the July meeting.
Participants recognized that policy firming could slow the pace of economic growth for a time, but they saw the return of inflation to 2 percent as critical to achieving maximum employment on a sustained basis, the document said.
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