The domestic equity barometers bounced back in mid morning trade. The Nifty reclaimed the 17,800 mark. Asian markets mostly traded lower.
At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 68.44 points or 0.11% to 59,813.32. The Nifty 50 index added 7.75 points or 0.04% to 17,830.05.
In the broader market, the S&P BSE Mid-Cap index shed 0.02% while the S&P BSE Small-Cap index gained 0.50%.
The market breadth was strong. On the BSE, 1865 shares rose and 1175 shares fell. A total of 176 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 235,805,910 with 4,816,244 deaths. India reported 246,687 active cases of COVID-19 infection and 449,538 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
A total of 92,12,85,696 COVID-19 vaccine doses have been administered in the country so far, with over 59.28 lakh doses being given yesterday, according to the Co-WIN dashboard.
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Economy:
Rating agency Moody's Investors Service has upgraded India's sovereign rating outlook to 'stable' from 'negative' citing an ebbing of the risks from COVID-19 and the negative feedback between the real economy and financial system.
While it retained India's rating at Baa3, reflecting the lowest investment grade rating, Moody's said it expects real GDP to surpass pre-pandemic levels of 2019-20 this year itself, as the ongoing economic recovery is picking up steam with activity upticks broadening across sectors. It expects 2021-22 to record 9.3% growth in GDP, followed by 7.9% next year.
Stocks in Spotlight:
AU Small Finance Bank added 0.35% higher at Rs 1216.00. Gross advances increased by 5% quarter on quarter and 32% year on year to Rs 36,405 crore as on 30 September 2021. The bank's collection efficiency was 109% in September 2021, 107% in August 2021 and 110% in July 2021.
ICICI Lombard rose 0.17% to Rs 1550.85. As per the bulk deal data on the BSE, Societe Beaujon sold its entire holding of 1.75 crore shares (3.85%) in ICICI Lombard General Insurance at Rs 1,540.13 per share on Tuesday (5 October 2021). Societe Beaujon is the investment holding company of AXA Group, a French multinational insurance firm.
Force Motors gained 2.94% to Rs 1,525.05. The company's total auto sales surged nearly 37% to 2,240 units while total production increased by 43.74% to 2,159 units in September 2021 over September 2020.
Global markets:
Asian stocks are trading mixed on Wednesday, following an overnight bounce on Wall Street with stocks rebounding from Monday's losses. Mainland Chinese markets remain closed on Wednesday for the holidays.
The Reserve Bank of New Zealand (RBNZ) on Wednesday raised its official cash rate to 0.5%, joining South Korea and Norway in being among the earliest countries to raise rates in the pandemic era.
"The Committee noted that further removal of monetary policy stimulus is expected over time, with future moves contingent on the medium-term outlook for inflation and employment," the RBNZ said in a release.
In US, the major averages rebounded on Tuesday following a technology-centered market rout in the previous session.
In Washington, lawmakers are still trying to agree to raise or suspend the U.S. borrowing limit and avert a dangerous first-ever default on the national debt. The Treasury Department warned last week that lawmakers must address the debt ceiling before October 18 when officials estimate the U.S. will exhaust emergency efforts to honor its bond payments.
Treasury Secretary Janet Yellen said Tuesday she believes the economy would fall into a recession if Congress fails to raise the debt ceiling before a default on the U.S. debt.
Investors are readying for the closely watched jobs report, which will be released on Friday.
The US trade deficit increased to a record $73.3 billion in August as a small gain in exports was swamped by a much larger increase in imports. The Commerce Department reported Tuesday that the monthly trade deficit increased 4.2% in August, rising to an all-time high, surpassing the previous record of $73.2 billion set in June.
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