Benchmark indices are trading strong in early trade on buying demand in index pivotals. The Nifty inched above 17,150 level. At 9:26 IST, the barometer index, the S&P BSE Sensex, jumped 524.95 points or 0.92% at 57,589.79. The Nifty 50 index added 173.55 points or 1.02% at 17,156.75.
In the broader market, the S&P BSE Mid-Cap index gained 0.87% while the S&P BSE Small-Cap index added 0.66%.
The market breadth was strong. On the BSE, 1780 shares rose and 606 shares fell. A total of 66 shares were unchanged.
Economy:
India's economy continued to expand in the July-September quarter, marking the fourth consecutive quarter of growth. India's GDP grew 8.4% on-year basis against a contraction of 7.4% during the same period last year.
The combined output of eight core industries has surged 7.5% in October as compared to the same period last year, showed the official data released on November 30.
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Stocks in Spotlight:
Maruti Suzuki India gained 1.33%. The company said that owing to a supply constraint of electronic components due to the semiconductor shortage situation, the company is expecting an adverse impact on vehicle production in December 2021 in both Haryana and its contract manufacturing company, Suzuki Motor Gujarat Private (SMG) in Gujarat.
UltraTech Cement gained 1.55% after the company said it commenced mining of coal from its Bicharpur coal mines in Madhya Pradesh.
Rail Vikas Nigam added 2.68%. The company entered into an MoU with Economic Policy Research Institute of KYRGYZ Republic, Government of Kyrgyzstan, for development of railway corridor projects in Kyrgyz Republic specially to connect from Bishkek to Karakechenskoye.
Global Markets:
Most Asian stocks were trading higher on Wednesday, following losses the day before that were triggered by renewed uncertainty on the omicron Covid variant.
A private survey released Wednesday showed Chinese factory activity shrinking in November, with the Caixin/Markit manufacturing Purchasing Managers' Index coming in at 49.9 for that month. That was a decline from October's reading of 50.6.
US stocks tumbled Tuesday, reversing Monday's rebound on Wall Street, as investors reassessed risks associated with the new Covid variant, omicron. Major averages dropped to their session lows after Federal Reserve Chairman Jerome Powell said the central bank will discuss speeding up the bond-buying taper at its December meeting.
In an appearance before a Senate committee, the Fed chief said he thinks reducing the pace of monthly bond buys can move quicker than the $15 billion-a-month schedule announced earlier this month.
Meanwhile, Moderna CEO Stephane Bancel reportedly said that he expects existing vaccines to be less effective against the new variant. The CEO told there could be a material drop in the current vaccines' effectiveness against this variant. Bancel told on Monday that it could take months to develop and ship an omicron-specific vaccine.
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