At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 373.78 points or 0.65% to 57,521.10. The Nifty 50 index added 109.15 points or 0.64% to 17,092.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index traded flat.
The market breadth was negative. On the BSE, 1,508 shares rose and 1,862 shares fell. A total of 159 shares were unchanged.
Economy:
The International Monetary Fund on Tuesday cut its global growth forecast for next year to 2.7%.
Cutting India's GDP growth forecast to 6.8% for the financial year 2023, the IMF predicted that India will continue to remain on track to become one of the fastest-growing economies in the world.
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IMF expects that inflation in India will come down to 4% range next year. It is said that global inflation will likely perak at 9.5% this year 4.1% by 2024. IMF also warned that a major economic slump is yet to come, and 2023 will feel like a recession to many people.
Meanwhile, the total approximate earnings of Indian Railways on originating basis during 1st April to 8th October 2022 is Rs 33476 crore, registering an increase of 92% compared with Rs 17394 crore achieved during the same period last year.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell to 7.413 as compared with 7.426 at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.35, compared with its close of 82.21 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement declined 0.19% to Rs 51,000.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 113.11.
The United States 10-year bond yield increased to 3.929 as compared with 3.939 at close in the previous trading session.
In the commodities market, Brent crude for December 2022 settlement rose 22 cents or 0.23% at $94.51 a barrel.
Buzzing Index:
The Nifty Metal index declined 0.31% to 5,768.30, extending its falling run to fourth trading session. The index lost 3.17% in the past four trading sessions.
Welspun Corp Ltd (down 4.07%), Adani Enterprises Ltd (down 2.67%), Vedanta Ltd (down 0.54%), Steel Authority of India Ltd (down 0.32%), MOIL Ltd (down 0.3%), Tata Steel Ltd (down 0.25%), Ratnamani Metals & Tubes Ltd (down 0.2%) and National Aluminium Company Ltd (down 0.14%) were the top losers.
On the other hand, Jindal Stainless Ltd (up 2.42%) ,JSW Steel Ltd (up 0.95%) and Jindal Steel & Power Ltd (up 0.43%) edged higher.
Stocks in Spotlight:
L&T Finance Holdings jumped 4.07% after the company said it has received approval from Sebi for sale of 100% shareholding in subsidiary L&T Investment Management to HSBC Asset Management (India). With this approval, all necessary actions are being taken to ensure completion of the proposed transaction, the company said.
NMDC declined 0.23%. The miner said that it has received Ministry of Corporate Affairs (MCA) order approving scheme of arrangement for merger of NMDC into NMDC Steel and their respective shareholders and creditors.
Sonata Software rose 0.64% after the company said that it has signed an agreement with eir evo to support the standardization of their customer relationship management (CRM) platform, migrating them from Salesforce to Microsoft Dynamics.
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