Key indices continued to trade sideways in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 32.46 points or 0.08% at 38,811.42. The Nifty 50 index was up 7.45 points or 0.06% at 11,479.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.34% while the S&P BSE Small-Cap index gained 0.53%. Both these indices outperformed the benchmark Sensex.
The market breadth was positive. On the BSE, 1456 shares rose and 1000 shares fell. A total of 143 shares were unchanged.
Monsoon:
According to the India Meteorological Department (IMD), monsoon rains, which picked up pace in August, are likely to be heavy for the rest of the month, potentially benefiting summer crops such as rice, corn and cotton. After a patchy spell in the last two weeks of July, India received 24% above average rains so far in August, and the trend is likely to continue at least through this month.
Of the 36 meteorological subdivisions in India, monsoon rains have been either average or above average in 32 so far this year. India, where nearly half of the country's farmland lacks irrigation, has received 7% above average rains since June 1. Farmers have planted 106.3 million hectares with summer crops so far, up 8.5% from last year as heavy monsoon rains in June spurred sowing in the world's leading producer of farm goods.
Also Read
Buzzing Index:
The Nifty PSU Bank index was up 0.11% to 1,508.35. The index has added 3.5% in four sessions.
Bank of India (up 1.36%), Indian Overseas Bank (up 0.92%) and SBI (up 0.15%) advanced while Bank of Maharashtra (down 0.68%), Bank of Baroda (down 0.62%) and Central Bank of India (down 0.56%) declined.
Punjab National Bank rose 0.43% to Rs 35.35. PNB on Tuesday informed the government that it has received the first tranche of Rs 24.33 crore in recoveries in the fraud involving Nirav Modi.
Jammu & Kashmir Bank added 1.40% to Rs 18.15 after the bank said a meeting of its board is scheduled on 28 August 2020 to consider fund raising to the tune of Rs 4500 crore during the Financial Year 2020-2021.
Global Markets:
Asian stocks were trading mixed on Wednesday amid concerns over global economic outlook despite optimism over US-China trade talks.
The Wall Street finished session higher on Tuesday, 25 August 2020, with the Nasdaq and the S&P 500 hit all-time closing highs, as investors cheered optimism about a potential treatment for coronavirus and trade talks among U.S. and Chinese officials following weeks of escalating tensions between the world's two largest economies.
However, market gains capped as investors turned cautious ahead to Federal Reserve Chair Jerome Powell's speech to the Jackson Hole symposium on Thursday.
US Consumer confidence fell in August to a new pandemic low after a fresh rash of coronavirus cases during the summer. The index of consumer confidence sank to 84.8 (vs 93 forecast) this month from a revised 91.7 in July.
Further, sales of new single-family houses in the US rose 14% between June and July to a seasonally-adjusted annual rate of 901,000. Compared with a year ago, new home sales were up 36%.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content