At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 380.68 points or 0.63% at 60,664.16. The Nifty 50 index gained 149.25 points or 0.83% to 18,141.25.
The broader market traded with strong gains. The S&P BSE Mid-Cap index rose 1.35% while the S&P BSE Small-Cap index added 0.73%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1904 shares rose and 1277 shares fell. A total of 138 shares were unchanged.
Economy:
In its latest World Economic Outlook report, released on Tuesday, the International Monetary Fund (IMF) said that Indian economy is expected to grow by 9.5% in 2021 and 8.5% in the next year.
The global growth projection for 2021 has been revised down marginally to 5.9% and is unchanged for 2022 at 4.9%.
More From This Section
India's industrial production rose 11.9% in August, according to the data released by the National Statistical Office (NSO) on Tuesday. The manufacturing sector, which constitutes 77.63% of the Index of Industrial Production (IIP), grew 9.7% in August, mining sector output rose 23.6% in August, while power generation increased 16 per cent.
Retail inflation growth in India based on Consumer Price Index (CPI) eased to 4.35% in the month of September following a 5.30% in August, the data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed.
Buzzing Segment:
Shares of two aviation firms were in demand as the government said it will remove restrictions on domestic aviation capacity from 18 October 2021. The Union ministry of civil aviation (MoCA) on Tuesday allowed domestic flights to fly with 100% capacity from Monday, 18 October 2021 onwards. The ministry reduced the permissible capacity to 50% with effect from 1 June 2021 due to the second wave of the pandemic. It increased it to 72.5% with effect from 12 August 2021, and further to 85% with effect from 18 September 2021.
Shares of SpiceJet rallied 4.27% to Rs 78.20 while InterGlobe Aviation, the operator of IndiGo airlines was up 1.29% at Rs 2,066.20 on BSE.
Stocks in Spotlight:
Bhansali Engineering Polymers jumped 4.41% to Rs 213 after the company's consolidated net profit surged 249.36% to Rs 123.57 crore on 21.76% increase in net sales to Rs 374.84 crore in Q2 FY22 over Q2 FY21. Profit before tax soared 262.48% to Rs 164.53 crore in Q2 FY22 over Q2 FY21. Net cash from operating activities surged to Rs 111.78 crore as on 30 September 2021 compared with Rs 87.52 crore as on 31 March 2021. The company declared an interim dividend of Re 1 per share. The record date is fixed on 22 October 2021.
Centrum Capital surged 14% after the Reserve Bank of India (RBI) issued a small finance bank (SFB) license to the consortium of Centrum Financial Services (Centrum) and Resilient Innovations (BharatPe).
Global Markets:
Asian markets were trading higher on Wednesday as investors in Asia-Pacific looked ahead to the release of Chinese trade data for September.
The three major U.S. stock indexes closed lower for a third consecutive session Tuesday ahead of a key inflation reading and a kick-off to third-quarter earnings season.
The Federal Open Market Committee on Wednesday is also set to release its minutes from the September meeting. Investors will be digesting the minutes for any potential clues regarding the central bank's plans to pull back easy monetary policy.
The International Monetary Fund on Tuesday cut its global growth forecast, citing supply chain challenges and persistent Covid spread. The IMF said central banks like the Federal Reserve should be prepared to tighten monetary policy if inflation runs too hot.
Powered by Capital Market - Live News