The domestic equity benchmarks were currently trading near the day's high in afternoon trade. The Nifty continued to trade above the 17,550 mark. IT shares witnessed some bit of selling pressure.
At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 249.11 points or 0.42% to 58,913.44. The Nifty 50 index added 81.90 points or 0.47% to 17,585.25.
ONGC (up 5.45%), Adani Ports (up 5.30%), BPCL (up 2.54%), Power Grid Corp (up 2.53%) and NTPC (up 2.47%) were the top index gainers.
Maruti Suzuki (down 2.08%), Tata Consumer (down 1.33%), Cipla (down 1.19%), Divi's Lab (down 0.92%) and Eicher Motors (down 0.90%) were the top index gainers.
In the broader market, the S&P BSE Mid-Cap index added 0.33% while the S&P BSE Small-Cap index advanced 1.28%.
The market breadth was strong. On the BSE, 2348 shares rose and 846 shares fell. A total of 159 shares were unchanged.
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Buzzing Index:
The Nifty IT index slipped 0.55% to 35,307.90. The index had advanced 0.07% to end at 35,504.40 yesterday.
Larsen & Toubro Infotech (down 1.41%), Infosys (down 1.33%), Coforge (down 1.21%), Tech Mahindra (down 1.16%), Mphasis (down 0.73%) and L&T Technology Services (down 0.62%) declined while HCL Tech (up 1.33%) and TCS (up 0.16%) advanced.
Stocks in Spotlight:
Coal India rose 2.69% to Rs 160.40. The state-run coal producer has informed BSE that a meeting of the board of directors of the company will be held on 29 November 2021, to consider payment of interim dividend for 2021-22, if any.
Larsen & Toubro (L&T) shed 0.28% to Rs 1882.95. The construction major announced that it signed a Memorandum of Understanding (MoU) with Tamil Nadu Government to establish a data center at Kanchipuram, Tamil Nadu.
Bharti Airtel advanced 1.12% to Rs 1882.95. Moody's Investors Service has revised Bharti Airtel's (Bharti) and its subsidiary Bharti Airtel Int'l (Netherlands) B.V.'s rating outlook to positive from stable.
"The outlook change to positive reflects Bharti's improving operating performance and credit metrics which, if sustained, could support an upgrade to investment grade within the next 12-18 months," says Annalisa Di Chiara, a Moody's senior vice president.
IPCA Laboratories was up 0.11% to Rs 2059.95. The company's board of directors has approved the acquisition of 26.574% of the paid-up share capital of Lyka Labs for a cash consideration of Rs 97.89 crore. It has also approved entering into a joint management control agreement with the promoters of Lyka Labs.
Consequent to the aforementioned acquisition of shares of Lyka Labs, IPCA Labs has also made a public announcement to acquire 26% additional equity shares of Lyka Labs from its public shareholders. The open offer to acquire 74,59,400 fully paid-up equity shares, constituting 26% of the issued, subscribed, paid up and voting share capital of Lyka Labs has been made at a price of Rs 130.50 per equity share.
Global Markets:
Asian stocks continued to trade mixed on Wednesday, as investors monitored the moves in US Treasury yields.
Singapore's economy grew 7.1% in the third quarter as compared with a year ago, according to the Ministry of Trade and Industry. It was higher than an earlier official advance estimate for 6.5% year-on-year (Y-o-Y) growth.
Japan's factory activity grew at the fastest pace in nearly four years in November. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 54.2, its fastest pace of expansion since January 2018.
US stocks closed mixed for the fourth consecutive session on Tuesday, 23 November 2021, with the Dow and the S&P 500 logging gains, while the Nasdaq extended the sharp pullback seen in the previous session. U.S. markets will be closed for the Thanksgiving holiday on Thursday. The stock market closes early on Friday.
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