At 09:30 IST, the barometer index, the S&P BSE Sensex, gained 215.45 points or 0.27% to 81,126.78. The Nifty 50 index added 65.65 points or 0.27% to 24,832.50.
In the broader market, the S&P BSE Mid-Cap index added 0.36% and the S&P BSE Small-Cap index gained 0.63%.
The market breadth was strong. On the BSE, 1,714 shares rose and 460 shares fell. A total of 147 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 799.74 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,097.45 crore in the Indian equity market on 21 August 2024, provisional data showed.
Stocks in Spotlight:
Welspun Enterprises added 2.03% after the companys arm received an order worth Rs 160 crore from BMC for the rehabilitation of man-entry sewers by trenchless technology in Mumbai.
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Hudco rose 0.91%. The company signed a MoU with Yamnuna Expressway Industrial Development Authority to extend a loan assistance towards projects on both sides of the Yamnuna Expressway.
Procter & Gamble Health slipped 3.44% after the company reported 44% decline in standalone net profit to Rs 17 crore in Q4 FY24 as compared with Rs 30 crore in Q4 FY23. Revenue fell 6% to Rs 284 crore during the quarter.
Numbers to Track:
The yield on India's 10-year benchmark federal paper jumped 1.71% to 6.970 as compared with previous close 6.967.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9450, compared with its close of 83.9075 during the previous trading session.
MCX Gold futures for 4 October 2024 settlement fell 0.22% to Rs 71,675.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.19% to 101.22.
The United States 10-year bond yield added 0.66% to 3.804.
In the commodities market, Brent crude for October 2024 settlement rose 6 cent or 0.08% to $76.11 a barrel.
Global Markets:
Asian stocks traded mixed on Thursday, primarily driven by a downward revision in U.S. payrolls data. This revision raised concerns about a potential economic slowdown in the world's largest economy.
Japan's stock market bucked the regional trend, supported by stronger-than-expected services sector data. The au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) rose to 49.5 in August from 49.1 in July.
On Wednesday, U.S. stock markets closed higher, extending a positive streak. The S&P 500 and the Nasdaq advanced for the ninth day in the last 10 trading sessions with the former gaining 0.42% and the tech-heavy Nasdaq adding 0.57%. The Dow Jones saw modest gain of 0.14%. The minutes from the Federal Reserve's latest meeting reinforced expectations for a rate cut in September, with a majority of FOMC members indicating that such a move would be appropriate based on current economic indicators.
But optimism over a rate cut was offset by data showing a severe downward revision in U.S. payrolls data in the year to March 2024, drumming up concerns that a slowing labor market could spur a potential recession in the worlds biggest economy. The Bureau of Labor Statistics revised down March 2024s employment gains by 818,000 positions earlier in the session, as part of the agencys annual benchmark review of payroll data.
Investors now eagerly await Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday.
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