The domestic equity barometers bounced back in mid morning trade. The Nifty was trading above the 16,650 mark. Metal stocks resumed their uptrend after a day's breather.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 44.1 points or 0.08% to 55,993.20. The Nifty 50 index added 29.80 points or 0.18% to 16,666.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 0.63%.
The market breadth was strong. On the BSE, 1760 shares rose and 1199 shares fell. A total of 143 shares were unchanged.
Investors remained cautious ahead of the Federal Reserve's annual Jackson Hole symposium and geopolitical tension in Afghanistan.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 214,579,799 with 4,474,000 global deaths.
India reported 344,899 active cases of COVID-19 infection and 436,861 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Metal index rose 1.58% to 5,490.30. The index had declined 1.27% yesterday to end at 5,404.70.
In the past three months, the Nifty Metal index has gained 8.58% while the benchmark Sensex has added 6.87% during the same period.
NALCO (up 5.65%), NMDC (up 3.60%), SAIL (up 2.95%), Hindalco Industries (up 2.85%), APL Apollo Tubes (up 2.11%), Vedanta (up 1.55%), JSW Steel (up 1.16%), Adani Enterprises (up 1.10%), Jindal Steel & Power (up 1.06%), Tata Steel (up 0.98%), Welspun Corp (up 0.94%), Coal India (up 0.72%), MOIL (up 0.43%) and Ratnamani Metals Tubes (up 0.34%) advanced.
Stocks in Spotlight:
Apollo Micro Systems gained 3.11% to Rs 111.20 after the company said it bagged an order worth Rs 59.62 crore for supplying security and surveillances systems.
Aurobindo Pharma announced that its subsidiary Eugia Pharma Specialities (Eugia) has received a approval from the U.S.Food & Drug Administration (USFDA) for its Cyclophosphamide Injection 500 mg/2.5 mL and 1 g/5 mL vials. The Cyclophosphamide Injection is indicated for malignant lymphomas, multiple myeloma, leukemias, mycosis fungoides (advanced disease), neuroblastoma (disseminated disease), adenocarcinoma of the ovary, retinoblastoma, carcinoma of the breast. The approved product has an addressable market size of US$ 170 million for the twelve months ending June 2021 according to IQVIA.
Global Markets:
Asian stocks are trading mixed on Friday as investors remained cautious ahead of the Federal Reserve's annual Jackson Hole symposium.
Traders were eying new developments in Afghanistan, which added to the risk-off sentiment. At least 60 Afghans and 13 US soldiers were killed on Thursday after two suicide bombers and several gunmen attacked crowds flocking to the Kabul airport in Afghanistan, as per reports. A further 15 US troops and more than 150 civilians were also injured in the attack. ISIS-K has reportedly claimed responsibility for the bombings at the Hamid Karzai International Airport in Kabul and a hotel nearby.
Profits at China's industrial firms grew at a slower rate of 16.4% on year to 703.67 billion yuan ($108.6 billion) in July, the statistics bureau said on Friday, as elevated commodity prices and supply chain constraints from extreme weather weighed on the sector. The July growth rate compared with a 20% gain in the previous month. The pace of growth has been slowing for five consecutive months.
In US, the S&P 500 fell from a record on Thursday as investors awaited more details on the Federal Reserve's plan to pull back on monetary stimulus from the central bank's annual symposium on Friday.
On the data front, weekly initial jobless claims came in at 353,000, the Labor Department reported Thursday, a slight increase from the prior week's 349,000.
Economic growth totaled 6.6% in the second quarter, according to the Commerce Department's second reading released on Thursday. That was a slight revision upward from the 6.5% annual increase previously reported.
The highly anticipated Jackson Hole symposium from the Fed will be held virtually this year on Friday, with many central bank speakers making remarks to the media beginning Thursday. At the event, central bankers could provide updates on their plan around tapering the Fed's monthly bond purchases.
Federal Reserve Chairman Jerome Powell is slated to make remarks on Friday as part of the central bank's summit. The Fed has been purchasing at least $120 billion of bonds per month to bolster the economy in reaction to the pandemic.
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