Key indices are trading higher in early trade on buying demand index pivotals. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 104.72 points or 0.26% at 40,287.39. The Nifty 50 index was up 33.25 points or 0.28% at 11,867.85.
The S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index was up 0.26%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 885 shares rose and 511 shares fell. A total of 71 shares were unchanged.
RBI policy meeting outcome:
The Reserve Bank of India's meeting of the Monetary Policy Committee (MPC) began on 7 October 2020 and ends today, 9 October 2020. The government on Monday has named Shashanka Bhide, Ashima Goyal and Jayanth Varma as its nominees on the central bank's monetary policy committee (MPC). The new members have been appointed for a four-year term.
The Reserve Bank of India was forced to delay the bi-monthly committee meeting set to take place from 29 September to 1 October, as it required at least four MPC members to proceed and the Indian government had failed to name replacements for three previous appointees whose tenure ended in September.
Stocks in news:
Tata Consultancy Services (TCS) slipped 0.48%. TCS announced the launch of 10 new Threat Management Centers across the globe, that will focus on providing cyber security services to its enterprise customers.
J K Cement advanced 4.07%. J K Cement said the company has successfully commissioned 0.7 million tonne per annum grey cement grinding capacity at Balasinor, Gujrat unit and also commenced commercial despatches.
Solar Industries India surged 6.72%. Solar Industries India and its subsidiary Economic Explosives have received orders from Singareni Collieries Company (SCCL) for supply of explosives and initiating systems worth Rs 447 crore, to be delivered over a period of two years.
GOCL Corporation rose 3.27%. GOCL Corporation said its subsidiary IDL Explosives (IDLEL) has bagged an order of Rs 186.78 crore from Singareni Collieries Company for the supply of bulk explosives and accessories over a period of two years.
OnMobile Global rose 0.83%. OnMobile Global said that Fonestarz Media Group, a non-material wholly owned step down subsidiary of the company has been dissolved effective October 6, 2020.
Global Markets:
Overseas, Asian stocks are trading higher on revived hopes for a U.S. stimulus deal. Stocks in mainland China surged as they returned to trade on Friday from holidays. Markets in South Korea and Taiwan are closed on Friday for holidays.
A private survey showed services sector activity in China expanding in September. The Caixin/Markit services Purchasing Managers' Index for September came in at 54.8.
In US, stocks ended higher on Thursday as comments by U.S. President Donald Trump fueled hopes of fresh fiscal support, while data underscored the view that the labor market recovery was struggling to gain momentum.
Investor focussed on ongoing developments regarding potential new fiscal stimulus stateside. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on Thursday about a broad coronavirus stimulus plan, after U.S. President Donald Trump pulled out of talks earlier in the week and called for stand-alone bills.
Initial claims for state unemployment benefits totaled a seasonally adjusted 840,000 for the week ended October 3, compared with an upwardly revised 849,000 in the prior week, the Labor Department said on Thursday.
Back home, benchmark indices advanced for the sixth trading session on Thursday amid positive global cues. Firmness in IT and banks shares supported the upmove. The barometer index, the S&P BSE Sensex, jumped 303.72 points or 0.76% at 40,182.67. The Nifty 50 index rallied 95.75 points or 0.82% at 11,834.60.
Foreign portfolio investors (FPIs) bought shares worth Rs 978.37 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 19.85 crore in the Indian equity market on 8 October, provisional data showed.
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