The domestic equities are trading with small gains in early trade, buoyed by financial services and bank stocks. The Nifty traded above the 17,800 mark.
At 9:30 IST, the barometer index, the S&P BSE Sensex, rose 38.98 points or 0.07% at 59,894.91. The Nifty 50 index gained 9.05 points or 0.05% at 17,814.30.
In the broader market, the S&P BSE Mid-Cap index added 0.34% while the S&P BSE Small-Cap index rose 0.16%.
The market breadth was strong. On the BSE, 1,608 shares rose and 1,010 shares fell. A total of 87 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,273.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 532.97 crore in the Indian equity market on 4 January 2022, provisional data showed.
Stocks in Spotlight:
Bharti Airtel fell 0.03%. The telecom major announced a joint venture with Hughes Communications India to provide satellite broadband services in India. The combined India Very Small Aperture Terminal (VSAT) operations of both companies will offer wide range of satellite and hybrid network solutions to business and government customers.
GAIL (India) rose 1.21%. GAIL (India) and IL&FS Group successfully concluded the transaction wherein GAIL (India) acquired equity stake of 26% held by IL&FS Energy Development Company (IEDCL) and IL&FS Financial Services (IFIN) in ONGC Tripura Power Company (OTPC), which owns and operates a 726.6 MW gas-based combined cycle power plant in Palatana, Tripura.
Thermax jumped 5.32%. Thermax has concluded an order of Rs. 545.6 crore from an Indian power public sector company to set up flue gas desulphurisation (FGD) systems for their two units of 500 MW capacity each in Uttar Pradesh.
United Drilling Tools lost 0.22%. The company has appointed a reputed marketing associates and representatives to promote its product portfolio for oil exploration and completion equipments in Egypt and Libya, both in North Africa.
Global Markets:
Asian stocks are trading lower on Wednesday, 5 January 2022 with investors awaiting the minutes from the Fed's meeting in December, due later in the day, and the U.S. jobs report, due to be released on Friday, for clues on the Fed's potential pace of the hikes.
In US, the Dow Jones Industrial Average scored a record closing high on Tuesday for the second straight day as financial and industrial shares rallied, while the Nasdaq fell.
On the macro front, the Institute for Supply Management said on Tuesday that its index of US factory activity fell to a reading of 58.7 last month from 61.1 in November, the lowest tally since last January.
Meanwhile, global benchmark Brent crude jumped on Tuesday to $80 a barrel, its highest since November, as OPEC and its non-OPEC allies, known collectively as OPEC+, agreed to stick to its planned increase for February based on indications that the Omicron coronavirus variant would have only a mild impact on demand.
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