The benchmark indices continued to trade with modest gains in the mid-morning trade. The Nifty traded above the 17,950 mark. All the sectoral indices on the NSE were in the green with media, IT and realty stocks leading the rally.
At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 409.42 points or 0.68% to 60,202.56. The Nifty 50 index gained 119.70 points or 0.67% to 17,953.05.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.84% while the S&P BSE Small-Cap index gained 1.05%.
The market breadth was strong. On the BSE, 2,253 shares rose and 1,149 shares fell. A total of 186 shares were unchanged.
Buzzing Index:
The Nifty Media index rose 2.49% to 2,201.60. The index declined 0.64% in the past two trading sessions.
Nazara Technologies (up 6.17%), Inox Leisure (up 4.52%), PVR (up 4.02%), Zee Entertainment Enterprises (up 2.47%), Sun TV Network (up 1.6%), Network 18 Media & Investments (up 1.35%), Hathway Cable & Datacom (up 0.85%), TV18 Broadcast (up 0.47%) jumped.
Stocks in Spotlight:
JSW Steel shed 0.49%. The steel major said that its standalone crude steel production for the month of August 2022 stood at 16.76 lakh tonnes, a growth of 22% YoY on standalone basis. The company's crude steel production was 13.77 lakh tones in the same period last year. While the production of flat rolled product increased by 34% to 12.01 lakh tones, the production of long rolled product improved by 25% to 3.75 lakh tones in August 2022 over August 2021. The average capacity utilization was 87.4% during August 2022, mainly due to shortage of iron ore both in Karnataka and Odisha regions.
Engineers India advanced 2.23% after the company an order from Oil and Natural Gas Corporation (ONGC) on EPC Reimbursable basis for Rs 249 crore. The order includes restoration of gas terminal, Phase-1 at Hazira plant of ONGC. The contract is to be executed on EPC Reimbursable basis (open book brief estimate (OBE) model). The total estimated order value is Rs 249 crore and the time period for execution of the project is scheduled at 33 months.
D B Realty hit an upper circuit limit of 5% after the media reported that Adani Realty is in advanced talks for a merger with the Mumbai-based realty company.
Global Markets:
Asian stocks are trading higher on Monday on improved risk sentiment. Mainland China, Hong Kong and South Korea markets are closed for a holiday.
US stocks rallied on Friday as investors went on a buying spree, shrugging off concerns about the economic outlook.
The U.S. is set to release its consumer price index for August on Tuesday. The report is one of the last pieces of data on inflation the Fed will see ahead of its September meeting. Retail sales and industrial production reports will be released Thursday.
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