At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 459.07 points or 0.78% to 59,487.98. The Nifty 50 index added 117.45 points or 0.67% to 17,741.85.
In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index advanced 0.55%.
The market breadth was strong. On the BSE, 2,097 shares rose and 1,307 shares fell. A total of 128 shares were unchanged.
Shree Cements (up 5.73%), Bharat Petroleum Corporation (up 3.47%), ICICI Bank (up 2.41%), Mahindra & Mahindra (up 2.30%) and Tech Mahindra (up 2.22%) were top Nifty gainers.
Hindalco Industries (down 1.81%), Tata Steel (down 1.58%), Coal India (down 1.17%), SBI Life Insurance Company (down 1.01%) and Tata Motors (down 0.90%) were major Nifty losers.
Economy:
The Union Cabinet has approved policy on long term leasing of railway land for implementing PM Gati Shakti framework. The plan will not incure any additional expenditure. However, liberalizing the land leasing policy will open avenues for all stakeholders/service providers/operators to establish more cargo related facilities. Besides bringing more revenue to railways, the plan will attract more cargo to railways, increase railways' modal share in freight transportation thereby reducing logistics cost of the industry.
It will simplify approvals for utilities as envisaged in PM Gati Shakti Programme. It will also help in development of public utilities like electricity, gas, water supply, telecom cable, sewage disposal, drains, optical fibre cables (OFC), pipelines, roads, flyovers, but terminals, regional rail transport, urban transport etc. in an integrated manner. This policy amendment will enable employment generation potential of about 1.2 lakh employment.
Stocks in Spotlight:
Websol Energy Systems hit an upper circuit limit of 10% at Rs 108.50 after the company said it has entered into a term sheet for establishment of a joint venture with AMP to manufacture and produce solar cells in West Bengal. Under the joint venture, the company will be manufacturing and producing upto 1.2 gigawatt (GW) monocrystalline PERC (Passivated Emitter and Rear Cell) solar cells and modules in two phases of 600 megawatt each with AMP Energy India at their existing unit at Falta, West Bengal.
Sonata Software jumped 8.39% as the IT service provider traded ex-bonus today, 8 September 2022. The software and consulting firm has fixed Saturday, 10 September 2022, as the record date to determine the eligibility for the issuance of one bonus share for every three equity shares held (1:3).
Dr. Reddy's Laboratories added 0.56%. The drug major on Wednesday announced the launch of Lenalidomide capsules in the US market with an approval from the US Food and Drug Administration (USFDA). The said drug is the therapeutic equivalent generic version of Revlimid (lenalidomide) capsules. The pharmaceutical company said with this volume-limited launch, the company is eligible for first-to-market, 180 days of generic drug exclusivity for Lenalidomide Capsules in 2.5 mg and 20 mg strengths.
Global markets:
Shares in Europe advanced while Asian stocks traded mixed following Wall Street's solid rebound rally overnight.
Japan's economy grew more than initially reported in the second quarter, as the lifting of local Covid-19 restrictions boosted consumer and business spending. Gross domestic product (GDP) in the world's third-largest economy expanded an annualised 3.5% in the second quarter, stronger than the preliminary estimate of annualised 2.2% growth, government data showed Thursday.
US stock indexes climbed the most in roughly a month as bond yields eased, with investors shrugging off hawkish remarks made by Federal Reserve officials on Wednesday.
Stocks rallied as Fed Vice Chair Lael Brainard reaffirmed that the central bank would do what it takes to stifle inflation, while also noting the risks of going too far.
On Wednesday, the Federal Reserve gave its summary on current economic conditions, known as the Beige Book. The report showed that economic activity was little changed in many regions across the U.S., and that growth outlooks remain weak.
Investors will also be closely watching Federal Reserve Chair Jerome Powell's speech Thursday as markets brace for another 75 basis-point hike later this month.
Meanwhile, the European Central Bank is expected to make its next move on interest rates on Thursday. The ECB is expected to deliver its first-ever 75 basis point interest rate increase, as per reports.
Oil prices settled sharply lower on Wednesday, slumping below levels seen prior to Russia's invasion of Ukraine as downbeat Chinese trade data fed investor worries about recession risks. Brent crude futures rose 74 cents to $88.74 a barrel.
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