The key equity indices traded with moderate gains in the morning trade. The Nifty traded above the 17,900 level. Buying was wide spread, with metal, bank and FMCG stocks gaining the most. Tracking positive global cues, investors digested hawkish remarks from Fed policymakers and the European Central Bank's largest-ever hike in its key interest rate.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 335.03 points or 0.56% to 60,023.25. The Nifty 50 index gained 111.95 points or 0.63% to 17,910.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index gained 0.64%.
The market breadth was strong. On the BSE, 2,010 shares rose and 1,134 shares fell. A total of 166 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,913.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 212.61 crore in the Indian equity market on 8 September, provisional data showed.
Buzzing Index:
The Nifty PSU Bank index gained 1.32% to 3,160.90. The index advanced 3.87% in the two trading sessions.
Punjab National Bank (up 2.09%), State Bank of India (up 1.66%), Bank of Baroda (up 1.59%), Punjab & Sind Bank (up 1.57%), Bank of India (up 1.05%), Union Bank of India (up 1.04%), Canara Bank (up 0.92%), UCO Bank (up 0.81%), Bank of Maharashtra (up 0.53%) and Indian Overseas Bank (up 0.27%) edged higher.
Stocks in Spotlight:
Rain Industries slipped 4.22%. Rain Carbon Inc., a wholly owned subsidiary of Rain Industries, announced temporary closure of an operating unit in Europe. It is developing additional energy-related contingency plans for its other European production units in anticipation of potential natural gas shortages and price spikes during the upcoming winter months resulting from the unprecedented and unpredictable geopolitical environment. Rain Carbon's European footprint is essential to the company's global operations, and these decisions are being made be taken to ensure the long-term viability of operations.
PNC Infratech advanced 2.80 % after the company announced the signing of a concession agreement with National Highways Authority of India (NHAI) for a HAM Project worth Rs 1,458 crore. The agreement was signed between NHAI and Sonauli Gorakhpur Highways, a special purpose vehicle incorporated by the company for implementation of the said project.
The project involves four laning of Sonauli - Gorakhpur section of NH-29E on hybrid annuity mode in the state of Uttar Pradesh. The length of this construction is 79.54 kilometer and the cost of this project is Rs 1,458 crore. The project is to be constructed in 24 months, upon declaration of appointed date and operated for 15 years, post construction.
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