The equity benchmarks firmed up once again in afternoon trade, supported by strength in IT and energy stocks. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 351.43 points or 0.59% to 60,029.26. The Nifty 50 index added 91.60 points or 0.51% to 17,881.95.
In the broader market, the S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index gained 0.64%.
The market breadth was positive. On the BSE, 1733 shares rose and 1459 shares fell. A total of 172 shares were unchanged.
The Reserve Bank of India (RBI)'s six-member Monetary Policy Committee (MPC) at its meeting today (8 October 2021) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%. The reverse repo rate under the LAF remains unchanged at 3.35% and the marginal standing facility (MSF) rate and the bank rate at 4.25%.
The MPC also decided to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.
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These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth, RBI statement said.
Reliance Industries (up 2.46%), Tech Mahindra (up 155%), Tata Steel (up 1.31%) and HCL Technologies (up 1.14%) were major index gainers.
NTPC (down 1.33%), Hindustan Unilever (down 1.26%), Dr Reddy's Laboratories (down 1.12%) and Titan Company (down 0.66%) were major index losers.
IT major TCS was up 1.55% ahead of its Q2 results today, 8 October 2021. The stock hit a record high of Rs 3990 in mid-morning trade today.
Infosys (up 1.81%) will announce Q2 results on Wednesday, 13 October 2021.
Bajaj Auto rose 0.16%. The auto major on Friday announced the resignation of Soumen Ray as the company's chief financial officer with effect from 20 December 2021. The company further added that it is in the process of identifying and appointing a suitable person for the said position.
Motherson Sumi Systems 1.50%. Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a Motherson Group Company, announced the acquisition of a majority stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., by Ningbo SMR Huaxiang Automotive Mirrors (SMR NBHX).
Ningbo SMR Huaxiang Automotive Mirrors is a 50:50 joint venture in China under its subsidiary Samvardhana Motherson Reflectec (SMR).
With this transaction SMR NBHX will acquire 60% stake in the Nanchang JMCG Mekra Lang Vehicle Mirror Co. The proposed deal is expected to be completed within three months from the date of signing, subject to necessary approvals.
JMCG (Jiangling Motors Corporation Group) will continue to retain its 40% stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co.
Global markets:
Most European shares declined while most Asian stocks advanced. Chinese stocks jumped on the first day of trade after a week-long holiday.
Investors eyed key US jobs data for any fresh insight into the timing of Federal Reserve tapering.
Activity in China's services sector returned to growth in September as a major COVID-19 outbreak in the eastern province of Jiangsu receded, a private-sector survey showed on October 8. The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 53.4 from 46.7 in August.
US stocks rallied on Thursday as Senate leaders moved to avert a US debt default. Senate Majority Leader Chuck Schumer announced Thursday that lawmakers have reached a deal on a short-term debt ceiling increase after hours of discussion with Minority Leader Mitch McConnell.
Markets will look ahead to Friday's key September jobs report as the Federal Reserve prepares to slow its $120 billion-per-month bond-buying program.
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