Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 151.34 points or 0.27% at 56,110.32. The Sensex scaled record high of 56,188.49 in early trade. The Nifty 50 index was up 55.45 points or 0.33% at 16,680.05. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.89%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1906 shares rose and 600 shares fell. A total of 77 shares were unchanged.
Stocks in news:
Wipro fell 0.29%. Wipro announced that it has been awarded a strategic multi-year contract to partner with E.ON in their digital transformation journey in the financial area. Wipro will provide Application Maintenance & Support Services (AMS) for innovative projects on SAP S/4HANA.
Tata Steel rose 0.88%. Tata Steel said that Brickwork Ratings has upgraded the ratings for the unsecured Non-Convertible Debentures/Bond Issues aggregating Rs 4,000 crore of the company from BWR AA/Stable to BWR AA+/Stable.
Adani Ports and Special Economic Zone (APSEZ) gained 2.26%. APSEZ said the company's proposal to acquire 10.4% stake for Rs 644.78 crore of Gangavaram Port from the Andhra Pradesh government has received approval from the Andhra Pradesh Maritime Board. The transaction is expected to complete within a month.
CreditAccess Grameen rose 0.37%. CreditAccess Grameen said that the company's board has considered and approved the issuance of non-convertible debentures aggregating up to Rs 100 crore.
Centrum Capital jumped 8.41%. Centrum Capital said its board of directors has considered and approved the sale of the entire business of two wholly owned Material Subsidiaries named Centrum Financial Services Limited and Centrum Microcredit Limited to its proposed step down Subsidiary (proposed Small Finance Bank).
Global Markets:
Overseas, Asian stocks are trading mostly higher on Wednesday, as optimism continued to drive U.S. stocks, with the S&P 500 and Nasdaq reaching record highs overnight.
US stocks were higher Tuesday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech's Covid vaccine.
Investors are eyeing the Federal Reserve's annual central banking event in Jackson Hole, Wyo. later this week, focused on whether or not central bankers will detail their plans for tapering monetary stimulus. The Fed has started discussions to pull back its $120 billion a month bond-buying program by the end of this year. The summit will take place virtually on Thursday, and Fed Chairman Jerome Powell will give a speech on Friday.
Back home, the key equity indices ended near the day's high with robust gains on Tuesday, tracking positive cues in other Asian stocks. The barometer index, the S&P BSE Sensex, advanced 403.19 points or 0.73% to 55,958.98. The Nifty 50 index added 128.15 points or 0.78% to 16,624.60.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,644.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,380.05 crore in the Indian equity market on 24 August, provisional data showed
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