Broader market outperforms; Nifty above 17,350 level

Equity indices continued to hover in a range bound manner in mid afternoon trade. The Nifty traded firm above the 17,350 level. IT stocks saw buying while banks shares corrected.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 67.27 points or 0.12% at 58,237.27. The Nifty 50 index was down 4.9 points at 17,364.35.

The broader market outperformed. The S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index gained 0.75%.

Buyers outpaced sellers. On the BSE, 1,715 shares rose and 1,485 shares fell. A total of 216 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 423.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 704.21 crore in the Indian equity market on 9 September 2021, provisional data showed.

Buzzing Index:

The Nifty IT index added 1.1% to 35,186.20, rising for the second trading day. The index has risen 1.46% in two days.

Mindtree (up 4.6%), Mphasis (up 2.19%), Oracle Financial Software Services (up 2.15%), Coforge (up 2%), TCS (up 1.52%) and HCL Tech (up 1.13%) were top gainers in IT space.

Stocks in Spotlight:

Borosil hit an upper circuit of 20% at Rs 241.35 after the Directorate General of Trade Remedies (DGTR) initiated the sunset review investigation concerning imports of "Opal Glassware" originating in or exported from China PR and UAE. Borosil (the applicant) had alleged that dumping of "Opal Glassware" (subject goods) from China PR and UAE (subject countries) has continued even after the imposition of anti-dumping duty and that there is likelihood of continuatior/recurrence of the dumping and the injury in case of cessation of the duties. The applicant has requested for extension of the duties on the imports of the subject goods, originating in or exported from the subject countries.

MTAR Technologies rose 2.78% to Rs 1,409.05 after the company said it has received orders worth about Rs 220 crore from Bloom Energy, USA for providing manufactured and assembled products. The order is for export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022. The company said it is the largest single order ever received and demonstrates the customer confidence. The order also supports the growth targets that MTAR has set for itself.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 73.68 from its previous closing of 73.5050.

MCX Gold futures for 5 October 2021 settlement rose 0.12% to Rs 46,860.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.24% at 92.793.

In the commodities market, Brent crude for October 2021 settlement added 59 cents or 0.81% to $73.51 a barrel.

The yield on 10-year benchmark federal paper rose to 6.197% from its previous close of 6.178%.

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