Indices open on firm note, breadth strong

The key equity indices are trading with modest gains in the early trade on buying demand in index pivotals. Positive Asian stocks boosted the sentiment. The Nifty traded a tad above the 17,900 level. All the sectoral indices on the NSE were in the green with IT, media and metal stocks gaining the most.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 202.41 points or 0.34% to 59,995.55. The Nifty 50 index gained 68 points or 0.38% to 17,901.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.42% while the S&P BSE Small-Cap index gained 0.71%.

The market breadth was strong. On the BSE, 2,128 shares rose and 737 shares fell. A total of 167 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,132.42 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,167.56 crore in the Indian equity market on 9 September, provisional data showed.

Stocks in Spotlight:

Reliance Industries (RIL) rose 0.44%. RIL said that its wholly owned subsidiary Reliance Petroleum Retail has executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex). Reliance Petroleum Retail (under name change to 'Reliance Polyester') will be acquiring polyester business of SPL and SPTex for cash consideration of Rs 1,522 crore and Rs 70 crore, respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis.

Tata Steel gained 1.51%. The board of the steel major is scheduled to meet on 14 September 2022 to consider the issuance of unsecured non-convertible debentures on private placement basis.

Oil and Natural Gas Corporation (ONGC) added 0.19%. ONGC has signed 6 contracts for Discovered Small Fields (DSF) in the Offshore under DSF-III bid round, with 3 each for fields in the Arabian Sea and Bay of Bengal. These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation Limited (IOCL). The company also signed 2 Contracts for Fields under Special CBM Bid round-2021 blocks in Jharkhand and Madhya Pradesh.

Spicejet declined 0.88%. Spicejet on Friday announced the appointment of Ashish Kumar as the chief financial officer (CFO) with effect from 9 September 2022.

Venus Pipes & Tubes rallied 5.40% after the company said that it has been recognised as ALL INDIA FIRST (AIF) manufacturer to receive Bureau of Indian Standards (BIS) approval for stainless steel seamless and welded pipes and tubes.

Global Markets:

Asian stocks are trading higher on Monday on improved risk sentiment. Mainland China, Hong Kong and South Korea markets are closed for a holiday.

US stocks rallied on Friday as investors went on a buying spree, shrugging off concerns about the economic outlook.

The U.S. is set to release its consumer price index for August on Tuesday. The report is one of the last pieces of data on inflation the Fed will see ahead of its September meeting. Retail sales and industrial production reports will be released Thursday.

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