Sensex, Nifty strike record high; breadth strong

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 295.37 points or 0.49% at 60,180.73. The Nifty 50 index was up 93.10 points or 0.52% at 17,916.05. The Sensex hit record high of 60,333.00 in early trade. The Nifty scaled record high of 17,947.65 in early trade.

The S&P BSE Mid-Cap index was up 0.09%. The S&P BSE Small-Cap index was up 0.45%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1739 shares rose and 808 shares fell. A total of 113 shares were unchanged.

Stocks in news:

Vedanta fell 1.38%. Vedanta announced its intention to delist its American depositary shares (ADS) representing its equity shares from the NYSE and to terminate its ADS program. The company also intends to deregister such ADSs and the underlying equity shares and terminate the reporting obligations.

Adani Enterprises rose 0.2%. Adani Enterprises has incorporated a wholly owned subsidiary namely Adani Digital Labs. The subsidiary will transform consumer businesses to digital first businesses by creating an omnichannel, integrated platform enabling customers to interact with all B2C businesses of Adani Group.

PVR dropped 2.14%. CRISIL has downgraded long term credit rating on PVR's bank loan facilities to A+/Negative from AA-/Negative, and short term rating to A1 from A1+.

Dilip Buildcon surged 4.69%. The Supreme Court of India has in effect confirmed appointment of Dilip Buildcon (DBL) & VPR Mining Infrastructure (VPR), as the Mine Developer Cum Operator, by Punjab State Power Corporation at the Pachhwara Central Coal Block Mine. The total contract value of the tender is Rs. 32,156.04 crore (excluding taxes).

Global Markets:

Asian stocks are trading mixed on Friday even as U.S. shares rallied overnight and easing fears of contagion from China Evergrande Group's debt crisis. Although investors breathed a sigh of relief as concerns over China Evergrande's debt woes receded somewhat, it remains unclear if and how the developer will pay the more than $300 billion of liabilities that it owes.

U.S. stocks gained more than 1% on Thursday as fears around a crisis in China's property market eased somewhat and as the Federal Reserve kept current monetary stimulus in place for just a little bit longer.

The Bank of England on Thursday maintained its stimulus amount and record-low interest rate, even as it warned that UK annual inflation would top 4% this year. The BoE 's nine-strong monetary policy committee (MPC) voted unanimously to hold its key borrowing cost at 0.1%, a statement said. Policymakers voted 7-2 in favour of keeping its so-called quantitative easing stimulus at almost 900 billion ($1.2 trillion, 1 trillion euros).

Back home, the domestic equity barometers ended near the day's high after a robust session on Thursday. Strong global cues boosted sentiment. The barometer index, the S&P BSE Sensex, surged 958.03 points or 1.63% to 59,885.36. The Nifty 50 index advanced 276.30 points or 1.57% to 17,822.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 357.93 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,173.09 crore in the Indian equity market on 23 September, provisional data showed.

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