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Barometers jump on bargain hunting

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Key equity indices edged higher on Wednesday after two consecutive sessions of sharp falls. The barometer index, the Sensex, rose 304.83 points or 0.81% to 37,717.96, as per the provisional closing data. The index rose 83.35 points or 0.74% to 11,370.85, as per the provisional closing data. The sentiment, however, was fragile as the rupee touched a fresh low, stoking fears of an interest rate hike by the central at its next meeting in October.

Among secondary barometers, the Mid-Cap index rose 0.52%. The Small-Cap index fell 0.27%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1140 shares rose and 1516 shares fell. A total of 188 shares were unchanged.

(down 2.38%), (down 1.68%), ICICI (down 1.06%), (down 1.01%), (down 0.77%) and Coal (down 0.5%), were the Sensex losers.

Power Grid Corporation of (up 3.43%), ITC (up 3.26%), Adani Ports & Special Economic Zone (up 3.51%), (up 2.36%), Hindutan (up 2.35%) and (up 2.10%), were the Sensex gainers.

Drug rose 3.01%. With reference to the media report, "on radar", the drug major clarified that the (USFDA) is conducting an inspection of the company's (Punjab, India). The inspection started yesterday, 10 September 2018 and is ongoing. The clarification was issued after market hours yesterday, 11 September 2018.

IT major rose 1.67%. and Duck Creek Technologies, the P&C insurance industry's leading Saas provider, announced a relationship whereby will offer a broad array of and related and data solutions for its customers around the world. Wipro will offer systems integration, configuration, and support services for the Duck Creek Platform, which includes solutions for policy, rating, billing, claims, data insights, and digital engagement. Together, Wipro and Duck Creek will help insurers meet rapidly evolving consumer expectations in their digital transformation journey. The announcement was made after market hours yesterday, 11 September 2018.

In the foreign exchange market, the rupee extended losses against the dollar. The partially convertible rupee was hovering at 72.055, compared with its close of 72.695 during the previous trading session.

Overseas, shares in traded slightly higher on Wednesday, despite further tensions between the US and surrounding trade.

Asian stocks fell on Wednesday, as investor confidence was chilled by the latest round of verbal threats in an intensifying US-trade conflict. will seek permission from the (WTO) to impose sanctions on the US next week, according to the WTO's meeting agenda. China will seek authorization at a special meeting of the WTO's Dispute Settlement Body on Friday, 21 September 2018.

The request comes at a time of escalating trade tensions between the world's two largest economies, with US saying last week he was "ready to go" on tariffs for another $267 billion on Chinese goods "if he wants." That would follow planned charges on $200 billion of Chinese goods in several industries, including technology. has vowed to retaliate if the US takes any new steps on trade.

US stocks shrugged off a wobbly start to close higher Tuesday, with the Dow climbing by triple digits, as and rallied. However, trade worries were simmering below the surface as investors continued to watch the situation between the US and China.

On the data front, small-sentiment climbed to a record in August, according to the National Federation of Independent Separately, the number of job openings in the US climbed to a record 6.94 million in July while the US budget deficit in August was $211 billion, nearly double the gap during the year-ago period.

Meanwhile, the US budget deficit in August was $211 billion, nearly double the gap during the year-ago month, the estimated late Monday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 12 2018. 15:31 IST
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