Volatility struck bourses in early trade as the key benchmark indices regained positive zone after opening lower. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 33.62 points or 0.06% at 55,977.83. The Nifty 50 index was up 14.05 points or 0.08% at 16,648.70.
The S&P BSE Mid-Cap index was up 0.64%. The S&P BSE Small-Cap index was up 0.63%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1709 shares rose and 745 shares fell. A total of 93 shares were unchanged.
Stocks in news:
Bharti Airtel fell 1.57%. Bharti Airtel said that the meeting of the board of directors of the company is scheduled on 29 August 2021, to consider and approve various capital raising options through equity or equity linked or debt instruments or any combination there-of, as the Board may deem appropriate.
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Infosys rose 0.34%. Infosys announced that it will establish a new digital development centre at its largest Canadian office in Mississauga. This is aimed at creating 500 high quality jobs in the Toronto Region over the next three years.
Procter & Gamble Hygiene and Health Care rose 0.75%. The company reported sales of Rs 787 crores, up 24% vs year ago behind market recovery and its superiority strategy. Profit After Tax (PAT) was Rs 49 crores, down 29% vs a year ago behind increased investment in brand building initiatives to accelerate growth.
Bank of India rose 1.62% to Rs 65.95. Bank of India said its board approved the opening of QIP on August 25 and the floor price of Rs 66.19 per equity share.
Max Healthcare gained 1.6%. The board of directors of Max Healthcare Institute has approved an additional investment for an amount upto Rs 50 crore by way of subscription towards rights issue of equity shares of its wholly owned subsidiary Alps Hospitals.
Global Markets:
Overseas, Asian stocks are trading mixed on Thursday, as US markets again surged to record highs. Meanwhile, South Korea's central bank hiked interest rates.
South Korea's central bank raised its policy rate on Thursday, becoming the first major Asian economy to do so in the pandemic amid concerns record-low monetary settings are overheating demand. The Bank of Korea's monetary policy board raised the benchmark interest rate by 25 basis points to 0.75%.
Wall Street gained ground on Wednesday, with chipmakers and financials helping to push the S&P 500 and the Nasdaq to record closing highs as investors look to the upcoming Jackson Hole Symposium.
The highly anticipated Jackson Hole symposium kicks off Thursday, and central bankers may provide updates on their plan around tapering monetary stimulus. The Federal Reserve has been purchasing at least $120 billion of bonds per month to curb longer-term interest rates and jumpstart economic growth as the pandemic wreaked havoc on the economy. Chairman Jerome Powell is slated to make remarks on Friday.
Johnson & Johnson said on Wednesday that its Covid Vaccine booster shot showed promising results in early stage clinical trials, significantly increasing virus-fighting antibodies.
Back home, after hitting record high levels in intraday trade, the benchmark indices sharply pared gains and ended near the flat line on Wednesday. The barometer index, the S&P BSE Sensex, slipped 14.77 points or 0.03% to 55,944.21. The Nifty 50 index added 10.05 points or 0.06% to 16,634.65.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,071.83 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 151.39 crore in the Indian equity market on 25 August, provisional data showed.
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