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 275.26 points or 0.47% at 58,405.21. The Nifty 50 index was up 75.70 points or 0.44% at 17,399.30. The Sensex hit record high of 58,480.20 in early trade. The Nifty scaled record high of 17,421.55 in early trade. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.5%. The S&P BSE Small-Cap index was up 0.56%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1759 shares rose and 771 shares fell. A total of 132 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) advanced 3.08%. Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of Reliance Industries (RIL) has acquired 2,28,42,654 equity shares of Rs.10 each of Strand Life Sciences (Strand) for a cash consideration of Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March, 2023. The total investment will translate into ~80.3% of equity share capital in Strand on a fully diluted basis.
Hero MotoCorp rose 0.75%. Hero MotoCorp and Harley-Davidson, the legendary motorcycle brand have expanded the touch points for customers in the country. Hero MotoCorp now has an expanded network of 14 full-fledged dealerships and seven authorized service centers across the country, exclusively for Harley-Davidson customers.
Dr. Reddy's Laboratories rose 0.28%. Dr. Reddy's Laboratories announced that it has entered into a definitive agreement with Citius Pharmaceuticals, Inc. ("Citius") pursuant to which it sold all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets.
Punjab National Bank rose 0.26%. Punjab National Bank said that the meeting of the board of directors of the bank is scheduled on 10 September 2021, to consider and approve raising of capital through issuance of Basel-III Compliant Additional Tier-1 Bonds and/or Tier-II Bonds or combination thereof, in one or more tranches
ICICI Lombard General Insurance Company dropped 2.12%. The company has received regulatory and other approvals from the Insurance Regulatory and Development Authority of India (IRDAI) for the demerger of the general insurance business of Bharti AXA General.
Engineers India gained 1.95%. Engineers India said that Chennai Petroleum Corporation entrusted the execution of EPCM-1 with MPMC & EPCM-3 services for 9 MMTPA Cauvery Basin Refinery (CBR) project at Nagapattinam, Tamil Nadu to the company. The total awarded order value is Rs 1,039 crore, with a total project schedule of 42 months for mechanical completion.
Global Markets:
Asian stocks are trading higher on Monday following U.S. jobs data released Friday that came in far short of expectations. Japanese shares climbed on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga's successor.
In US, the Dow Jones Industrial Average retreated on Friday and the S&P 500 slipped from a record high after the August jobs report came in short of expectations, showing the impact of the delta-fueled Covid resurgence.
U.S. jobs data released Friday came in far short of expectations, with the economy adding just 235,000 positions in August. Meanwhile, the unemployment rate declined to 5.2% from 5.4% in July, in line with estimates.
In a press conference on Friday, President Joe Biden touted the average monthly job gains since he took office and lower weekly jobless claims, and called for more vaccinations and for Congress to pass infrastructure and budget bills.
U.S. markets are closed on Monday for the Labor Day holiday.
Back home, barometers settled with modest gains near record high levels on Friday. The barometer index, the S&P BSE Sensex, gained 277.41 points or 0.48% at 58,129.95. The Nifty 50 index added 85.45 points or 0.52% to 17,323.60.
Foreign portfolio investors (FPIs) bought shares worth Rs 768.58 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 668.60 crore in the Indian equity market on 3 September, provisional data showed.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
