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Sensex, Nifty advance in early trade; breadth strong

Capital Market 

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 435.34 points or 0.74% at 59,362.67. The Nifty 50 index was up 131.35 points or 0.75% at 17,678. Most Asian stocks are trading higher.

The S&P BSE Mid-Cap index was up 0.97%. The S&P BSE Small-Cap index was up 1.13%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1981 shares rose and 472 shares fell. A total of 106 shares were unchanged.

Stocks in news:

Infosys rose 0.8%. Infosys announced a strategic collaboration with Amazon Web Services (AWS) to develop quantum computing capabilities and use cases. Infosys will use Amazon Braket to explore and build multiple use cases in quantum computing as part of Infosys Cobalt cloud offerings.

Bharti Airtel rose 0.42%. Bharti Airtel said that the 'Record Date' for the purpose of determining the shareholders who shall be eligible to receive the rights entitlement in the issue is September 28. The rights issue will open on 5 October 2021 and closes on 21 October 2021.

Adani Ports and Special Economic Zone (APSEZ) rose 1.18%. APSEZ has concluded acquisition of Government of Andhra Pradesh's (GoAP) stake of 10.4% with a consideration of Rs 645 crore.

Jubilant Ingrevia rose 2.11%. Jubilant Ingrevia said that Jubilant Life Sciences International Pte., Singapore, a wholly owned subsidiary of the company has divested its entire 10% stake, consisting of 5,40,463 shares, held in Safe Foods Corporation for a consideration of US $ 18.2 Million (approx. Rs 134.2 crore).

Sarda Energy & Minerals advanced 2.85%. Sarda Energy & Minerals has approved a provisional tariff for the 113 MW hydropower project of subsidiary Madhya Bharat Power Corporation, considering 85% of the cost of the project incurred as of March 2021 with return on equity of 15.5% per annum.

Global Markets:

Asian stocks are trading mostly higher on Thursday as investors continue monitoring the situation surrounding China Evergrande Group. Markets in Japan are closed on Thursday.

As per reports, China Evergrande Group's chairman said the firm's top priority is to help wealth investors redeem their products, though questions remain over whether the embattled Chinese developer will pay the interest due on a dollar-denominated bond on Thursday.

U.S. stocks rallied on Wednesday after the Federal Reserve indicated it doesn't see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic.

The Fed did not give a specific timeline on when it may begin moderating its purchases. If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted, the Fed's post-meeting statement said.

The central bank has been buying $120 billion a month of Treasurys and mortgage-backed securities since the start of the Covid crisis. The Federal Open Market Committee voted unanimously to keep short-term rates anchored near zero on Wednesday.

The Fed is split on the timing of the first interest rate hike. Wednesday's so-called dot plot of projections showed nine of the 18 FOMC members expect a rate increase in 2022. That's up from seven in June's Fed projections.

Back home, the key equity indices ended with small losses after a volatile session on Wednesday. The barometer index, the S&P BSE Sensex, slipped 77.94 points or 0.13% to 58,927.33. The Nifty 50 index lost 15.35 points or 0.09% to 17,546.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,943.26 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,850.02 crore in the Indian equity market on 22 September, provisional data showed.

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

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First Published: Thu, September 23 2021. 09:32 IST