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Sensex, Nifty scale fresh intraday high

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Key equity indices extended gains and hit fresh intraday high in mid-afternoon trade. Finance minister Nirmala Sitharaman will reportedly hold a press briefing at 5:00 pm today. Investors are hoping that the government would announce a rollback of higher taxes for foreign portfolio investors (FPIs).

The Nifty was trading above 10,800-mark. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 226.36 points or 0.62% at 36,699.25. The Nifty 50 index was up 85.55 points or 0.8% at 10,826.90.

The market breadth, indicating the overall health of the market, turned positive from negative. On the BSE, 1247 shares rose and 1082 shares fell. A total of 135 shares were unchanged. The S&P BSE Mid-Cap index was up 1.02%. The S&P BSE Small-Cap index was up 0.46%.

Wockhardt rose 1.89% to Rs 259.20. The drug maker said that French National Agency for Medicines and Health Products Safety has issued GMP Compliance Certificate that the Company's manufacturing Unit at Ankleshwar, Gujarat complies with the principles of Good Manufacturing Practices for active substances. The said GMP Compliance Certificate is valid for a period of 3 years i.e. upto 2 April 2022.

Media stocks jumped. TV18 Broadcast (up 6.01%), Sun TV Network (up 4.15%), Balaji Telefilms (up 2.85%), Dish TV India (up 4.16%) and TV Today Network (up 0.87%) advanced.

NOCIL jumped 4.84% to Rs 79.05 on BSE on bargain hunting after a recent slide. Shares of rubber chemicals maker plunged 16.22% in the past seven trading sessions to settle at Rs 75.40 yesterday, 22 August 2019, from its close of Rs 90 on 9 August 2019.

On domestic macro front, The Employees' Provident Fund Organisation (EPFO) subscribers data showed a net addition of 12,23,675 employees in June this year, compared with 8,56,870 in May, marking a jump of 42%, according to a report from Ministry of Ministry of Statistics & Programme Implementation. Payroll Reporting in India: An Employment Perspective -June, 2019, report noted that since April 2018, the Ministry has been bringing out the employment related statistics in the formal sector covering the period September 2017 onwards, using information on the number of subscribers who have subscribed under three major schemes, namely, the Employees' Provident Fund (EPF) Scheme, the Employees' State Insurance (ESI) Scheme and the National Pension Scheme (NPS).

In the commodities market, Brent crude for October 2019 settlement was down 7 cents at $59.85 a barrel. The contract fell 38 cents or 0.63% to settle at $59.92 a barrel in the previous trading session.

MCX Gold futures for 4 October 2019 settlement declined 0.344% at Rs 37,998.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.66, compared with its close of 71.81 during the previous trading session.

The yield on 10-year benchmark federal paper rose to 6.561% at 14:22 IST compared with 6.554% at close in the previous trading session.

Overseas, European markets were trading higher while Asian markets closed on a mixed note on Friday before US Federal Reserve Chair Jerome Powell's address at the Jackson Hole summit. US stocks ended mixed on Thursday as a fall in US jobless claims offset data showing a contraction in US manufacturing activity while investors awaited Federal Reserve Chair Jerome Powell's speech on Friday for clues on the central bank's monetary policy.

In economic data, the number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.

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

First Published: Fri, August 23 2019. 14:29 IST