Opening bell: Indian market starts on a positive note; gaining over 0.52% in the morning trade
On the back of buying interest in index pivotal's, the domestic benchmark indices are now trading with modest gains.
On the NSE, all of the sectoral indices were up, with metal, bank, and FMCG companies seeing the biggest gains. The S&P BSE Sensex, the barometer index, was up 300.89 points, or 0.50%, to 59,989.11 at 09:30 am. To reach 17,890.90, the Nifty 50 index increased by 92.15 points or 0.52%.
Top gainers on the benchmarks were IndusInd Bank, Hindalco, and Shree Cement, while a few losers in a booming market included BPCL, Coal India, and Powergrid. SBC Exports were up 5.43% as National Informatics Centre Services Incorporated (NICSI), New Delhi, granted work orders for providing office support, project management assistance, and rollout services worth Rs 57.88 lakh.
The S&P BSE Mid-Cap index increased by 0.55%, while the S&P BSE Small-Cap index increased by 0.63%, in the overall market. Market breadth was substantial as 2,054 shares increased and 700 shares decreased on the BSE, while 117 shares in total remained unchanged. On September 8th, domestic institutional investors (DIIs) were net sellers of shares worth Rs 212.61 crore while foreign portfolio investors (FPIs) purchased shares worth Rs 2,913.09 crore.
As investors processed Federal Reserve Chair Jerome Powell's most recent remarks, in which he pledged to raise rates to combat inflation "until the job is done," Asian stocks are trading higher. Consumer inflation in China decreased from 2.7% in July to 2.5% in August. US equities increased on Thursday after fluctuating in value, as Wall Street considered remarks made by Federal Reserve Chair Jerome Powell about the need for the central bank to continue fighting inflation. Powell reaffirmed that the central bank would take all necessary measures to combat inflation. He also hinted that there won't be a break in rate increases or a change to interest rate reductions any time soon.
In a widely anticipated action to curb inflation, the European Central Bank on Thursday increased interest rates by 0.75 percentage points, lifting its deposit to 0.75% from zero
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