SSPL WEALTH PVT LTD

Mid - Session

Market behaviours during the course of the trading session.

Sensex, Nifty advance in early trade, breadth strong

29-Sep-22 09:30 Hrs IST

The headline equity indices were trading with strong gains in the early trade on buying demand in index pivotals. Positive global cues boosted the sentiment. The Nifty traded a tad above the 17,000 level. All the sectoral indices on the NSE were in the green with metal, media and PSU bank gaining the most. Investors awaited the outcome of a key meeting of the RBI's monetary policy committee due this week for domestic cues.

Trading could be volatile as traders roll over positions in the F&O segment from the near month September series to October series. The September 2022 F&O contracts will expire today, 29 September 2022.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 510.19 points or 0.90% to 57,108.47. The Nifty 50 index gained 142.60 points or 0.85 % to 17,001.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.88% while the S&P BSE Small-Cap index gained 1.30%.

The market breadth was strong. On the BSE, 2,212 shares rose and 439 shares fell. A total of 73 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,772.49 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,544.17 crore in the Indian equity market on 28 September, provisional data showed.

Meanwhile, the Reserve Bank of India (RBI)'s six-member Monetary Policy Committee began on 28 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision on 30 September 2022, the last date of the meeting. The RBI is widely expected to maintain the balancing act between growth and inflation.

In the past three policy reviews, the RBI's rate-setting panel has raised 140 basis points in total since May this year. Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%.

Stocks in Spotlight:

FSN E-Commerce Ventures (Nykaa) rallied 3.73% after the company announced that the meeting of the board of directors of the company is scheduled on 03 October 2022 to consider and approve the issuance of bonus shares to the equity shareholders of the company.

Blue Dart Express gained 2.33%. The company has announced general price increase effective from 1 January 2023. The average shipment price increase of 9.6% as compared to 2022, depending on shipping profile.

The Ramco Cements rose 0.59%. The company has inaugurated fifth integrated cement plant at Kolumigundla, Kurnool District, Andhra Pradesh. The plant has a clinkerisation capacity of 2.25 million tonnes per annum. The project cost of the plant is Rs.3,000 crores.

S H Kelkar and Company added 1.93%. Creative Flavours & Fragrances SpA, Italy, (CFF) material subsidiary, acquired balance 30% of stake in Nova Fragrance Srl, Italy (Nova) thus making Nova, a wholly owned subsidiary of CFF.

Genesys International Corporation advanced 2.14%. The company announced collaboration with Bentley Systems to provide 3D mapping capabilities for major cities across India.

Global Markets:

Asian stocks are trading higher on Thursday following a rebound on Wall Street overnight.

US stocks staged a comeback on Wednesday as the Bank of England said it would intervene in the bond market to stabilize conditions.

The Bank of England said on Wednesday that it would buy as many long-dated government bonds as needed between now and October 14 to stabilise financial markets, and added that it would postpone next week's start of its gilt sale programme.