The domestic equity barometers traded with strong gains in early trade, amid across the board buying in index pivotals. The Nifty traded above the 15,900 level. Metals, financials, auto and bank stocks led the upmove.
At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 291.89 points or 0.55% to 53,526.66. The Nifty 50 index added 91.75 points or 0.58% to 15,927.10.
In the broader market, the S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index gained 0.69%.
The market breadth was strong. On the BSE, 1,760 shares rose and 543 shares fell. A total of 90 shares were unchanged.
Gainers & Losers:
Tata Motors (up 1.78%), ONGC (up 1.43%), Hindalco (up 1.32%), Eicher Motors (up 1.20%) and Coal India (up 1.18%) were the top Nifty gainers.
Britannia Industries (down 0.82%), Asian Paints (down 0.57%), Divi's Lab (down 0.09%), ITC (down 0.05%) and Tata Consumer Products (down 0.02%) were the top Nifty losers.
Stocks in Spotlight:
Vedanta rose 0.92%. The company said mined metal production grew 14% YoY to 252,000 tonnes on account of higher ore production across all the mines and supported by better mill recovery. However, it was lower by 15% QoQ, mainly due to lower ore production at mines and overall metal grades.
Marksans Pharma jumped 10.88%. A meeting of the board of directors of the company is scheduled to be held on 8th July 2022 to consider the proposal for buyback of fully paid up equity shares of the company.
Kirloskar Ferrous Industries gained 2.48%. The company has completed an upgrade of its mini blast furnace II ('MBF-11') at Koppal plant, Karnataka. And hence the operations of MBF-11 resumed from July 4.
Global markets:
Asian stocks are trading higher as investors look ahead to the Reserve Bank of Australia's rate decision. The Reserve Bank of Australia is expected to raise interest rates by 50 basis points later today, as per reports.
China's service sector activity also grew, according to the Caixin services purchasing managers' index. The index rose to 54.5 in June compared to 41.4 in May as Covid measures were eased.
Japan's services activity expanded at the fastest pace since October 2013, according to the final au Jibun Bank Japan Services Purchasing Managers' Index. The print rose to 54, compared to 52.6 in May.
South Korea's June inflation accelerated to the fastest pace since the Asian financial crisis. The consumer price index (CPI) rose 6.0% in June from a year earlier, government data showed on Tuesday, the fastest since November 1998 and exceeding the central bank's 2% target for the 15th consecutive month.
The U.S. market was closed for the July Fourth public holiday on Monday.
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