The benchmark indices traded with minor gains in afternoon trade. The Nifty traded a tad above the 19,700 level after hitting the day's low of 19,554 in mid-morning trade. Pharma, healthcare and PSU bank stocks advanced while financial services, auto and bank shares declined
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 116.74 points or 0.18% to 66,062.21. The Nifty 50 index added 37.80 points or 0.19% to 19,702.50.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 0.62%.
The market breadth was positive. On the BSE, 1,909 shares rose and 1,604 shares fell. A total of 165 shares were unchanged.
Gainers & Losers:
Larsen & Toubro (up 2.42%), Cipla (up 1.41%), LTIMindtree (up 1.31%), Sun Pharmaceutical Industries (up 1.31%), Adani Enterprises (up 1.18%) were major Nifty gainers.
Grasim Industries (down 1.28%), Titan Company (down 1.01%), Nestle India (down 0.96%), BPCL (down 0.95%) and Tata Consumer Products (down 0.84%) were major Nifty losers.
Stocks in Spotlight:
Infosys added 0.58%. The IT major announced that it is collaborating with Microsoft to jointly develop industry leading solutions that leverage Infosys Topaz, Azure OpenAI Service and Azure Cognitive Services. Both organizations are bringing together their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries.
NTPC shed 0.54%. The state-run power major announced that it declared commercial operation at unit-1 of the Telangana Super Thermal Power Project (STPP).
Procter & Gamble Health rose 0.53%. The company said that it will discontinue the production of injections at its manufacturing plant in Goa effective from 30 September 2023.
Vedanta tumbled 6.054%. Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months. The scrip had slumped 6.27% to hit the day's low at Rs 210, which is also a 52-week low for the counter.
Adani Ports and Special Economic Zone gained 0.91% after the company said that it will buy back up to $195 million of its 2024 bond, at a discount to their issue price. The purpose of the tender offer is to partly prepay the company's near-term debt maturities. After the completion of this Tender Offer, the company expects $325 million notes to remain outstanding.
Global Markets:
Markets in Europe advanced while Asian stocks traded mixed ahead of China's industrial data and Australia's August inflation figures due on Wednesday.
Japan's central bank board was split over when should the Bank of Japan should start to raise interest rates, according to minutes from its monetary policy meeting in July.
US stocks saw a sell off on Tuesday after the latest home sales and consumer confidence reports stoked concern over the state of the U.S. economy,
August new home sales were down 8.7% from July, according to the Commerce Department. The Conference Board's consumer confidence index fell to 103 in September from 108.7 in August.
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