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Indices edge higher, Nifty above 19,750
(22 Sep 2023, 09:34)

Indian equity indices were trading with minor gains in early trade. The Nifty traded above the 19,750 mark. PSU bank, bank and realty stocks were in demand while pharma, healthcare and IT shares declined.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 97.59 points or 0.15% to 66,327.83 . The Nifty 50 index added 13.35 points or 0.07% to 19,755.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.16 % while the S&P BSE Small-Cap index gained 0.17%.

The market breadth was strong. On the BSE, 1,772 shares rose and 741 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,007.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,158.14 crore in the Indian equity market on 21 September, provisional data showed.

Stocks in Spotlight:

Infosys declined 0.58%. Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and Nigeria's Guaranty Trust Bank (GTBank), the banking subsidiary of Guaranty Trust Holding Company Plc, announced that Guaranty Trust Bank has selected the Finacle Digital Banking Suite for its multi-country digital transformation program.

Vedanta shed 0.09%. The company approved for raising on a private placement basis upto 2,50,000 nos. Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures ('NCDs') of face value Rs 1,00,000/- each aggregating upto Rs 2,500 crores in one or more tranche(s).

Glenmark Pharmaceuticals fell 1.54%. The pharmaceutical company has entered into a definitive agreement with Nirma to divest 75% stake in its subsidiary, Glenmark Life Sciences Limited (GLS), at a price of Rs 615 per share for an aggregate consideration of Rs 5651.5 crore. Glenmark Pharma will own 7.84% in GLS after the divestment.

NBCC (India) added 0.24%. The company was awarded order for construction of various development work at township and mines of Bhilai steel plant, from SAIL. The value of the order is Rs 100 crore.

Numbers to track:

The yield on India's 10-year benchmark federal paper fell 0.55% to 7.097 from previous close of 7.136.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.93, compared with its close of 83.13 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement added 0.02% to Rs 58,831.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.13% to 105.50.

The United States 10-year bond yield advanced 0.52% to 4.505.

In the commodities market, Brent crude for November 2023 settlement gained 51 cents or 0.55% to $93.81a barrel.

Global Markets:

Asian stocks traded mixed ahead of the Bank of Japan's rate decision. The BOJ to hold its benchmark policy rate at -0.1%, as per reports.

Japan's headline inflation rate came in at 3.2% for August, slightly slower than the 3.3% seen in July and the 16th straight month that inflation has went above the Bank of Japan's 2% target. The core inflation rate, which strips out prices of fresh food stood at 3.1%, unchanged from the July.

US stocks notched a third straight day of losses on Thursday as Treasury yields popped to multiyear highs and investors grew worried that lawmakers would be unable to prevent a shutdown.

The Bank of England paused its hiking cycle, keeping the policy rate at 5.25%, after cooler-than-expected inflation data.

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