The stock market indices opened on a positive note on Friday (September 3). Equity benchmark Sensex jumped over 250 points in early trade to scale the 58,000-level for the first time on Friday, led by gains in index majors Reliance Industries, Kotak Bank and ICICI Bank amid a positive trend in global markets and sustained foreign fund inflows.
Similarly, the broader NSE Nifty too crossed the 17,300-mark in the opening session.
At 09:16 IST, the Sensex was up 217.58 points or 0.38% at 58070.12, and the Nifty was up 61.80 points or 0.36% at 17296. About 1315 shares have advanced, 348 shares declined, and 98 shares are unchanged.
Titan was the top gainer in the Sensex pack, rising around 2 per cent, followed by Reliance Industries, Kotak Bank, SBI, NTPC and IndusInd Bank.
On the other hand, HCL Tech, HUL, M&M, Tech Mahindra and TCS were among the laggards.
Kotak Bank at Rs 1,807.80 (+1.64 percent), Reliance at Rs 2,324.25 (+1.33 percent), Titan at Rs 1,987 (+1.02 percent), Larsen and Toubro at Rs 1,699.20 (+0.81 percent) and Indus Ind Bank at Rs 1,018.30 (+0.80 percent) were among the early gainers.
HCL Tech at Rs 1,166.05 (-0.61 percent), Nestle Rs 20,161.80 (-0.40 percent), TCS Rs 3,825.90 (-0.31 percent) Maruti Rs 6,772.50 (-0.27 percent) and Hindustan Unilver Rs 2,792.30 (-0.25 percent) were among the early losers.
In the previous session, the BSE index rallied 514.33 points or 0.90 per cent to finish at its fresh all-time high of 57,852.54, and surged 157.90 points or 0.92 per cent to record 17,234.15.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 348.52 crore on Thursday, as per provisional exchange data.
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Watch out for
Markit India PMI Services for August (previous 45.4) at 10.30 AM
Markit India PMI Composite (previous 48.2) at 10.30 AM
Asian stocks trade mixed
Asian indices were trading mixed with Kospi and Taiwan weighted up 0.5 percent each, while Hang Seng and Straits Times trading in red.
Nikkei was trading +0.91 percent up while Hang Seng trading (-)0.40 percent down in the early Friday trade.
US stocks close at fresh highs
The S&P 500 index and the Nasdaq Composite ended at fresh records Thursday, after data showed weekly jobless benefit claims improved slightly ahead of Friday’s August employment report. Weekly initial jobless benefit claims dropped by 14,000 to 340,000 – a pandemic low - in the week ended Aug. 28.
In economic data, US factory orders rose 0.4 percent in July, as manufacturers worked to pump out more goods to keep up with high demand. Economists surveyed by the Wall Street Journal had forecast a 0.3 percent increase. US productivity also rose at a revised 2.1 percent annual pace in the second quarter, a bit lower than the government’s previously reported 2.3 percent rise from April to June, while a new report showed the US international trade deficit falling from a record high, notching a decline of 4.3 percent in July to $70.1 billion.
Investors have their eyes on jobs report that comes out Friday from the Bureau of Labor Statistics. Economists are expecting the US to have added 720,000 jobs in August.
Owing to an uptick in global orders, India's merchandise exports shot up in August, rising by a major 45.17 percent as compared to August, 2020. Impressively, exports also rose by 27.5 percent as compared to August, 2019, before the pandemic struck. In August, imports saw an equally large rise, going up by 51.5 percent to $47 billion. The trade deficit in August widened to $13.87 billion vs $8.2 billion, a year ago.
Asian stocks rose Friday and the dollar held a drop after cyclicals led Wall Street to a record high ahead of a US jobs report that will shape views on the outlook for Federal Reserve monetary policy.
China PMI slumps
Activity in China’s services sector slumped into sharp contraction in August, as restrictions to curb the COVID-19 Delta variant threatened to derail the recovery in the world’s second-biggest economy. The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 46.7 in August from 54.9 in July, plunging to the lowest level since the pandemic’s first wave in April 2020.
Nifty reversed the losses of the previous day and nullified the bearish signal. Advance decline ratio has improved to much above 1:1. FPIs seem to be in a mood to keep buying Indian stocks. The Nifty keeps breaching resistances one after the other in fresh territory. Nifty could now stay in the 17340-17154 band for the next 1-2 sessions.
Fuel prices unchanged
The oil marketing companies (OMCs) have kept prices of petrol and diesel unchanged on Friday for the second consecutive day. In the national capital, the price of petrol and diesel remains unchanged at Rs 101.34 and Rs 88.77 per litre, as per Indian Oil Corporation, the country's largest fuel retailer.
Across the country as well the petrol and diesel prices remained static on Friday but their retail rates varied depending on the level of local taxes in a particular state.
In Mumbai, the petrol price remained unchanged and retailed at Rs 107.39 a litre on Friday while diesel rates remained the same and sold at Rs 96.33 per litre. In Chennai, petrol is priced at Rs 99.08 a litre and in Kolkata Rs 101.72 a litre. Diesel is also priced at Rs 93.38 and Rs 91.84 per litre in both cities respectively.
International oil benchmark Brent crude fell 0.03 per cent to $73.01 per barrel.
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