Indices open on strong note on upbeat global stocks

The key equity indices are trading with robust gains in the early trade amid strong global cues. The Nifty traded a tad below the 15,900 level. All the sectoral indices on the NSE were in the green with IT stocks gaining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 700.34 points or 1.33% to 53,428.32. The Nifty 50 index gained 197.65 points or 1.26% to 15,896.90.

In the broader market, the S&P BSE Mid-Cap index rose 1.04% while the S&P BSE Small-Cap index gained 1.50%.

The market breadth was strong. On the BSE, 2,241 shares rose and 434 shares fell. A total of 102 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,353.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,213.44 crore in the Indian equity market on 24 June, provisional data showed.

Stocks in Spotlight:

Dr. Reddy's Laboratories rose 1.56%. The company, along with its subsidiaries, announced that it has acquired a portfolio of branded and generic injectable products from Deer Park, Illinois, based Eton Pharmaceuticals, Inc. Under the terms of the agreement, Dr. Reddy's acquired the Eton portfolio for an upfront payment of approximately $5 million in cash, plus contingent payments of up to $45 million. The acquisition supports Dr. Reddy's efforts to accelerate and expand affordable medications for patients.

Adani Enterprises rose 0.69%. The company's subsidiary Kutch Copper has raised Rs 6,071 crore to set up a greenfield copper refinery project to produce one million tonnes per annum (MTPA) in two phases.

Zomato was up 0.28%. The food-delivery company's board approved the acquisition of up to 33,018 equity shares of Blink Commerce (formerly Grofers India) for Rs 4,447.48 crore. The acquisition is at a price of Rs 13,46,986.01 a share. This acquisition is in line with its strategy of investing in the quick commerce business.

Global markets:

Asian stocks advanced across the board on Monday amid improved risk sentiment after Wall Street rebounded strongly on Friday as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

Meanwhile, Russia defaulted on foreign-currency sovereign debt for the first time in more than 100 years, as per reports. The country's central bank foreign reserves remain frozen.

Wall Street rebounded strongly on Friday as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

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