The domestic equity barometers continued to trade with modest gains in the mid-morning trade. The Nifty traded a tad above the 17,600 level. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the green.
At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 248.2 points or 0.42% to 59,022.92. The Nifty 50 index gained 81.60 points or 0.47% to 17,604.05.
In the broader market, the S&P BSE Mid-Cap index gained 0.71% while the S&P BSE Small-Cap index rose 0.66%.
The market breadth was strong. On the BSE, 2,096 shares rose and 1,904 shares fell. A total of 166 shares were unchanged.
Investors focused on Federal Reserve Chair Jerome Powell's speech at the central bank's economic symposium at Jackson Hole, Wyoming, for clues about the bank's outlook for the economy and interest rates.
IPO Updates:
The initial public offer (IPO) of Dreamfolks Services received bids for 8,90,08,620 shares as against 94,83,302 shares on offer, according to stock exchange data at 11:18 IST on Friday (26 August 2022). The issue was subscribed 9.39 times.
The IPO, with a price band of Rs 308-326 a share, will remain open for public subscription during 24 to 26 August 2022. An investor can bid for a minimum of 46 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Consumer Durables index rose 1.48% to 27,062.45. The index added 2.26% in two trading sessions.
Titan Company (up 2.95%), Crompton Greaves Consumer Electricals (up 0.98%), TTK Prestige (up 0.89%), V-Guard Industries (up 0.85%), Havells India (up 0.74%), Bata India (up 0.57%), Dixon Technologies (India) (up 0.33%), Voltas (up 0.31%), Rajesh Exports (up 0.25%) and Amber Enterprises India (up 0.21%) advanced.
On the other hand, Kajaria Ceramics (down 0.77%), Whirlpool of India (down 0.75%) and Orient Electric (down 0.06%) edged lower.
Stocks in Spotlight:
Gland Pharma declined 0.19%. The drug maker said that the United States Food and Drug Administration (US FDA) had conducted a pre-market inspection at the company's Dundigal facility at Hyderabad from 22 to 25 August 2022. The inspection covered US FDA's quality system/current good manufacturing practice regulations for medical devices. The inspection was done. The company has received 1 (ONE) observation on Form 483 with respect to ANDA filed for the product to be manufactured at the said Facility. There is no data integrity observation.
Goa Carbon advanced 3.68% after the company announced the resumption of operations at the company's Chhattisgarh-based Bilaspur unit. "The Kiln has been lit up from today. After preliminary heat up and commencement of feeding of raw material, normal production is likely to resume shortly, the carbon rod maker said in a statement. Earlier this week, the company had announced the temporary shut-down of its Bilaspur unit and Paradeep unit for maintenance work.
Shares of Gensol Engineering were locked in an upper circuit of 5%. The company received various orders for building solar power projects worth Rs 153 crore. The purchase orders are for the development of solar power projects aggregating to a capacity of around 55.8 MWp in the states of Jammu & Kashmir, Gujarat, Punjab, Rajasthan, Tamil Nadu, and Telangana.
Global Markets:
Asian stocks traded higher on Friday as investors look ahead to Fed Chair Jerome Powell's speech at Jackson Hole later stateside.
Wall Street ended sharply higher on Thursday, lifted by gains in Nvidia and other technology-related stocks as investors focused on the Federal Reserve's Jackson Hole conference for clues about the central bank's policy outlook.
Investors are awaiting the Jackson Hole economic symposium with Federal Reserve Chair Jerome Powell slated to speak Friday. Fed watchers expect him to reinforce the central bank's goal of squashing inflation and keeping expectations about future price gains in check.
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