As per provisional closing basis, the barometer index, the S&P BSE Sensex, jumped 1,564.45 points or 2.70% to 59,537.07. The Nifty 50 index added 446.40 points or 2.58% to 17,759.30.
In the broader market, the S&P BSE Mid-Cap index rose 1.97% while the S&P BSE Small-Cap index advanced 1.40%.
The market breadth was strong. On the BSE, 2,409 shares rose and 1,012 shares fell. A total of 131 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 5.66% to 18.70.
The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain closed on Wednesday, 31 August 2022, on account of Ganesh Chaturthi.
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Stocks in Spotlight:
Piramal Enterprises (PEL) rose 1.90%, trading ex-demerger on Tuesday. The stock opened at Rs 1050 and hit a high of Rs 1141.75 so far during the day. PEL demerged its pharmaceutical business, Piramal Pharma (PPL), into a separate entity. PPL will list on the bourses as a separate entity by the end of the third quarter of this fiscal year. Investors will get four PPL shares for each PEL share held.
Coforge rose 1.38% after the company announced that it has set up a Center of Excellence (CoE) dedicated to Metaverse and Web3 solutions at the Greater Noida Campus. The company said that the facility will promote inter-disciplinary research and identify various use-cases using the metaverse and its intersection with digital technologies including blockchain, smart contracts, AI, ML, cognitive, data & analytics, and integration with other enterprise systems.
Nazara Technologies jumped 4.49% after the company announced the acquisition of leading U.S. children's interactive entertainment company WildWorks. Nazara will acquire 100% of the company and its IP from existing shareholders in an all-cash transaction.
TD Power Systems gained 2.26% after the company's board approved 5-for-1 stock split. The company's board on Tuesday (30 August) approved sub-division of existing one equity share having face value of Rs 10 each into five equity shares having face value of Rs 2 each, subject to the approval of shareholders.
Granules India rose 1.24% after the company announced that it has received abbreviated new drug application (ANDA) approval for Loperamide Hydrochloride and Simethicone tablets from USFDA. The United States Food and Drug Administration (USFDA) approved the company to market a bioequivalent to the reference listed drug product, Imodium Multi-Symptom Relief tablets of Johnson & Johnson Consumer Inc.
Rama Steel Tubes (RSTL) rose 0.20% after the company announced that it has received additional orders of approximately Rs 14.7 crore from H.P. State Civil Supplies Corporation Limited for its Jal Shakti Vibhag, Himachal Pradesh. This new order in addition to previous orders worth approximately Rs 33.4 crore, aggregating to the tune of approximately Rs 48.1 crore.
Krishna Institute of Medical Sciences (KIMS Hospitals) rose 1.06% after the company announced that it has entered into a definitive agreement to acquire majority (51%) stake in Nagpur-based SPANV Medisearch Lifesciences. Existing promoters and shareholders will continue to hold a balance 49% stake, the company added.
Yes Bank rose 1.48% after the bank said that CRISIL Ratings has upgraded the rating on Tier-II bonds (under Basel III) and Infrastructure Bonds of the bank to 'CRISIL A-' from 'CRISIL BBB+' and has revised the outlook to 'positive' from 'stable'. CRISIL Ratings has also upgraded the rating on the Rs 20,000 crore certificates of deposit (CD) of the bank to 'CRISIL A1+' from 'CRISIL A1'.
Global Markets:
The Dow Jones index futures were up 233 points, indicating a strong opening in the US stock market today.
Shares Europe and Asia advanced on Tuesday after a negative start to the week following remarks from U.S. Federal Reserve Chair Jerome Powell last Friday.
Japan's jobless rate was unchanged at 2.6% in July, in line with expectations and flat for the third consecutive month, according to official data.
US stocks closed lower on Monday, adding to last week's sharp losses on nagging concerns about the Federal Reserve's determination to aggressively hike interest rates to fight inflation even as the economy slows.
In his annual policy speech at Jackson Hole, Wyoming, Powell said that the Fed will "use our tools forcefully" to control inflation. He acknowledged that rising interest rates will cause "some pain" to households and businesses.
European Central Bank board member Isabel Schnabel reaffirmed the view that central banks must act aggressively to tackle rising inflation, even if that means dragging their economies into a recession.
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