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The key domestic indices traded with minor gains in early trade. The Nifty traded above the 19,550 level. Barring the Nifty IT index, all the sectoral indices on the NSE were in the green. At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 97.63 points or 0.15% to 65,605.95. The Nifty 50 index added 43.65 points or 0.22% to 19,567.20. In the broader market, the S&P BSE Mid-Cap index gained 0.48% while the S&P BSE Small-Cap index rose 0.24%. The market breadth was strong. On the BSE, 1,760 shares rose and 675 shares fell. A total of 99 shares were unchanged. Foreign portfolio investors (FPIs) sold shares worth Rs 3,364.22 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,711.48 crore in the Indian equity market on 28 September, provisional data showed. Stocks in Spotlight: Emami rose 0.80%. The company announced its foray into juice category with 'AloFrut' through strategic investment in Axiom Ayurveda (Axiom) and its subsidiaries/associates by acquiring 26% equity stake for an undisclosed amount. Axiom markets beverage products under the brand ?AloFrut?. Godrej Agrovet advanced 0.75%. The company has entered into a strategic partnership agreement with Sime Darby Plantation Berhad (SDP) to combine SDP's Cutting-Edge Research, Development Capabilities and Proprietary Knowledge with Godrej Agrovet's strong presence and expertise in the Indian Oil Palm Plantation (OPP) sector. Piramal Pharma fell 0.41%. The US FDA conducted a Good Manufacturing Practices (GMP) Inspection of Piramal Pharma's Bethlehem facility from 18 to 27 September 2023. On conclusion of the inspection, a Form-483 was issued with 2 observations. Saregama India rallied 2.18% after the company has acquired majority stake in India's leading digital entertainment company Pocket Aces. Saregama will acquire 51.8% shares for about Rs 174 crores with a clear path to further acquire another about 41% stake in next 15 months at pre-agreed multiples. The transaction is an all-cash deal. Numbers to track: The yield on India's 10-year benchmark federal paper fell 0.32% to 7.215 from its previous close of 7.238. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1250, compared with its close of 83.1900 during the previous trading session. MCX Gold futures for 5 October 2023 settlement advanced 0.57% to Rs 57,455. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 106.04. The United States 10-year bond yield was flat at 4.602. Global markets: Asian stocks were trading mixed as worries over elevated interest rates dragged on sentiment. The Chinese markets were closed for a holiday and are on a break next week. US stocks rallied on Thursday, with investors closely monitoring developments in Washington regarding a potential government shutdown. Lawmaker negotiations on a U.S. spending bill continue before a October 1 shutdown deadline for the government. Investors will now switch their attention to U.S. personal consumption expenditures price index later on Friday for the latest view on inflation. The real gross domestic product (GDP) of the United States expanded at an annual rate of 2.1% in the second quarter, the US Bureau of Economic Analysis' (BEA) final estimate showed on Thursday, 28 September 2023. The update primarily reflected a downward revision to consumer spending that was partly offset by upward revisions to nonresidential fixed investment, exports, and inventory investment, the BEA said. Powered by Capital Market - Live News
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