Nifty trades above 25,000 level; European mrkt opens lower
At 13:30 IST, the barometer index, the S&P BSE Sensex advanced 203.47 points or 0.25% to 81,847.86. The Nifty 50 index added 66.05 points or 0.26% to 25,045.60.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.44% and the S&P BSE Small-Cap index jumped 0.33%.
The overall market breadth was positive, with more stocks declining than advancing. On the BSE, 2,345 stocks advanced, 1,603 declined, and 183 remained unchanged.
Gainers & Losers:
Infosys (up 3.26%), Hindustan Unilever (up 2.48%), Tata Consultancy Services (up 2.41%), Eternal (up 2.19%) and Wipro (up 2.06%) were the major Nifty50 gainers.
Bajaj Finance (down 1.61%), Bharat Electronics (down 1.51%), Shriram Finance (down 1.36%), Trent (down 0.98%) and Bajaj Finserv (down 0.97%) were the major Nifty50 losers.
Stocks in Spotlight:
Insolation Energy surged 6.25% after the company announced that its wholly owned subsidiary, Insolation Green Energy, has commenced commercial operations of its new 3 GW PV module manufacturing plant at Sawarda, Jaipur, Rajasthan.
Centum Electronics rallied 6.25% after the company entered into a memorandum of understanding (MoU) with Bharat Electronics (BEL) to jointly develop advanced defense electronics solutions.
Lupin fell 1.57%. The company announced the launch of Bosentan tablets for oral suspension, 32 mg in the United States, following approval received by its alliance partner, NATCO Pharma, from the US Food and Drug Administration (USFDA).
PG Electroplast gained 0.85%. The company announced that it has signed a definitive agreement with PAX India, a subsidiary of PAX Global Technology, to manufacture Point-of-Sale (POS) devices in India.
Global Markets:
European stocks opened lower on Wednesday as the U.K.?s annual inflation rate hit a hotter-than-expected 3.8% in July, according to data released by the Office for National Statistics (ONS) on Wednesday.
July core inflation, which excludes more volatile energy, food, alcohol, and tobacco prices, rose by an annual 3.8%, up from 3.7% in the twelve months to June.
Asian markets traded mixed as investors assessed Japan?s trade data and China?s loan prime rate decision.
Japan?s exports dropped 2.6% year over year in July, notching their steepest drop in over four years. The fall was sharper than the widely expected 2.1% contraction and the 0.5% drop seen in June.
Meanwhile, China kept benchmark lending rates unchanged for the third consecutive month on Wednesday, as authorities signaled they are in no rush to deliver monetary stimulus despite a string of recent disappointing economic data. The one-year loan prime rate (LPR) was kept at 3.0%, while the five-year LPR was unchanged at 3.5%.
Overnight stateside, the S&P 500 pulled back, weighed down by Nvidia shares and a broad decline in technology stocks. The broad market S&P 500 lost 0.59% and closed at 6,411.37, while the Nasdaq Composite fell 1.46% to settle at 21,314.95.
The Dow Jones Industrial Average added 10.45 points, or 0.02%, and ended at 44,922.27. The 30-stock index touched a fresh record high during the session.
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