Benchmarks trade near day's high; European markets edge higher
The benchmarks traded near the day's high in afternoon trade, supported by eased crude oil prices from elevated levels and a moderation in US Treasury bond yields. The Nifty continued to trade above the 22,750 mark.
At 13:24 IST, the barometer index, the S&P BSE Sensex advanced 435.58 points or 0.60% to 72,964.65. The Nifty 50 index added 70.05 points or 0.31% to 22,786.25.
In the broader market, the BSE 150 MidCap Index jumped 0.45% and the BSE 250 SmallCap Index rose 0.60%.
The market breadth was strong. On the BSE, 2,424 shares rose and 1,775 shares fell. A total of 251 shares were unchanged.
Gainers & Losers:
ICICI Bank (up 3.17%), Kotak Mahindra Bank (up 2.77%), Indigo (up 2.67%), Axis Bank (up 1.76%) and TCS (up 1.75%) were the top gainers.
Apollo Hospitals (down 6.11%), Max Health (down 5.97%), Eternal (down 2.62%), BSE (down 2.53%) and SBI Life (down 2.03%) were the top losers.
Stocks in Spotlight:
Inox Green Energy Services shed 0.34%. The company has announced the successful completion of qualified institutions placement (QIP) for the equity shares of the company, raising an aggregate of approximately Rs 299.99 crore.
HEG Advanced Materials added 0.75%. The company said that Replus Engitech has signed a memorandum of understanding (MoU) with Indus Towers for exploring BESS solutions for telecom infrastructure in India.
Seamec shed 0.41%. The company said that it has entered into a bimco charter party with G R Infraprojects for charter hire of the company's vessel SEAMEC II for a tenure of 180 days, with the option for extension on mutually agreed terms.
Global Market:
US Dow Jones index futures were up 240 points on Wednesday, pointing to a higher opening for US stocks.
European stock bourses bounced back on Wednesday, rising toward one-week highs as investors positioned ahead of a dense slate of European and U.S. macroeconomic releases and digested encouraging policy signals for the technology sector.
Technology and semiconductor equipment listings provided a key lift to continental bourses after U.S. President Donald Trump announced that leading technology executives have agreed to establish voluntary safety standards for artificial intelligence development.
Trump reiterated his explicit support for a rapid expansion of data centers, easing market anxiety over potential regulatory bottlenecks or corporate capital expenditure cuts following recent model training pauses at OpenAI.
Meanwhile, Asian stocks traded higher today, while Asian currencies remained under pressure from rising global bond yields, higher oil prices and US-Iran tensions.
US stocks ended slightly lower on Tuesday as government bond yields continued to rise ahead of key inflation and labour market data, while investors assessed comments from Federal Reserve officials for clues on the interest-rate outlook.
The Dow Jones Industrial Average declined 131.59 points, or 0.26%, to 51,349.92, while the S&P 500 fell 12.85 points, or 0.17%, to 7,670.84. The Nasdaq Composite declined 22.84 points, or 0.08%, to 26,797.54.
Longer-dated US Treasury yields rose, with the 30-year bond yield hitting 5.6206%, its highest level since June 2002. The benchmark 10-year Treasury yield climbed to 5.293%, its highest level since June 2007.
The 30-year fixed mortgage rate rose to 7.58% on Tuesday. This was the highest level in the current series since November 2023.
Expectations for at least a 25-basis-point Fed rate hike at the October meeting fell to 51.5% from nearly 70% earlier in the session, according to CME FedWatch. This was after New York Fed President John Williams said the central bank had time to assess incoming data before deciding on another rate increase.
US job openings fell by 256,000 to 7.079 million in August, the lowest level in five months, while the Conference Board's consumer confidence index fell 6.7 points to 81.9 in September, its lowest level since 2014.
Crude oil prices fell as concerns over supply disruptions eased following signs of a recovery in Saudi Arabia's crude exports from its Red Sea ports after repairs to a key pipeline. Uncertainty over the reopening of the Strait of Hormuz continued amid the US-Iran conflict.
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