A bout of volatility was witnessed as the key equity barometers bounced back in mid-afternoon trade. The Nifty regained the 15,500 level after hitting the day's low of 15,367.50 in afternoon trade. Auto, IT and pharma stocks advanced while oil & gas, PSU banks and metal stocks dragged.
At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 253.19 points or 0.49% to 52,075.72. The Nifty 50 index gained 95.60 points or 0.62% to 15,508.90.
In the broader market, the S&P BSE Mid-Cap index gained 0.76% while the S&P BSE Small-Cap index rose 0.66%.
The market breadth was positive. On the BSE, 1,884 shares rose and 1,351 shares fell. A total of 144 shares were unchanged.
Investors digested U.S. Federal Reserve Chair Jerome Powell's comments on central bank's aim to slow down the inflation. Powell told Congress on Wednesday that the central bank is strongly committed to bringing down inflation after the rate hit a 40-year high in the United States. He also noted that a recession is a possibility — a fear that has continued to weigh on investors sentiment.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.406 as compared with 7.396 at close in the previous trading session.
In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 78.3425, compared with its close of 78.32 during the previous trading session.
MCX Gold futures for 5 August 2022 settlement declined 0.10% to Rs 50,855.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.41% to 104.63.
In the commodities market, Brent crude for August 2022 settlement fell $2.18 or 1.95% at $109.56 a barrel.
Buzzing Index:
The Nifty Pharma index rose 1.39% to 12,104.80. The index declined 1.32% in the past trading session.
Biocon (up 4.04%), Strides Pharma Science (up 3.38%), Granules India (up 2.53%), Divis Laboratories (up 2.02%), Sun Pharmaceuticals Industries (up 1.95%), Lupin (up 1.9%), Cipla (up 1.83%), Alkem Laboratories (up 1.68%), Gland Pharma (up 1.5%) and Torrent Pharmaceuticals (up 1.34%) advanced.
Glenmark Pharmaceuticals rose 1.36%. The drug maker on Wednesday announced that the US drug regulator has issued Form 483 with six observations to the company's formulation manufacturing facility in Baddi, Himachal Pradesh (India). The U.S. Food and Drug Administration (USFDA) has issued Form 483 with six observations after an inspection at Glenmark Pharmaceuticals' formulation manufacturing facility based out of Baddi in Himachal Pradesh (India) between 13 June 2022 and 22 June 2022.
Stocks in Spotlight:
Larsen & Toubro gained 1.14% to Rs 1508.15 after the hydrocarbon division of L&T Energy secured three offshore packages from an overseas client for engineering, construction, and installation of various new offshore jacket structures. As per L&T classification, the value of the 'large' contract lies between Rs 2,500 crore and Rs 5,000 crore. The company said that L&T Energy Hydrocarbon (LTEH) is executing several domestic and international offshore projects, organized under offshore, onshore, construction services, modular fabrication and advanced value engineering & technology (AdVENT) verticals.
Acrysil surged 9.49% after the company announced doubling the supply of quartz kitchen sinks to IKEA Supply AG (Switzerland) for their global requirement. IKEA Supply AG (Switzerland) is a part of International IKEA Group Sweden. IKEA has an expertise in distribution and supply of home improvement products. The production of aforesaid additional composite quartz kitchen sinks for IKEA will start from end of July 2022 and supply will commence from August 2022, the company said in a statement on Wedneday.
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