The headline equity indices ended with modest gains on Monday. The Nifty closed above the 17,900 level. All the sectoral indices on the NSE were in the green with realty, media and IT stocks gaining the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 321.99 points or 0.54% to 60,115.13. The Nifty 50 index gained 103 points or 0.58% to 17,936.35. In three sessions, the Sensex has added 1.84% while the Nifty has gained 1.77%.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.89% while the S&P BSE Small-Cap index gained 1%.

The market breadth was strong. On the BSE, 2,193 shares rose and 1,391 shares fell. A total of 175 shares were unchanged.

Economy:

Indian Railways' overall revenue has grown by 38% till August 2022 over the corresponding period of last year. The overall revenue of Indian Railways at the end of August this year was around Rs 95,486 crore showing an increase of Rs 26,271 crore over the same period last year.

The Ministry of Railways said that the revenue from passenger traffic was nearly Rs 25,276 crore, an increase of 116% over the corresponding period of last year. Passenger traffic also increased compared to last year in both the segments, reserved as well as unreserved. The growth from the long-distance reserved mail express trains has been sharper than the same in passenger and suburban trains.

The other coaching revenue was Rs 2,437.42 crore, an increase of Rs 811.82 crore (or 50%) over the corresponding period of last year. This growth is being fueled by robust growth in the parcel segment of Indian Railways, the ministry said in a statement.

Buzzing Index:

The Nifty PSU Bank index rose 1.18% to 3,171.50, extending its winning streak for the third consecutive session. The index added 4.22% in three trading sessions.

Union Bank of India (up 3.44%), Punjab National Bank (up 3.08%), Punjab & Sind Bank (up 2.82%), Indian Overseas Bank (up 1.87%), Bank of Maharashtra (up 1.6%), Indian Bank (up 1.57%), Canara Bank (up 1.56%), Central Bank of India (up 1.22%), Bank of India (up 0.86%) and UCO Bank (up 0.81%) advanced.

Stocks in Spotlight:

Anupam Rasayan India fell 1.23% after the company reported a fire accident at its plant at Unit 6 in Sachin GIDC, Surat, on Saturday (10 September) night. The fire response team and the local fire brigade brought the fire under control in around one hour. The cause of the incident is being investigated. At the time of submitting this information, there are 4 fatalities reported, and 20 people are injured and are receiving treatment at the local hospital. Our priority is currently our workers and employees. We stand with our affected people and their families, the company said.

Bharti Airtel rose 0.46%. The telecom major said that its subsidiary, Nxtra Data has partnered with Bloom Energy to deploy low environmental impact fuel cell installation at its data center in Karnataka, reducing carbon emissions through a cleaner, hydrogen ready fuel supply. Nxtra Data (Nxtra) will be the first data center company in India to deploy fuel cell technology to reduce carbon emissions at its data centers while unlocking cost and sustainability benefits, the company stated.

Oil and Natural Gas Corporation (ONGC) shed 0.04%. ONGC has signed 6 contracts for Discovered Small Fields (DSF) in the Offshore under DSF-III bid round, with 3 each for fields in the Arabian Sea and Bay of Bengal. These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation Limited (IOCL). The company also signed 2 Contracts for Fields under Special CBM Bid round-2021 blocks in Jharkhand and Madhya Pradesh.

JSW Steel declined 0.39%. The steel major said that its standalone crude steel production for the month of August 2022 stood at 16.76 lakh tonnes, a growth of 22% YoY on standalone basis. The company's crude steel production was 13.77 lakh tones in the same period last year. While the production of flat rolled product increased by 34% to 12.01 lakh tones, the production of long rolled product improved by 25% to 3.75 lakh tones in August 2022 over August 2021. The average capacity utilization was 87.4% during August 2022, mainly due to shortage of iron ore both in Karnataka and Odisha regions.

Gujarat Industries Power Company gained 1.55%. The company said that its board, at the meeting held on Friday (9 September 2022), has approved the award of EPC contract to KEC International at the cost of Rs 244 crore. The contract is for pooling sub-station 400/33 KV, 1200 MW (PSS-1, phase-1 & phase-II of 600 MW each) of solar / wind / hybrid RE Park of 2375 MW capacity at Great Rann of Kutch area, Gujarat.

Happiest Minds Technologies rose 1.45% after the company announced the expansion of its Noida facility (Smiles 5) increasing its delivery capacity and leveraging the area's diverse high-technology talent pool. With the additional facility, the company said it would have a capacity of 450 in the NCR region.

Ajanta Pharma declined 0.46% after the company announced that the US FDA had issued Form 483 was issued to us with 2 observations after the inspection of its Dahej facility. The company said that its formulation facility at Dahej was inspected by United States Food and Drug Administration (US FDA) from 5th September 2022 to 9th September 2022.

Zydus Lifesciences added 0.65% after Cadila Healthcare, U.S. subsidiary of the company has received final approval from the USFDA to market Cariprazine capsules. Zydus said that it was one of the first ANDA applicants to submit a substantially complete ANDA with a paragraph IV certification and hence is eligible for 180 days of shared generic drug exclusivity for the Capsules. The drug will be manufactured at the group's formulation manufacturing facility at Ahmedabad SEZ, India.

D B Realty hit an upper circuit limit of 5% after the media reported that Adani Realty is in advanced talks for a merger with the Mumbai-based realty company.

Global Markets:

The Dow Jones futures were up 144 points, indicating a positive opening in the US stock market today.

Shares in Europe and Asia advanced across the board on Monday following the improved risk sentiment.

Mainland China, Hong Kong and South Korea markets are closed for a holiday today.

Global markets are gearing up for the latest reading of U.S. inflation, with the August data set to be released Tuesday.

The report is one of the last pieces of data on inflation the U.S. Federal Reserve will see ahead of its September meeting, where the central bank is expected to deliver its third consecutive 0.75 percentage point rate hike in an effort to combat high inflation.

Fed Chair Jerome Powell reiterated last week that he is “strongly committed” to bringing down inflation.

US stocks rallied on Friday as investors went on a buying spree, shrugging off concerns about the economic outlook.

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