Benchmarks further pare gains; European markets advance

26 Aug 2022 , 01:26 PM

The domestic equity barometers further pared gains in afternoon trade. The Nifty traded below the 17,600 level. Markets in Europe and Asia edged higher ahead of Powells speech at Jackson Hole symposium. At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 157.24 points or 0.27% to 58,931.96. The Nifty 50 index gained 55.70 points or 0.32% to 17,578.15. JSW Steel (up 2.64%), Titan (up 2.62%), NTPC (up 2.58%), Kotak Mahindra Bank (up 2.32%) and Adani Ports (up 2.18%) were the top Nifty gainers. Eicher Motors (down 3.77%), IndusInd Bank (down 1.93%), Bharti Airtel (down 1.15%), Asian Paints (down 0.81%) and Reliance (down 0.55%) were the top Nifty losers. In the broader market, the S&P BSE Mid-Cap index gained 0.43% while the S&P BSE Small-Cap index rose 0.40%. The market breadth was strong. On the BSE, 1984 shares rose and 1335 shares fell. A total of 168 shares were unchanged. Global Markets: European and Asian stocks traded higher on Friday as investors look ahead to Fed Chair Jerome Powells speech at Jackson Hole later stateside. Powell is due to speak at 3 p.m. London time and investors around the world will be tuning in for clues as to the pace and trajectory of the central banks monetary policy tightening efforts as it looks to rein in inflation. Fed watchers expect him to reinforce the central banks goal of squashing inflation and keeping expectations about future price gains in check. In Europe, a German consumer sentiment reading for September is due Friday along with French and Italian consumer confidence data for August. U.K. energy regulator Ofgem also announced its latest increase in the countrys energy price cap, offering a bleak insight into the path of the deepening cost of living crisis and the U.K. inflation outlook. Wall Street ended sharply higher on Thursday, lifted by gains in Nvidia and other technology-related stocks as investors focused on the Federal Reserves Jackson Hole conference for clues about the central banks policy outlook. IPO Updates: The initial public offer (IPO) of Dreamfolks Services received bids for 14.61 crore shares as against 94.83 lakh shares on offer, according to stock exchange data at 13:18 IST on Friday (26 August 2022). The issue was subscribed 15.41 times. The IPO, with a price band of Rs 308-326 a share, will remain open for public subscription during 24 to 26 August 2022. An investor can bid for a minimum of 46 equity shares and in multiples thereof. Stocks in Spotlight: Lupin slipped 1.33%. The pharma major announced that its UK subsidiary, Lupin Healthcare has received approval from Medicines and Healthcare products Regulatory Agency (MHRA) for Lutio (Tiotropium bromide inhalation powder). HDFC Bank rose 0.60%. The private lender on Thursday announced that it has entered into an indicative and non-binding term sheet with Go Digit Life Insurance, to acquire 9.94% stake in the company. Powered by Capital Market – Live News