The key equity indices pared gains and traded near the flat line in the morning trade. The Nifty traded below the 17,050 mark after the day's high of 17,176.45 in the early trade. FMCG, PSU bank and oil & gas stock rose while metal, auto and media shares witnessed a bit of a selling pressure.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 74.05 points or 0.13% to 57,219.27. The Nifty 50 index rose 5.70 points or 0.03% to 17,022.00.
In the broader market, the S&P BSE Mid-Cap index fell 0.62% while the S&P BSE Small-Cap index shed 0.20%.
The market breadth was positive. On the BSE, 1,570 shares rose and 1,521 shares fell. A total of 144 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,101.30 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,532.18 crore in the Indian equity market on 26 September, provisional data showed.
The Reserve Bank of India (RBI)'s six-member Monetary Policy Committee is scheduled to meet this week during 28-30 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision on 30 September 2022, the last date of the meeting. The RBI is widely expected to maintain the balancing act between growth and inflation.
In the past three policy reviews, the RBI's rate-setting panel has raised 140 basis points in total since May this year. Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%.
Buzzing Index:
The Nifty FMCG index rose 0.90% to 44,334.20. The index witnessed bargain hunting after declining 2.54% in the past two trading sessions.
Britannia Industries (up 2.11%), Marico (up 1.99%), Hindustan Unilever (up 1.46%), Tata Consumer Products (up 1.31%), Nestle India (up 1.29%), ITC (up 1.14%), Dabur India (up 1.07%), Colgate-Palmolive (India) (up 0.57%), United Spirits (up 0.22%) edged higher.
On the other hand, Radico Khaitan (down 2.88%), Procter & Gamble Hygiene and Health Care (down 2.23%) and Emami (down 1.72%) declined.
Stocks in Spotlight:
Filatex India gained 2.65%. The company has commissioned its project for debottlenecking a melt capacity of 50 MT per day and manufacturing lines of 120 MT per day at Dahej plant in Gujarat. In an exchange filing, the company said, “Our project for debottlenecking melt capacity of 50 MT per day and manufacturing lines of 120 MT per day POY at Dahej Plant have successfully been commissioned w.e.f. 26th September, 2022.”
Hindustan Construction Company (HCC) jumped 7.86% after the company on Monday said it completed its debt resolution plan supported by 23 banks and financial institutions. The resolution plan has carved out a significant portion of HCC's debt along with commensurate assets from its balance sheet.
Jyoti Structures locked in an upper circuit of 5%. The company secured a contract worth Rs 237 crore from Sterlite Power Transmission for turnkey supply. The order received is for turnkey supply and construction of 400 kilovolt & 220 kilovolt double circuit transmission line in Goa & Karnataka. The contract is valued at Rs 237 crore and is to be commissioned in phased manner by December 2023 and July 2024.
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