The domestic equity barometers managed to rise above the flat line and trade with decent gains in mid-morning trade. The Nifty traded above the 18,500 mark. Metal shares witness some bit of bargain hunting. At 11:40 IST, the barometer index, the S&P BSE Sensex, was up 101.85 points or 0.16% to 62,530.39. The Nifty 50 index added 30.80 points or 0.17% to 18,518.55. In the broader market, the S&P BSE Mid-Cap index rose 0.49% while the S&P BSE Small-Cap index advanced 0.71%. The market breadth was strong. On the BSE, 2257 shares rose and 1088 shares fell. A total of 153 shares were unchanged. Fending off a US default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline. The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the US and global economy until 2025 after the next presidential election. Buzzing Index: The Nifty IT index fell 0.25% to 29,372.70. The index had risen 0.70% in the past three sessions. Infosys (down 1.25%), Tata Consultancy Services (down 0.55%), Wipro (down 0.32%), HCL Technologies (down 0.3%) were the top losers. On the other hand, Coforge (up 1.77%), Persistent Systems (up 1.74%) and Mphasis (up 1.2%) moved up. In the forex market, the rupee appreciated by 10 paise to 82.30 against the US dollar in trade on Friday. The rupee is currently holding at the highest level in the past two weeks. IT stocks and the Indian rupee share an inverse relationship. When rupee falls, IT sector stocks rise on prospects of increased earnings since most of them deal in outsourcing of business from overseas clients and earn in dollars. On the other hand, when rupee rises, IT shares fall. Stocks in Spotlight: Adani Ports and Special Economic Zone announced that it handled 36 million metric tones (MMT) of total cargo in May 2023, implying a YoY growth of 19%. SJVN announced that it has signed project development agreement (PDA) of 669 MW (megawatt) Lower Arun Hydro Electric project with Investment Board Nepal (IBN). The project will be constructed in five years at a cost of Rs 5,792 crore with a levelized tariff of Rs 4.99 per unit and will be developed on BOOT basis and on completion, it will generate 2,901 million units of energy annually. MOIL advanced 1.73% to Rs 161.80 after the company's production jumped 43% YoY to 1.53 lakh tonne in May 2023. On the sales front, MOIL said that it has recorded a growth of 72% at 1.53 lakh tonne during the period over the previous year. Global markets: Asian stocks advanced across the board on Friday after the US Senate approved the bill to raise the national debt limit through 2024, thereby fending off a first-ever default by the US on its debt obligations. The US Senate has passed a House-approved bill to raise the debt ceiling and cap government spending for two years, sending the legislation to President Joe Biden's desk . No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people,? Biden said in a statement after the vote. In a statement after the Senate vote, Moody's said the resolution to the debt ceiling crisis was in line with its expectation and indicated that it was not considering a downgrade of U.S. debt. Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. US stocks advanced on Thursday after the U.S. House passed a debt ceiling bill in a crucial step to avoid a default, with the measure moving to the Senate. Comments from US Fed officials signaled that the Fed is likely to keep the interest rates steady, with Philadelphia Federal Reserve President Patrick Harker saying US central bankers should not raise interest rates at their next meeting. Powered by Capital Market - Live News |