Is there an investment opportunity in PSP Projects shares?

The benchmark equity indices traded in the green in early trade on Friday ahead of the RBI monetary policy outcome. At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 217.86 points or 0.37% to 59,895.69. The Nifty 50 index added 79.55 points or 0.45% to 17,869.90. Among the Nifty 50 stocks, Tata Motors (up 3.92%), Tata Steel (up 3.75%), ONGC (up 2.37%), JSW Steel (up 2.32%) and Hindalco Industries (up 2.05%) were the top index gainers. Coal India (down 1.55%), HCL Technologies (down 0.67%), Hindustan Unilever (down 0.39%), HDFC (down 0.29%) and Asian Paints (down 0.24%) were the top index laggards.

In the broader market, the S&P BSE Mid-Cap index rose 0.42% while the S&P BSE Small-Cap index gained 0.69%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1847 shares rose and 640 shares fell. A total of 96 shares were unchanged.

The Reserve Bank of India’s (RBI) monetary policy committee (MPC) will announce its interest rate decision today.

Stocks in Spotlight:

Tata Consultancy Services rose 0.29% to Rs 3903.95. The IT major will announce its September 2021 quarter earnings today, on 8 October 2021.

Reliance Industries added 0.59% to Rs 2587.30. RIL on Thursday announced the launch of its premium retail destination, Jio World Drive (JWD), in Mumbai’s commercial epicenter, Bandra Kurla Complex. It will be home to prominent international and Indian brands, 27 culinary outlets, Mumbai’s first rooftop Jio Drive-In Theatre, an open-air weekend community market, pet-friendly services, a dedicated pop-up experience and other services.

JSW Energy gained 1.27% to Rs 384. The company has signed a contract with GE Renewable Energy for supply of 810 MW of onshore wind turbines for the company’s under construction pipeline of approximately 2.5 GW of renewable projects in India. The supply of the turbines will start by the second quarter of CY2022.

Ratnamani Metals & Tubes jumped 4.24% to Rs 2293.75. The company has received a new order of Rs 98 crore for the supply of carbon steel pipes from the domestic oil and gas sector, to be executed in 5 to 12 months.

Global markets:

Asian stocks were trading mostly higher as markets on Wall Street rallied, while investors also eyed key US jobs data for any fresh insight into the timing of Federal Reserve tapering. Chinese stocks jumped on the first day of trade after a week-long holiday.

Activity in China’s services sector returned to growth in September as a major COVID-19 outbreak in the eastern province of Jiangsu receded, a private-sector survey showed on October 8. The Caixin/Markit services Purchasing Managers’ Index (PMI) rose to 53.4 from 46.7 in August.

US stocks rallied on Thursday as Senate leaders moved to avert a US debt default. Senate Majority Leader Chuck Schumer announced Thursday that lawmakers have reached a deal on a short-term debt ceiling increase after hours of discussion with Minority Leader Mitch McConnell.

Markets will look ahead to Friday’s key September jobs report as the Federal Reserve prepares to slow its $120 billion-per-month bond-buying program.

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