Sensex gains over 200 points, Nifty above Mt 18K; Tata Motors rallies 10%

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The benchmark equity indices BSE Sensex and NSE Nifty opened higher on Wednesday. At 9:26 IST, the 30-share index Sensex was up 243.17 points or 0.4% at 60,527.16. The 50-share Nifty index rose 95.3 points or 0.53% to 18,087.25. In the broader market, the S&P BSE Midcap index rose 0.73% while the S&P BSE Smallcap index gained 0.78%. The market breadth, indicating the overall health of the market, was strong. On the BSE, 1837 shares rose and 690 shares fell. A total of 84 shares were unchanged.

Results Today:

Infosys (down 0.1%), Mindtree (up 0.87%) and Wipro (up 0.21%) will announce their quarterly results today.

Stocks in Spotlight:

Tata Motors jumped 10%. The carmaker and TPG Rise Climate entered into a binding agreement whereby TPG Rise Climate along with its co-investor ADQ, shall invest in a subsidiary of Tata Motors that will be newly incorporated. TPG Rise Climate along with co-investors shall invest Rs 7,500 crore in compulsory convertible instruments to secure between 11 % to 15 % stake in this company translating to an equity valuation of up to $9.1 billion.

RIL rose 0.5%. Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries (RIL), entered into an agreement with NexWafe GmbH (NexWafe) for acquiring 86,887 series C preferred shares of face value of EUR 1 each of NexWafe at a price of EUR 287.73 per share aggregating EUR 25 million. RNESL will also be issued 36,201 warrants which are exercisable for a consideration of EUR 1 per warrant subject to achievement of agreed milestones.

Bajaj Finserv rose 0.43%. The NBFC said that trustee company under the name of Bajaj Finserv Mutual Fund Trustee has been incorporated as a wholly owned subsidiary of the company.

Global Markets:

Asian markets traded mixed on Wednesday as investors in Asia-Pacific looked ahead to the release of Chinese trade data for September.

The three major U.S. stock indexes closed lower for a third consecutive session Tuesday ahead of a key inflation reading and a kick-off to third-quarter earnings season.

The Federal Open Market Committee on Wednesday is also set to release its minutes from the September meeting. Investors will be digesting the minutes for any potential clues regarding the central bank’s plans to pull back easy monetary policy.

The International Monetary Fund on Tuesday cut its global growth forecast, citing supply chain challenges and persistent Covid spread. The IMF said central banks like the Federal Reserve should be prepared to tighten monetary policy if inflation runs too hot.

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