KEY HIGHLIGHTS
Deven Choksey's Views On Adani Group Stocks
FPIs Stay Net Buyers
Overseas investors in Indian equities remained net buyers for second straight day on Friday.
Foreign portfolio investors bought equities worth Rs 246.24 crore, according to data from the National Stock Exchange.
Domestic institutional investors were also net buyers for the eighth straight day and mopped up stocks worth Rs 2,089.92 crore.
Foreign institutions have remained net sellers of Rs 39,963.16 crore worth of Indian stocks so far in 2023.
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 62 paise to 81.97 against the greenback on Friday. It closed at 82.59 on Thursday.
Rupee last closed below 82-level, a month ago on Feb. 3, 2023.
Source: Bloomberg
Sensex, Nifty Rise The Most In A Month
Indian equity benchmarks rebounded sharply in trade on Friday after closing at its lowest level in over four months on Thursday.
Asian markets advanced and the European shares rose on Friday as investors took comfort in underlying economic strength and started March on a high note. Bonds halted declines.
S&P 500 futures steadied after the underlying index on Thursday posted its biggest gain in more than two weeks on renewed Fed policy pivot hopes. Asian equities rose about 1%, led higher by gains in Hong Kong and Tokyo.
The S&P BSE Sensex closed up 900 points or 1.53% at 59,808.97 while the NSE Nifty 50 was 273 points or 1.57% higher at 17,594.35.
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., State Bank of India, Bharti Airtel Ltd., SBI Life Insurance Co., Reliance Industries Ltd., ITC Ltd., Tata Steel Ltd., IndusInd Bank Ltd., and HDFC Bank Ltd. were the top gainers in the gauge.
Whereas, Tech Mahindra Ltd., UltraTech Cement Ltd., Cipla Ltd., Divi's Laboratories Ltd., and Asian Paints Ltd. were the top losers amongst the NSE Nifty 50 constituents.
Shares of Adani Group company rallied in trade on Friday. All the stocks ended higher for the third-straight day since the release of U.S. short-seller Hindenburg Research's report on Jab. 24, 2023.
After snapping its eight day-long losing run on Wednesday the markets ended higher on a weekly basis.
Nifty logged weekly gain of 0.74%, whereas Sensex rose 0.58% in trade this week..
Indices ended lower in trade last week, Sensex declined 2.52%, and Nifty was down 2.67%.
Nifty PSU Bank was the top sectoral performer this week, followed by Nifty Realty, Metal and Bank.
Nifty IT and Pharma along with Nifty Auto were the losers for the week.
The broader market indices were traded higher; S&P BSE MidCap was up 0.58% whereas S&P BSE SmallCap ended higher by 0.68%.
All the 20 sectors compiled by BSE advanced with in trade with S&P BSE Bankex, S&P BSE Financial Services and S&P BSE Utilities gaining the most.
The market breadth was tilted in the favour of buyers. About 2,183 stocks rose, 1,331 declined, and 125 remained unchanged on the BSE.
Stocks At 52-Week High On Friday
Adani Ports and SEZ Rises Most In 23 Months Intraday
Shares of Adani Ports and SEZ Ltd. rose 10.91% to Rs 690.85 apiece in trade on Friday. It gained as much as 13.02% intraday, the most in 23 months or nearly two years since April 6, 2021.
Source: Bloomberg
Stocks Moving Sensex Higher In Trade
Adani Group Stocks Advance In Trade
Adani Group company stocks rallied in trade on Friday as the benchmarks rose nearly 1.7% in trade.
Adani Enterprises and Adani Ports were leading the Nifty 50 Gainers. Adani Enterprises gained 17.89% at Rs 1,894.8 apiece, while Adani Ports gained 10.93% to Rs 691.
Source: Bloomberg
PSU Banking Sector Top Gainer On Benchmarks
Shares of PSU banking companies advanced in trade on Friday and the headline index NSE Nifty 50 was higher by 1.73% in trade.
The NSE PSU Bank Index was up 5.31% in trade. All the 12 constituents compiled by the gauge advanced.
Punjab and Sind Bank, UCO Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Union Bank of India, Bank of Baroda, State Bank of India, Indian Bank, Punjab National Bank, and Canara Bank advanced in trade.
Source: NSE
SBI Rises Most In Nearly Two Years In Trade
Shares of State Bank of India rose 5.27% to Rs 561.9 apiece in trade on Friday.
The stock rose as much as 5.72% intraday, the most in 22 months since May 17, 2021 to Rs 564.3 apiece in trade.
Total traded volume stood at 1.7 times its 30-day average. The relative strength index was at 58.8.
Out of the 50 analysts tracking the company and 49 maintain a 'buy' rating and one suggests a 'hold' on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 28.4% over the next 12 months.
Source: Bloomberg
Divgi TorqTransfer Systems IPO Fully Subscribed On Day 3.
Divgi TorqTransfer Systems IPO was fully subscribed as of 2:00 p.m. on day 3.
Bidding was led by retail investors (2.77 times).
The offer closes on March 3.
Source: BSE
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 65 paise to 81.94 against the greenback on Friday. It closed at 82.59 on Thursday.
Rupee last traded below 82-level, a month ago on Feb. 3, 2023.
Source: Bloomberg
European Markets Trading Higher
Karan Adani At 'Advantage Andhra 2023'
Adani and Ambuja Cements to set up two plants with 10 million tonnes capacity in Andhra Pradesh, says Adani Ports & SEZ CEO, Karan Adani.
Existing capacity at two Adani ports of 100 million metric tonnes in the state will be doubled in a few years, Adani added.
Adani Group is committed to develop 1,5000 MW of renewable energy in Andhra Pradesh.
Source: Karan Adani Speech At Advantage Andhra Pradesh 2023
Mukesh Ambani At 'Advantage Andhra 2023'
Reliance Industries' Chairman Mukesh Ambani speaks on the investments in the state at 'Advantage Andhra Pradesh 2023'.
Reliance Industries to invest in 10GW of renewable solar energy in Andhra Pradesh, says Mukesh Ambani.
Reliance Retail will source more agri products and manufactured goods from the state which will create over 50,000 jobs.
The retail wing has partnered with more than 1.2 lakh kirana merchants across 6,000 villages of Andhra Pradesh
Source: RIL Chairman Speech Advantage Andhra Pradesh 2023
REC Shares Gain As Board Mulls Raising Funds Via Equity Markets
Shares of REC Ltd. rose 2.29% to Rs 118.4 apiece in trade on Friday after the company announced that they will be board will be meeting on March 9 to consider the proposal for approval of a market borrowing programme.
The stock rose as much as 2.72% intraday, rising the most since Feb. 208, 2023. Total traded volume stood at 1.2 times its 30-day average. The relative strength index was at 56.5.
Five analysts tracking the company maintain a 'buy' rating on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 32.9% over the next 12 months.
Source: Bloomberg, Exchange filing
Patel Engineering Led JV Wins Order From Department of Water Resources, Madhya Pradesh
Patel Engineering Ltd. announced that the company along with its joint venture partners received letter of award for Rihand Micro Irrigation Project from Department of Water Resources, Madhya Pradesh.
The JV was declared as the lowest bidder for the project earlier. Patel Engineering Ltd. being 80% partner in the JV, its share in the project is Rs 512.05 crore. Total value of the contract is Rs. 640.06 crore and the project is expected to be completed within 36 months.
The JV is expected to carry out the construction of a pressure irrigation system to supply water through pressurized pipeline system for micro irrigation under Rihand Micro Irrigation Project.
Shares of Patel Engineering Ltd. rose 4.50% to Rs 15.1 apiece in trade on Friday. The stock rose as much as 5.88% intraday.
Source: Bloomberg, Exchange filing
Sensex, Nifty Gain Over 1% As Banks, Metals Rally In Trade: Midday Market Update
Indian equity benchmarks rebounded sharply in trade on Friday after closing at its lowest level in over four months on Thursday.
Markets rose worldwide as investors weigh the negative impact of higher interest rates against positive growth signs from China’s economy.
Asian equities rose about 1%, led higher by gains in Hong Kong and Tokyo on Friday, after the S&P 500 jumped the most in more than two weeks in the U.S. on Thursday.
As of 12:02 p.m. the S&P BSE Sensex was up 814 points or 1.38% at 59,723.67 while the NSE Nifty 50 was 245 points or 1.41% higher at 17,566.65.
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., State Bank of India, Bharti Airtel Ltd., HDFC Bank Ltd., SBI Life Insurance Co., ICICI Bank Ltd., HDFC Ltd., Power Grid Corp of India Ltd., and IndusInd Bank Ltd. were the top gainers in the gauge.
Whereas, UltraTech Cement Ltd., Tech Mahindra Ltd., Asian Paints Ltd., Cipla Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The markets regulator, SEBI has been directed by the apex court of India to expeditiously conclude the investigation pertaining to Adani-Hindenburg matter within two months and file a status report.
Shares of Adani Group companies climbed on Friday after all the stocks ended higher in trade for the second time since Jan. 24, 2023 on the back of block trades, suggesting institutional investors were buying on Thursday.
All Adani Group company stocks advanced in trade. Also, Adani Enterprises Ltd.'s unit was declared as the 'preferred bidder' for Ballada Bauxite block in Odisha.
The broader market indices were trading higher; S&P BSE MidCap was up 0.65% whereas S&P BSE SmallCap was higher by 0.79%.
All the 20 sectors compiled by BSE advanced with in trade with S&P BSE Bankex, S&P BSE Power and S&P BSE Utilities gaining the most.
The market breadth was tilted in the favour of buyers. About 2,208 stocks rose, 1,099 declined, and 119 remained unchanged on the BSE.
Adani Enterprises Unit Declared As Preferred Bidder For Ballada Bauxite Block In Odisha
Government issues a letter of intent to Mundra Aluminium on March 1, 2023.
Estimated cumulative resources at the Odisha block are pegged at 22.13 million tonnes.
Source: Exchange filing
Vedanta Rises On Reports Of Borrowing $1 Billion From Banks
Shares of Vedanta Ltd. rose 1.49% to Rs 279 apiece in trade on Friday.
According to Bloomberg, Vedanta is in initial talks with at least three banks including Barclays, JPMorgan and Standard Chartered for a loan up to a billion dollar (approximately Rs 8,230.85), according to people familiar with the matter.
Out of the 16 analysts tracking the company, 10 maintain a 'buy' rating, four recommend a 'hold' and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 31.2% over the next 12 months.
Source: Bloomberg
Services PMI Rose To 12-Year High In February
Services PMI rose to 59.4 in February from 57.2 in January.
Source: S&P Global India
Stocks In Focus: Alembic Pharma, Ramkrishna Forging, Natco Pharma & More
Systematix Group's Investment Strategy: Talking Point
Tata Steel Up After A Large Trade
Shares of Tata Steel Ltd. rose 0.91% to Rs 105.6 apiece in trade on Friday after 74.6 lakh shares changed hands in a bunch.
The stock rose as much as 1.72% intraday. Total traded volume stood at 2.1 times its 30-day average. The relative strength index was at 35.8.
Out of the 32 analysts tracking the company, 23 maintain a 'buy' rating, five recommend a 'hold' and four suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 17.5% over the next 12 months.
Source: Bloomberg
Angel One Gains On Positive February Business Updates
Angel One client base rises to 1.3-crore customers or 3.4% MoM in February.
Company's average daily turnover rose 3.2% monthly to 17.57 lakh crore in February.
Retail turnover of the market share rose to 22.6% in February from 21.9% in the previous month.
Ramkrishna Forgings Shares Gain In Trade
Shares of Ramkrishna Forgings Ltd. rose 3.28% to Rs 266.4 apiece in trade on Friday.
The Class 8 truck orders in North America witnesses an annual and a monthly in February.
Orders for Class 8 trucks in February increased to 22,800 units, a growth of 10.1% from last year and 5.1% from January 2023.
The stock rose as much as 4.57% intraday, the most in over two weeks since Feb 13, 2023.
Total traded volume stood at 1.7 times its 30-day average. The relative strength index was at 50.
Out of the seven analysts tracking the company, six maintain a 'buy' rating and one suggests to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 26.4% over the next 12 months.
Source: Bloomberg, FTR Transportation Intelligence
Natco Pharma Rises Most In Seven Months As Board Plan Buyback
Shares of Natco Pharma Ltd. rose 2.99% to Rs 569.75 apiece in trade on Friday.
The board of the company will meet on March 8 to consider a share buyback.
The stock rose as much as 4.83% intraday, the most in seven months since Aug. 2, 2022.
Total traded volume stood at 11 times its 30-day average. The relative strength index was at 68.6.
Out of the 15 analysts tracking the company, seven maintain a 'buy' rating, six recommend a 'hold' and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 11.7% over the next 12 months.
Source: Bloomberg, Exchange filing
SBI Rises Most In Nearly Two Years In Trade
Shares of State Bank of India rose 3.53% to Rs 552.6 apiece in trade on Friday.
The stock rose as much as 5.72% intraday, the most in 22 months since May 17, 2021 to Rs 564.3 apiece in trade.
Total traded volume stood at 1.9 times its 30-day average. The relative strength index was at 54.6.
Out of the 50 analysts tracking the company and 49 maintain a 'buy' rating on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 30.7% over the next 12 months.
Source: Bloomberg
PSU Banking Stocks Emerge As The Top Sectoral Gainer
Shares of PSU banking companies advanced in trade on Friday and the headline index NSE Nifty 50 was higher by 0.81% in trade.
The NSE PSU Bank Index was up 3.33% in trade. All the 12 constituents compiled by the gauge advanced.
Punjab and Sind Bank, UCO Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Union Bank of India, Bank of Baroda, State Bank of India, Indian Bank, Punjab National Bank, and Canara Bank advanced in trade.
Source: NSE
Alembic Pharmaceuticals Hits 52-Week Low After Taking Rs 1,150.43-Crore Impairment Charge
Shares of Alembic Pharmaceuticals Ltd. declined 0.06% to Rs 503 apiece, as of 9:35 a.m., in trade on Friday after the company said in an exchange filing that it will take an impairment charge of Rs 1,150.43 crore.
This charge is being taken on three manufacturing facilities, which are under construction in Gujarat. The three plants are expected to take a hit to their profitability and generate less cash than expected.
The stock declined as much as 5.32% intraday, the most in 52 weeks to Rs 476.5 apiece in trade.
Total traded volume stood at 32.3 times its 30-day average. The relative strength index was at 36.4.
Out of the 19 analysts tracking the company, seven maintain a 'buy' rating, eight recommend a 'hold' and four suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 21.8% over the next 12 months.
Source: Bloomberg, Exchange filing
Broader Markets Trade Higher
The broader market indices were tarding higher; S&P BSE MidCap was up 0.62% whereas S&P BSE SmallCap was higher by 0.67%.
All the 20 sectors compiled by BSE advanced with in trade with S&P BSE Services, S&P BSE Power and S&P BSE Utilities gaining the most.
The market breadth was tilted in the favour of buyers. About 1,865 stocks rose, 546 declined, and 81 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., State Bank of India, Power Grid Corp of India Ltd., Reliance Industries Ltd., NTPC Ltd., IndustInd Bank Ltd., UPL Ltd., Tata Steel Ltd., and HCL Technologies Ltd. were the top gainers in the gauge.
Whereas, Dr. Reddy's Laboratories, Asian Paints Ltd., Bajaj Finance Ltd. were the top losers amongst the NSE Nifty 50 constituents.
Source: Bloomberg
All Adani Group Company Stocks Jump In Trade
The markets regulator, SEBI has been directed by the apex court of India to expeditiously conclude the investigation pertaining to Adani-Hindenburg matter within two months and file a status report.
Shares of Adani Group companies climbed on Friday after all the stocks ended higher in trade for the second time sice Jan. 24, 2023 on the back of block trades, suggesting institutional investors were buying on Thursday.
All Adani Group company stocks advanced in trade.
Source: Bloomberg
Sensex, Nifty Open Higher In Trade, Recoup Losses
Indian equity benchmarks rebounded sharply in trade on Friday after closing at its lowest level in over four months on Thursday.
Asian markets were on course to snap a four-week losing streak on Friday as dovish comments from a Federal Reserve policy maker supported appetite for risk taking.
Hong Kong, Japanese and Australian shares rose after the S&P 500 jumped the most in more than two weeks when Federal Reserve Bank of Atlanta President Raphael Bostic said that the central bank could be in a position to pause rate hikes sometime this summer.
At pre-open, the S&P BSE Sensex opened up 329 points or 0.56% at 58,238.70 while the NSE Nifty 50 was 129 points or 0.75% higher at 17,451.25.
Sensex, Nifty Rise At Pre-Open
The S&P BSE Sensex opened up 329 points or 0.56% at 58,238.70 while the NSE Nifty 50 was 129 points or 0.75% higher at 17,451.25.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.41% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 32 paise to 82.27 against the greenback at open on Friday. It closed at 82.59 on Thursday.
Source: Bloomberg
Nifty Realty Above 20-DEMA; Could See Traction: Trade Setup
Angel One Client Base Rises To 1.3-Crore Customers Or 3.4% MoM In February
Company's average daily turnover rose 3.2% monthly to 17.57 lakh crore in February.
Retail turnover of the market share rose to 22.6% in February from 21.9% in the previous month.
Source: Exchange filing
Global Cues
U.S. Dollar Index at 104.8
U.S. 10-year bond yield at 4.05%
Brent crude down 0.31% to $84.75 per barrel
Nymex crude at $77.94 per barrel
SGX Nifty up 0.65% at 17,468.5 as of 7:10 a.m.
Bitcoin down 4.30% to $22,408.95
Pledged Share Details
Chambal Fertiliser: Promoter Zuari Industries created a pledge of 2 lakh shares on Feb. 27.
Emami: Promoter group Suraj Finvest created a pledge of 25 lakh shares and released a pledge of 2 lakh shares, promoter group Diwakar Finvest created 3 lakh shares and released a pledge of 20 lakh shares, betweeb Feb 27 and March 1.
Bulk Deals
Adani Enterprises: SB Adani Family Trust sold 3.87 crore shares (3.39%), GQG Partners bought 2.42 crore shares (2.12%) at Rs 1,408.25 apiece.
Block Deals
Adani Green Energy: Active Emerging Markets Equity Fund bought 11.14 lakh shares (0.07%), Care Super bought 2.67 lakh shares (0.02%), Employees Retirement System of Texas bought 1.57 lakh shares (0.01%), General Organization for Social Insurance bought 5.76 lakh shares (0.04%), Goldman Sachs bought 11,379 shares, GQG Partners bought 4.7 crore shares (3%), New York State Common Retirement Fund bought 6.42 lakh shares 0.04%), Reliance Trust Institutional Retirement Trust bought 37.8 lakh shares (0.24%), Construction and Building Unions Superannuation Fund bought 2.03 lakh shares (0.01%), VantageTrust III Master Collective Investment Funds Trust bought 2.69 lakh shares (0.02%), AustralianSuper bought 15.52 lakh shares (0.1%), SB Adani Family Trust sold 5.56 crore shares (3.51%) at Rs 504.6 apiece.
Adani Ports and Special Economic Zone: Active Emerging Markets Equity Fund bought 16.47b lakh shares (0.08%), AustralianSuper bought 22.94 lakh shares (0.1%), Care Super bought 3.94 lakh shares (0.02%), Employees Retirement System of Texas bought 2.7 lakh shares (0.01%), General Organization For Social Insurance bought 8.52 lakh shares (0.04%), Goldman Sachs bought 18,344 shares, GQG Partners bought 3.87 crore share (3.47%), New York State Common Retirement Fund bought 11.05 lakh shares (0.05%), Reliance Trust Institutional Retirement Trust bought 62.56 lakh shares (0.3%), Construction And Building Unions Superannuation Fund 3.01 lakh shares (0.01%), VantageTrust III Master Collective Investment Funds Trust bought 4.54 lakh shares (0.02%), SB Adani Family Trust sold 8.86 crore shares (4.1%) at Rs 596.2 apiece.
Adani Transmission: GQG Partners bought 2.4 crore shares (2.15%), VantageTrust III Master Collective Investment Funds Trust bought 96,767 shares(0.01%), Active Emerging Markets Equity Fund bought 7.17 lakh shares (0.06%), AustralianSuper bought 9.99 lakh shares (0.09%), Care Super bought 1.72 lakh shares (0.02%), Employees Retirement System of Texas bought 57,162 shares, General Organization For Social Insurance bought 3.71 lakh shares (0.03%), Goldman Sachs bought 4,219 shares, New York State Common Retirement Fund bought 2.34 lakh shares (0.02%), Reliance Trust Institutional Retirement Trust bought 16.64 lakh shares (0.15%), Construction And Building Unions Superannuation Fund bought 1.31 lakh shares (0.01%), SB Adani Family Trust sold 2.84 crore shares (2.55%) at Rs 668.4 apiece.
Offerings: Divgi Torqtransfer Systems IPO
Divgi Torqtransfer Systems: Retail investors led demand on the second day as the issue was subscribed 0.38 times or 38%. The retail portion was subscribed 1.56 times, whereas the non-institutional investors placed bids for 22% of the basket reserved for them. The QIB portion was subscribed 6% by the end of Day 2.
Stocks To Watch: Adani, Alembic Pharma, Happiest Minds, M&M Financial In Focus
Adani Green Energy: The company’s 700 MW wind-solar hybrid plant in Jaisalmer, Rajasthan became fully operational, taking its operating wind-solar hybrid portfolio to 2,140 MW. The facility has a power purchase agreement at Rs 3.24 per kwh for 25 years.
Alembic Pharmaceuticals: The company will take an impairment charge of Rs 1,150.43 crore on three manufacturing facilities under construction in Gujarat. The three plants are expected to take a hit to their profitability and generate less cash than expected.
Happiest Minds Technologies: The board approved allotment of 12,500 non-convertible debentures on private placement basis to raise Rs 125 crore.
Indian Bank: The bank will increase its lending rates across the board in the range of 5-10 basis points, effective March 3, 2023.
MOIL: The company recorded 10% jump year-on-year during February in production of manganese ore at 1.31 lakh tonnes, while sales increased 19% on-year to 1.32 lakh tonnes.
Karnataka Bank: The bank appointed Abhishek Sankar Bagchi as its chief financial officer, with effect from March 2, 2023.
Pidilite Industries: The company investment additional Rs 10 crore in Buildnext Construction Solutions, taking its stake to 24.15%.
Natco Pharma: The board of the company will meet on March 8 to consider a share buyback.
Hindustan Petroleum Corporation: The company issued 1 lakh debentures on private placement basis to raise Rs 1,650 crore.
India Grid Trust: The company completed the acquisition of 49% of paid-up capital and management control of Khargone Transmission Ltd. from Sterlite Power Transmission for Rs 1,497.5 crore.
Mahindra & Mahindra Financial Services: February 2023 Business Updates
Total disbursement increased 53% on-year to Rs 4,185 crore.
Collection efficiency faltered to 97%, compared to 98% a year ago.
Adequate liquidity buffer to cover funds requirements for three months.
SGX Nifty Indicates Higher Opening For Benchmarks
Most Asian markets advanced on Friday after dovish comments from U.S. policymaker led stocks to snap two days of losses.
The S&P 500 jumped the most in more than two weeks after Federal Reserve Bank of Atlanta President Raphael Bostic said that the central bank could be in a position to pause rate hikes sometime this summer. The Nasdaq 100 also rose as equity investors considered Bostic’s comments somewhat dovish.
Meanwhile, the yield on 10-year Treasuries advanced to 4.05%. Crude prices were trading around $84-mark, while Bitcoin was trading below 23,000-level.
At 7:10 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.65% at 17,468.5.
The domestic benchmark indices snapped their eight-day-long losing streak supported by the rally in metal and bank stocks.
Foreign investors in Indian equities turned net buyers on Thursday, ending a six-day selling streak and piling in the third highest single-day inflow. FPIs bought equities worth Rs 12,770.8 crore, the largest after Rs 17,205.2 crore on May 6, 2020 and Rs 16,355.3 crore on April 21, 2015, according to Bloomberg data.
Domestic institutional investors were net buyers for the seventh day in a row and mopped up stocks worth Rs 2,128.8 crore.
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