The domestic equity barometers ended with stellar gains on Wednesday. Softer inflation, declining commodity prices and consistent buying by FIIs supported the uptrend. Most global shares were negative ahead of the release of the US FOMC meeting minutes later today. The Nifty closed tad below the 17,950 level. PSU banks, media and IT shares were in demand. On the other hand, healthcare, realty and auto shares declined.

The barometer index, the S&P BSE Sensex, was up 417.92 points or 0.70% to 60,260.13. The Nifty 50 index added 119 points or 0.67% to 17,944.25.

Bajaj Finserv (up 5.74%), Bajaj Finance (up 3.28%), Bharti Airtel (up 2.55%), Infosys (up 0.69%) and Reliance Industries (up 0.52%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index rose 0.64% while the S&P BSE Small-Cap index gained 0.53%.

The market breadth was strong. On the BSE, 2,017 shares rose and 1,405 shares fell. A total of 134 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.04% to 17.68.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined to 7.187 as compared with 7.289 at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.45, compared with its close of 79.7450 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement shed 0.07% to Rs 51,802.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, added 0.03 % to 106.54.

In the commodities market, Brent crude for October 2022 settlement rose 73 cents or 0.79% at $93.07 a barrel. The contract fell $2.76 or 2.90% to settle at $92.34 a barrel during the previous trading session.

Global Markets:

The Dow Jones futures were down 156 points, indicating a negative opening in the US stock market today.

European shares declined while Asian stocks advanced on Wednesday.

UK consumer price index rose 10.1% annually, according to estimates published by the Office for National Statistics on Wednesday, up from 9.4% in June.

Japan's exports rose for the 17th month in a row in July, driven by strong demand for autos and mineral fuels, Ministry of Finance data showed Wednesday. Exports rose 19% in July from a year earlier. Exports rose 19.4% in June.

In US, the Dow and S&P 500 rose on Tuesday as stronger-than-expected results and outlooks from Walmart and Home Depot bolstered views on the health of consumers, while technology shares declined and weighed on the Nasdaq.

Production at US factories increased more than expected in July as output rose at motor vehicle plants and elsewhere. Manufacturing output rebounded 0.7% last month after declining 0.4% in June, the Federal Reserve said on Tuesday. Output increased by 3.2% compared to July 2021.

U.S. President Joe Biden signed the Inflation Reduction Act, a tax, health and climate bill and a significantly reduced version of the $1.75 trillion Build Back Better plan he was pushing for last year.

New Zealand raised its cash rate by another 50 basis points to 3%, the latest in a series of interest rate hikes in an effort to curb inflation.

Stocks in Spotlight:

Bharti Airtel gained 2.55%. The telecom major said that it has paid Rs 8,312.4 crore to the Department of Telecom (Government of India) towards dues for spectrum acquired in the recently concluded 5G auctions. As per the regulatory filing, Airtel has paid 4 years of 2022 spectrum dues upfront. The company believes that this upfront payment coupled with the moratorium on spectrum dues and AGR-related payments for four years will free up future cash flows and allow Airtel to dedicate resources to single-mindedly concentrate on the 5G rollout.

Aarti Drugs jumped 10.79% after the media reported that the Directorate General of Trade Remedies (DGTR) has recommended continuation of anti-dumping duty on Ofloxacin imported from China. The company had earlier filed an application for anti-dumping duty on Ofloxacin and its intermediates imported from China.

Bharat Gears zoomed 18.78% after the company said its board will consider a bonus share issue on 19 August 2022.

RateGain Travel Technologies (RateGain) surged 8.10% after the company said that Air India, the flagship carrier of India owned by India's largest conglomerate the Tata Group, has selected RateGain's - AirGain product to dynamically adjust prices with real-time, accurate, and high-quality airfare data to compete globally with leading airlines.

Techno Electric & Engineering Company jumped 6.49% after the company announced that it recently secured new orders for flue gas desulfurization (FGD) totalling to Rs 1,455 crore.

Singer India soared 14.24%. Rare Investments on Tuesday (16 August) bought 42.50 lakh shares of the company in a bulk deal on the BSE for Rs 53.50 each. The Rakesh Jhunjhunwala investment firm now holds around 8% in Singer India.

UTI Asset Management Company fell 4.66% after the company denied the media reports suggesting Tata AMC's plan to buy stake in the firm.

The media reported on Tuesday (16 August 2022) that rival Tata Asset Management Co is set to buy a significant stake in the company. The deal would make the combined entity the sixth asset largest manager in India, reports added.

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