Key indices traded in a narrow range in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 191.39 points or 0.49% at 39,265.31. The Nifty 50 index added 52.30 points or 0.45% at 11,601.90.
Trading could get volatile as traders roll over positions in the F&O segment from the near month August 2020 series to September 2020 series.
In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index rose 0.47%.
The market breadth was positive. On the BSE, 1460 shares rose and 1024 shares fell. A total of 150 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,581.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,194.62 crore in the Indian equity market on 26 August, provisional data showed.
Buzzing Index:
The Nifty Auto index rose 0.34% to 8,127.75, advancing for fifth day in a row. The index has added 2.73% in five sessions.
Tata Motors (up 4.21%) and Ashok Leyland (up 3.03%) advanced while TVS Motor Company (down 1.84%), Bajaj Auto (down 1.38%) and Hero MotoCorp (down 1.07%) declined.
Mahindra & Mahindra (M&M) gained 1.71% to Rs 623.70 after the auto major signed a memorandum of understanding (MoU) with Israel-based REE Automotive to explore development and manufacturing of electric commercial vehicles for global markets. The MoU is primarily aimed at global markets with current global volume estimated over time at 200,000-250,000 units. Production would be scaled further to support additional volume in the global as well as Indian market.
Global Markets:
Most Asian markets declined on Thursday despite newly released data pointing towards continued recovery China's economy. Profits at China's industrial firms grew 19.6% year-on-year to 589.5 billion yuan ($85.58 billion), the statistics bureau said on Thursday. It follows an 11.5% gain in June and the third straight month of profit growth in this year.
South Korea's Kospi shed 0.87%. The country's central bank kept its rates on hold on Thursday, but cut its 2020 GDP forecast, as it weighed concerns over rising house prices and the worsening coronavirus fallout.
Global oil prices would be watched by investors today after a massive storm in the Gulf of Mexico raced towards the heart of the US Oil industry, forcing oil rigs and refineries to shut, with little impact expected on supply as oil stockpiles remain high. However, the impact of the storm on the crude oil prices could be limited as oil and product inventories remain high due to the coronavirus pandemic's hit to fuel demand.
The US stock market finished session at all-time closing highs on Wednesday, 26 August 2020, as risk sentiments buoyed by better than expected US durable-goods order data for July coupled with positive news on the COVID-19 vaccine front. Biotech firm Moderna announced promising results from a small trial of its coronavirus vaccine candidate in elderly patients.
Meanwhile, Fed Chairman Jerome Powell will speak Thursday during a virtual version of the Fed's annual Jackson Hole, Wyoming, conference. He is expected to outline what could be the central bank's most active efforts ever to spur inflation back to a healthy level.
US durable-goods orders jumped 11.2% in July on strong auto demand, the Census Bureau said on Wednesday, following June's 7.7% gain. The jump signaled a continued recovery in the nation's manufacturing industry, though the figures remain well below pre-pandemic highs.
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