Markets drift higher in early trade; strong width

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Benchmarks posted solid gains in early trading, driven by demand to buy oil and gas and bank stocks. At 9:30 a.m. IST, the barometer index, the S&P BSE Sensex, jumped 267.64 points or 0.45% to 59,450.86. The Nifty 50 index jumped 77.35 points or 0.44% to 17,703.05.

Across the market, the S&P BSE Mid-Cap Index rose 0.50% while the S&P BSE Small-Cap Index rose 0.75%.

The scale of the market was strong. On BSE, 2,174 stocks rose and 566 stocks fell. In total, 76 shares remained unchanged.

Foreign portfolio investors (REITs) bought stocks worth Rs 902.64 crore, while domestic institutional investors (DII) were net buyers at Rs 803.11 crore in the Indian stock market on January 3, 2022, according to provisional data.

Economy:

Indian exports crossed $ 300 billion in the first nine months of 2021-2022, for the first time ever. December 2021 also saw the highest level of monthly outgoing trade at $ 37 billion. Exports in December recorded a growth of 37% compared to December 2020 with an increase of 37.5% compared to December 2019.

Sebi guidelines:

Capital markets regulator Sebi on Monday changed the “exercise mechanism” of options contracts on commodity futures. The decision was made based on feedback received from the exchanges and recommendations from Sebi’s Commodity Derivatives Advisory Committee. In a circular, Sebi said the prescribed mechanism will be adopted by the exchanges for exercising option contracts upon expiration.

As part of this mechanism, Sebi said that All In the Money (ITM) option contracts would be exercised automatically, unless a “contrary instruction” was given by the long positions of these contracts. not to do it. In addition, All Out of the Money (OTM) options contracts will expire worthless, he said.

Additionally, market regulator Sebi has notified rules for vault managers that allow stock exchanges to set up a gold exchange in the country. Instruments representing gold will be referred to as Electronic Gold Receipts (EGRs) and will be notified as securities.

These EGRs will have trading, clearing and settlement functionality similar to any other security. The gold exchange, encompassing the entire ecosystem of EGR trading and physical gold delivery, is expected to create a vibrant gold ecosystem in India.

Featured Actions:

Maruti Suzuki India rose 1.10%. The company’s total production fell 2% to 1,52,029 units in December 2021 from 1,55,127 units in December 2020.

Vedanta lost 1.17%. The company’s production of mined metal in the third quarter of fiscal 2022 was 2,52,000 tonnes, an increase of 3% from the third quarter of fiscal 2021 due to higher production higher ore at the Sindesar Khurd and Zawar mines and higher feed grade at Rampura Agucha.

Angel One gained 1.67%. Its customer base grew 6.3% to 7.78 million in December 2021 from 7.32 million in November 2021.

Dilip Buildcon rose 3.12%. Construction company obtained award letter (award letter) for mining work OB withdrawal contract for Amadand OCP, Jamuna Kotma region, Tehsil – Kotma, district – Annupur in Madhya Pradesh d ‘worth Rs 2,683.02 crore (including GST) by the Southeast Mimic Coalfield (SECL), a subsidiary of Coal India (CIL).

Global markets:

Asian stocks are trading mixed on Tuesday, January 4, 2022, with data showing an acceleration in Chinese factory activity growth in December 2021.

Chinese factory activity grew at its fastest pace in six months in December, driven by production increases and easing price pressures, a private investigation revealed on Tuesday. The Caixin / Markit purchasing managers index (PMI) in the manufacturing sector rose to 50.9 in December, from 49.9 in November.

In the United States, the S&P 500 and Dow Jones Industrial Average set highs Monday closing on the first trading day of the year, helped by gains from Tesla Inc and bank stocks.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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