As per provisional closing basis, the barometer index, the S&P BSE Sensex, rose 578.51 points or 0.98% to 59,719.74. The Nifty 50 index added 194 points or 1.10% to 17,816.25.

In the broader market, the S&P BSE Mid-Cap index rose 1.65% while the S&P BSE Small-Cap index increased 1.01%

The market breadth was strong. On the BSE, 2106 shares rose and 1365 shares fell. A total of 131 shares were unchanged.

The Federal Open Market Committee (FOMC), the US Federal Reserve's policy-setting committee, will begin its two-day meeting later today. The outcome of the FOMC meeting is critical as it includes projections, which could set the path of monetary policy for the next few months. Traders are anticipating another sharp rate hike, third consecutive, from the US central bank to tame the rising inflation.

Stocks in Spotlight:

Wipro rose 0.70% after announcing the appointment of Dhruv Anand as country head & managing director for operations in Japan. Dhruv will lead Wipro's business expansion in Japan and will also partner with clients to help them achieve their growth ambitions by leveraging Wipro's capabilities across the go-to-market themes of experience, data, analytics & insights, engineering edge, fullstride cloud services, cybersecurity, core business transformation, and managed services.

Olectra Greentech advanced 1.87% after the company's consortium with Evey Trans received letter of award from one of the State Transport Corporations for 123 electric buses. This order for supply of 123 electric buses is on gross cost contract (GCC) / OPEX model basis for a period of 15 years (contract period). Value of this contract is approximately Rs 185 crore to the company.

Advanced Enzyme Technologies jumped 9.18% after Nalanda India Equity Fund acquired additional 2.6% stake in the company via bulk deal on Monday, 19 September 2022. As per the bulk deal data on the NSE, Nalanda India Equity Fund acquired additional 29,11,630 equity shares (2.6% equity) of Advanced Enzyme Technologies at an average price of Rs 270.03 per share.

Welspun Corp rose 2.08% after the company announced the acquisition of entire share capital of Nauyaan Shipyard at a fair value consideration of Rs 1 lakh from a related party (promoter and promoter group of the company). Nauyaan Shipyard is a company with objects of ship building, shippers, ship-owners, repairers, re-fitters, fabricators etc. Nauyaan presently does not have any material assets or liabilities.

Zydus Lifesciences advanced 3% after the company announced the launch of Lenalidomide Capsules in the US. The drug is a generic version of the US reference listed drug (US RLD) Revlimid of Celgene Corporation, a Bristol-Myers Squibb Company.

Piramal Enterprises rose 2.64% after the company said on Tuesday that its board of directors approved fund raising up to Rs 750 crore through issuance of non- convertible debentures. The company said that it will raise market linked non-convertible debentures on a private placement basis upto Rs 100 crore along with an option to retain over subscription of up to Rs 650 crore, aggregating up to Rs. 750 crores.

Bombay Dyeing and Manufacturing Company advanced 3.38% after the company said its board on 22 September 2022 will consider a proposal of raising funds by issuing equity shares on rights basis.

Mishtann Foods rose 0.60% after the company said it proposed to set up a 1,000 KLPD (kilolitres per day) grain based ethanol manufacturing facility at Dalpur, Prantij, Sabarkantha of Gujarat. The estimated project cost is to the tune of Rs 2250 crore, giving employment to 5000 plus people directly or indirectly. It is expected to generate annual revenue of approximate Rs 3500 crore.

Global markets:

The Dow Jones index futures were down 122 points, indicating a negative opening in the US market today.

Shares in Europe tumbled while Asian stocks advanced across the board Tuesday as Japan's inflation accelerated and China kept its loan prime rate on hold.

Core consumer prices in Japan rose 2.8% in August from a year ago, government data showed. That's the fastest growth in nearly eight years, and the fifth consecutive month where inflation has exceeded the central bank's target of 2%.

The People's Bank of China kept its one-year and five-year loan prime rates (LPR) unchanged, in line with predictions. The one-year loan prime rate remains at 3.65%, and the five-year rate closely tied to home mortgages stands at 4.3%.

Meanwhile, China's commercial hub of Shanghai on Tuesday (20 Sept) launched eight infrastructure projects with total investment of 1.8 trillion yuan (US$257 billion), state media said. The projects involve the development of new energy and securing people's livelihoods, including urban transit, railways and housing improvement, reports added.

US stocks ended higher on Monday, as investors turned their attention to this week's policy meeting at the Federal Reserve and how aggressively it will hike interest rates.

Investors prepared for an important week, lined up with 13 central bank meetings, with expectations of interest rates rising globally and an ultra-hawkish monetary tightening by the US Fed's meeting on Wednesday, followed by the Bank of Japan and Bank of England on the next day.

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