Nifty hovers above 15,800; Auto stocks slide

The key equity indices traded with decent gains in the mid-afternoon trade. The Nifty hovered above the 15,800 level. Auto stocks snapoed its five days rising streak. Trading is likely to remain volatile during the day due to expiry of weekly and monthly index options on the NSE.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 209.08 points or 0.39% to 53,236.05. The Nifty 50 index gained 38.95 points or 0.25% to 15,838.05.

In the broader market, the S&P BSE Mid-Cap index fell 0.48% while the S&P BSE Small-Cap index shed 0.30%.

The market breadth was negative. On the BSE, 1,437 shares rose and 1,775 shares fell. A total of 148 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell to 7.427 as compared with 7.459 at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 78.9425, compared with its close of 79.03 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement fell 0.09% to Rs 50,681.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.06% to 105.04.

In the commodities market, Brent crude for August 2022 settlement fell 32 cents or 0.28% at $115.94 a barrel.

Buzzing Index:

The Nifty Auto index fell 0.57% to 11.783.25, snapping its five days gaining streak. The index has gained 8.9% in five trading sessions.

Among the components of the Nifty Auto index, Bajaj Auto (down 3.79%), Eicher Motors (down 2.89%), Escorts Kubota (down 1.76%), Bosch (down 1.36%) and Bharat Forge (down 1.15%) were the top losers.

Among the other losers were Sona BLW Precision Forgings (down 1.05%), Hero MotoCorp (down 0.76%), Balkrishna Industries (down 0.42%), Mahindra & Mahindra (down 0.38%) and MRF (down 0.23%).

On the other hand, TVS Motor Company (up 1.25%) ,Tube Investments of India (up 0.86%) and Ashok Leyland (up 0.78%) moved up.

Stocks in Spotlight:

ITD Cementation India fell 1.23%. The civil construction company announced that it has secured a letter of acceptance worth over Rs 700 crore for construction of wharf and approach trestle works from Bharat Mumbai Container Terminals (BMCT) at Jawaharlal Nehru Port. The firm said that it secured orders worth over Rs 6,000 crore in Q1 FY23. It has achieved record orderbook of Rs 20,000 crore, which provides multi-year revenue visibility, the company added.

Power Grid Corporation of India was up 0.17%. The company on Thursday announced that its board will meet on 6 July 2022, to consider fund raising upto Rs 6,000 crore via issuance of bonds, on private placement basis. The board of the PSU company will consider and approve raising funds upto Rs 6,000 crore, from domestic market through issue of secured/ unsecured, non-convertible, noncumulative/ cumulative, redeemable, taxable/ tax-free debentures/ bonds under private placement during the financial year 2023-24 in upto twenty tranches/offers.

CreditAccess Grameen (CA Grameen) rose 0.16%. The company said that India Ratings and Research has upgraded its rating on the debt instruments of the company to `IND AA-`/ Stable. India Ratings said that the upgrade factors in CA Grameen`s improved geographical diversification, the ability to manage asset quality as demonstrated during the pandemic and other systemic events in the past few years, and the tailwinds of a supportive regulatory environment.

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