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Barometers at day`s high; Nifty above 15,850

Published on Jun 29, 2022 14:32

The key equity indices hovered near the flat line with tiny gains in the mid-afternoon trade. The Nifty traded a tad above 15,850 level. The market was lifted by the index heavy weight, Reliance Industries. Oil & gas, metal and realty stocks advanced while FMCG, banks and financial services stocks declined.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 34.12 points or 0.06% to 53,211.57. The Nifty 50 index rose 1.25 points or 0.008% to 15,851.45.

In the broader market, the S&P BSE Mid-Cap index fell 0.61% while the S&P BSE Small-Cap index up 0.12%.

The market breadth was negative. On the BSE, 1,564 shares rose and 1,679 shares fell. A total of 151 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.460 as compared with 7.466 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 78.94, compared with its close of 78.85 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement fell 0.12% to Rs 50,760.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.04% to 104.55.

In the commodities market, Brent crude for August 2022 settlement fell 46 cents or 0.39% at $117.52 a barrel.

India`s crude oil refinery throughput stood at 4792 thousand barrels per day in 2021, according to a latest update from British Petroleum. This marks a sharp spurt of 6.65% compared to the previous year. India`s crude oil consumption also moved up 3.76% on year to 4878 thousand barrels per day.

Buzzing Index:

The Nifty Oil & Gas index rose 0.78% to 7,602.85, continuing its gaining streak to the fourth day. The index has gained 4.92% in four trading sessions.

Among the components of the Nifty Oil & Gas index, Oil India (up 2.86%), Reliance Industries (up 2.43%), Gujarat State Petronet (up 1.99%), GAIL (India) (up 1.72%) and Indian Oil Corporation (up 0.65%) were the top gainers.

Among the other gainers were Hindustan Petroleum Corporation (up 0.45%), Petronet LNG (up 0.3%), Mahanagar Gas (up 0.01%).

On the other hand, Gujarat Gas (down 2.52%), Adani Total Gas (down 1.25%) and Indraprastha Gas (down 1.12%) turned lower.

Reliance Industries rose 1.96% to Rs 2578.45. RIL`s digital arm Reliance Jio Infocomm has reportedly approved the appointment of Akash Ambani, its non-executive director, as the chairman of the company. Mukesh Ambani has stepped down as the company`s director, effective from the close of working hours on June 27. Mukesh Ambani will continue to be the chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm, the reports added.

Stocks in Spotlight:

SIS fell 0.94%. The board of security services provider on Wednesday approved the buyback of 14,54,545 equtiy shares at Rs 550 per share, for an aggregate amount not exceeding Rs 80 crore. The buyback offer price of Rs 550 per equity share represents a premium of 20.15% to Tuesday`s closing price of Rs 457.75 on the BSE. The buyback size represents 0.99% of the total paid-up capital of the company.

Genus Paper & Boards were locked in an upper circuit of 5% at Rs 17.20 after the company announced on Tuesday that it has commenced commercial production of Kraft Paper Machine Line, at its new unit located at Muzaffarnagar, Uttar Pradesh. The production at the Muzaffarnagar unit commenced on 27 June 2022. This unit has manufacturing facilities for production of kraft paper (two lines) and duplex paper.

Mastek declined 1.37%. The company selected Netskope, a company specialised in security service edge (SSE) and zero trust, as the company`s simplified, unified and secure connectivity platform for cloud applications and infrastructure. Netskope will help Mastek deliver its work from anywhere initiative, facilitating secure access to the internet and SaaS applications as well as providing Identity-as-a-Service (IaaS) capabilities.It will allow Mastek`s employees to work on a zero-trust basis from any device and any location, improving the employee experience without compromising data security.

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