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Barometers extend gains; Nifty tad below 17,700 level

Published on Aug 30, 2022 14:31

The key equity benchmarks continued to extend gains in the mid-afternoon trade. The Nifty climbed a tad below the 17,700 mark. Realty, auto and bank stocks advanced the most.

At 14:26 IST, the barometer index, the S&P BSE Sensex, surged 1,277.01 points or 2.20% to 59,249.63. The Nifty 50 index added 379.30 points or 2.19% to 17,692.20.

In the broader market, the S&P BSE Mid-Cap index rose 1.95% while the S&P BSE Small-Cap index advanced 1.46%.

The market breadth was strong. On the BSE, 2,399 shares rose and 978 shares fell. A total of 143 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper slipped to 7.201 as compared with 7.253 at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.4825, compared with its close of 79.91 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement shed 0.63% to Rs 50,925.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, lost 0.35% to 108.45.

In the commodities market, Brent crude for October 2022 settlement declined 6 cents or 0.06% at $105.03 a barrel.

Buzzing Index:

The Nifty Bank index rose 2.7% to 39,309.35. The index slipped 1.82% in the past trading session.

Among the components of the Nifty Bank index, Federal Bank (up 3.93%), IndusInd Bank (up 3.89%), Bank of Baroda (up 3.13%), State Bank of India (up 3.02%) and ICICI Bank (up 2.45%) were the top gainers.

Among the other gainers were HDFC Bank (up 2.42%), Kotak Mahindra Bank (up 2.39%), Axis Bank (up 2.07%), Punjab National Bank (up 1.7%) and IDFC First Bank (up 1.54%).

Stocks in Spotlight:

Rama Steel Tubes (RSTL) rose 0.51% after the company announced that it has received additional orders of approximately Rs 14.7 crore from H.P. State Civil Supplies Corporation Limited for its Jal Shakti Vibhag, Himachal Pradesh. This new order in addition to previous orders worth approximately Rs 33.4 crore, aggregating to the tune of approximately Rs 48.1 crore.

Ramkrishna Forgings gained 3.40% after the company won an export order for supply of metal bars in non-auto segment worth Rs 20.5 crore ($2.58 million) per annum. The company said that the order is received from a market leader in rubber tracks for farm equipment and snowmobiles, as well as in solid and bias tyres for material handling equipment.

Piramal Enterprises (PEL) advanced 2.48%, trading ex-demerger on Tuesday. The stock opened at Rs 1050 and hit a high of Rs 1141.75 so far during the day. PEL demerged its pharmaceutical business, Piramal Pharma (PPL), into a separate entity. PPL will list on the bourses as a separate entity by the end of the third quarter of this fiscal year. Investors will get four PPL shares for each PEL share held.

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