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Barometers hit fresh intraday high; auto stocks edge higher

Published on Dec 26, 2022 11:30

The key equity barometers extended gains and hit fresh intraday high in mid-morning trade. The Nifty traded above the 17,950 level and marched towards the 18,000 mark. Auto stocks witnessed across the board buying.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 569.22points or 0.95% to 60,414.51. The Nifty 50 index rose 167.70 points or 0.94% to 17,974.50.

The key equity indices witnessed strong bargain buying after a four-day sell off, during which the Sensex had declined 3.17% while the Nifty had lost 3.33%.

In the broader market, the S&P BSE Mid-Cap index advanced 1.99% while the S&P BSE Small-Cap index gained 2.86%.

The market breadth was strong. On the BSE, 2764 shares rose, and 685 shares fell. A total of 156 shares were unchanged.

Buzzing Index:

The Nifty Auto index rose 1.76% to 12,451. The index had declined 5.72% in the past four sessions.

Samvardhana Motherson International (up 6.05%), Bharat Forge (up 3.28%), Sona BLW Precision Forgings (up 2.57%), Tata Motors (up 2.47%) and Ashok Leyland (up 2.43%) were the top gainers.

Among the other gainers were Bosch (up 2.2%), Eicher Motors (up 2.08%), MRF (up 1.8%), Mahindra & Mahindra Ltd (up 1.34%) and Balkrishna Industries (up 1.31%).

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 1.13%. L&T Construction secured significant contracts for its water & effluent treatment business. As per L&T`s classification, the value of the said contract lies between Rs 1,000 crore and Rs 2,500 crore.

SBC Exports rose 2.81%. The company said it secured a work order from a civic body in New Delhi for providing office support, project management support and rollout services.

Welspun Corp gained 2.95%. The company announced commissioning of its coke oven plant in Anjar, Gujarat through Welspun Metallics, a wholly owned subsidiary of the company.

Inox Green Energy Services surged 10.43%. The firm said that it has signed a term sheet for acquisition of majority stake in independent O&M wind service provider with over 230 megawatt (MW) fleet that operates majorly in South India.

Global Markets:

Asian stocks traded mixed on Monday as investors watched the COVID situation in China. Markets in Australia, New Zealand and Hong Kong remain closed for holidays.

As per reports, China will no longer publish daily figures for COVID-19 cases and deaths, the National Health Commission (NHC) said on Sunday, ending a practice that began in early 2020.

U.S. stocks eked out modest gains on Friday after data showed consumer spending and inflation slowed in November but not enough to discourage the Federal Reserve from driving interest rates to higher levels next year.

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