Barometers trade range bound; Nifty heads towards 18,200 mark

The benchmark indices traded in a range with strong gains in afternoon trade. Metal and oil & gas stocks supported the indices. The Nifty was trading below the 18,200 level.

At 13:30 IST, the barometer index, the S&P BSE Sensex, advanced 404.38 points or 0.67% at 61,021.27. The Nifty 50 index gained 117.05 points or 0.65% at 18,172.80.

Reliance Industries (RIL) (up 2.29%), ICICI Bank (up 1.35%) and Infosys (up 0.87%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index rose 0.68%. The S&P BSE Small-Cap index added 0.34%.

Buyers outpaced sellers. On the BSE, 1,776 shares rose and 1,630 shares fell. A total of 82 shares were unchanged.

COVID-19 Update:

India reported 1,94,720 new cases in the last 24 hours. The daily positivity rate stood at 11.05%. The country`s active caseload currently stands at 9,55,319. Active cases stands at 2.65% of the total infections and recovery rate currently stands at 96.01%. There were 60,405 recoveries in the last 24 hours, which increases total recoveries to 34,630,536.

Gainers & Losers:

Mahindra & Mahindra (M&M) (up 3.40%), Bharti Airtel (up 2.73%), Hindalco Industries (up 2.36%), IndusInd Bank (up 2.36%) and Reliance Industries (RIL) (up 2.29%) were major gainers in Nifty 50 index.

Tata Consultancy Services (TCS) (down 2.23%), Titan Company (down 1.35%), Shree Cement (down 1.32%), Wipro (down 1.29%) and Cipla (down 1%) were major losers in Nifty 50 index.

Stocks in Spotlight:

RattanIndia Enterprises was locked in lower circuit of 5% at Rs 60.10. RattanIndia Enterprises, on 11 January 2022, operationalized its e-commerce foray by approving an investment of Rs 350 crore in its wholly-owned subsidiary, Cocoblu Retail to build and undertake the business of online retail on e-commerce platforms. Cocoblu Retail (Cocoblu) will be partnering with several big and small brands in India to bring them onto leading online platforms in the country. Cocoblu will scale up local micro, small and medium manufacturers and help them build their brands and reach their true potential through digital channels. This would provide a great opportunity for online retail in India devoid of complexities and capex of physical retail.

PI Industries lost 0.45%. Life Insurance Corporation of India (LIC) bought 72,000 equity shares or 0.047% stake of PI Industries on Monday, 10 January 2022. Post transaction, LIC increased its shareholding to 76,40,976 equity shares or 5.036% stake from 75,68,976 equity shares or 4.989% stake held in PI Industries. The deal was executed as market purchase on Monday, 10 January 2022. As of 30 September 2021, LIC held 3.48% stake in the company.

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