Barometers turn rangebound, Sensex rallies 616 pts, broader mkt outperforms
Published on Dec 26, 2022 13:33
The headline equity indices traded in a narrow range with strong gains in afternoon trade. The Nifty hovered above the 17,950 mark. PSU bank, media and realty stocks were in demand while healthcare and pharma stocks declined.
At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 615.83 points or 1.03% to 60,461.12. The Nifty 50 index added 170 points or 0.95% to 17,976.80.
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%.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 1.96% while the S&P BSE Small-Cap index gained 2.67%.
Buyers outnumbered sellers. On the BSE, 2,822 shares rose, and 733 shares fell. A total of 152 shares were unchanged.
Gainers & Losers:
IndusInd Bank (up 3.37%), Hindalco Industries (up 3.29%), Bajaj Finserv (up 2.82%), State Bank of India (SBI) (up 2.63%) and UltraTech Cement (up 2.61%) were top Nifty gainers.
Divis Laboratories (down 1.48%), Cipla (down 1.36%), Dr. Reddy`s Laboratories (down 1.31%), Kotak Mahindra Bank (down 1.21%) and Nestle India (down 0.54%) were major Nifty losers.
Stocks in Spotlight:
Tata Motors rose 1.65%. The company announced that Delhi Transport Corporation (DTC) has signed a definitive agreement with its fully owned subsidiary, TML CV Mobility Solutions for operation of 1500 electric buses in the city of New Delhi.
New Delhi Television (NDTV) gained 1.66%. Radhika and Prannoy Roy will sell a 27.26% stake in NDTV to an entity owned by Adani, giving his conglomerate control over 64.71% stake of NDTV, regulatory filings by NDTV showed. Adani already held more than 37% in NDTV after an open offer and an earlier acquisition of a company owned by the founders.
Larsen & Toubro (L&T) added 1.72%. 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.
Adani Ports and Special Economic Zone shed 0.18%. The company announced that Adani Harbour Services (TAHSL), Wholly Owned Subsidiary (WOS) of the company has incorporated a WOS in the name of The Adani Harbour International DMCC on 22 December 2022.
Godrej Properties rose 1.90%. The real estate developer announced that it has acquired approximately 62 acres of land in Kurukshetra, Haryana. This project will offer approximately 1.4 million sq. ft. of plotted residential development, offering attractive plot sizes along with exceptional lifestyle amenities.
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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