Benchmarks hit fresh intraday high; breadth strong

The domestic equity benchmarks were currently at the day`s high in afternoon trade. The Nifty marched towards 17,600 mark. Buying was wide spread with banks, financials and autos gaining the most.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 805.52 points or 1.38% to 59,059.34. The Nifty 50 index added 227.75 points or 1.31% to 17,581.80.

In the broader market, the S&P BSE Mid-Cap index rose 1.03% while the S&P BSE Small-Cap index gained 1.30%.

The market breadth was strong. On the BSE, 2717 shares rose and 791 shares fell. A total of 129 shares were unchanged.

Gainers & Losers:

Eicher Motors (up 5.06%), Coal India (up 4.52%), Bajaj Finserv (up 3.29%), Bajaj Finance (up 3.24%) and Tata Motors (up 2.86%) were the gainers in the Nifty 50 index.

Cipla (down 1.50%), Dr Reddy`s Lab (down 0.55%), Divi`s Lab (down 0.52%), Mahindra & Mahindra (down 0.36%) and Titan Company (down 0.26%) were the losers in the Nifty 50 index.

Stocks in Spotlight:

Goodluck India rose 0.75% to Rs 362.50. The company registered sales volume of 72,273 metric tonnes in Q3 FY22, up 9.81% QoQ and 16.90% YoY. Better availability of raw material coupled with strong growth in exports sales led to higher overall sales volume, the company said.

Atul Auto gained 0.13% to Rs 191.20. The company recorded a 2.6% decline in total sales to 1,683 units in the month of December 2021 as against 1,728 units in December 2020. Sequentially, Atul Auto registered a 25.22% jump in total sales from 1,344 units sold in November 2021.

Economy:

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers` Index (PMI) stood at 55.5 in December, pointing to a robust improvement in overall operating conditions that was elevated by historical standards. This was despite the headline figure slipping from November`s ten-month high of 57.6. Moreover, the latest quarterly reading was at 56.3, its highest since the final quarter of fiscal year 2020/21.

COVID-19 Update:

India added 33,750 new cases in the last 24 hours taking active caseload to 1,45,582 patients. Total deaths due to COVID-19 stood at 481,893. Meanwhile, the country reported 1,700 new omicron cases.

West Bengal imposed a series of new COVID-19 related restrictions from 3 January under which all schools and colleges will remain shut. Restrictive measures have also been imposed on shopping malls, market complexes, restaurants, and bars, wherein only 50% of their total capacity is allowed.

Since it was first detected in South Africa last month, the omicron variant has spread across the globe and is now present in 106 countries.

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