Benchmarks trade sideways; breadth positive

The key equity barometers traded sideways in afternoon trade. The Nifty was trading above the 17,150 mark. Banks, metals and realty stocks advanced while IT and healthcare shares declined.

At 13:20 IST, the barometer index, the S&P BSE Sensex, declined 57.86 points or 0.10% to 57,433.65. The Nifty 50 index added 4.45 points or 0.03% to 17,153.55.

Weak Asian stocks, worries of US Fed interest hike, geo-political tensions of Russia invading Ukraine and firm crude oil prices continue to impact investors sentiment.

In the broader market, the S&P BSE Mid-Cap index rose 0.50% while the S&P BSE Small-Cap index gained 0.28%.

The market breadth was positive. On the BSE, 1,688 shares rose and 1,584 shares fell. A total of 102 shares were unchanged.

COVID-19 Update:

India on Tuesday reported 2,55,874 COVID-19 cases in the last 24 hours down from 3,06,064 infections a day before, according to the Union Ministry of Health and Family Welfare data. The health ministry`s data also showed as many as 614 fatalities pushed India`s death toll to 4,90,462.

Gainers & Losers:

Axis Bank (up 6.32%), SBI (up 3.67%), Bharti Airtel (up 3.22%), IndusInd Bank (up 2.91%) and UPL (up 2.80%) were the top index gainers.

Asian Paints (down 2.03%), Titan Company (down 1.42%), Tech Mahindra (down 1.37%), Reliance Industries (down 1.35%) and HDFC (down 1.33%) were the top index losers.

Stocks in Spotlight:

Bharat Petroleum Corporation (BPCL) rose 1.49% to Rs 378.55. BPCL has emerged as the successful bidder in 6 Geographical Areas (GA) in 19 districts, for setting up City Gas Distribution (CGD) networks, post evaluation of technical and financial bids, in the recently concluded 11th bidding round of PNGRB.

Apollo Tricoat Tubes declined 2.87% to Rs 797.75 after the company`s standalone net profit dropped 26.8% to Rs 27.73 crore despite a 43% jump in net sales to Rs 719.91 crore in Q3 FY22 over Q3 FY21.

Shriram Transport Finance Company slipped 1.28% to Rs 1139.80 after the company`s standalone net profit declined 6.47% to Rs 680.62 crore in Q3 FY22 over Q3 FY21. Total income increased by 8.76% YoY to Rs 4,832.33 crore during the quarter.

Chennai Petroleum Corporation rose 2.16% to Rs 106.35 after the company reported a standalone net profit of Rs 228.83 crore in Q3 FY22 as against a net loss of Rs 556.44 crore posted in Q3 FY21. Net revenue from operations during the quarter rose by 69% YoY to Rs 9,939.29 crore.

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