Benchmarks trade sideways with strong gains

Benchmark indices traded range bound with strong gains in mid morning trade, tracking positive Asian stocks. The Nifty hovered below 17,350 level. All the sectoral indices on the NSE traded in green.

At 11:26 IST, the barometer index, the S&P BSE Sensex, jumped 745.57 points or 1.3% at 57,945.27. The Nifty 50 index advanced 223.55 points or 1.31% at 17,325.90.

In the broader market, the S&P BSE Mid-Cap index rose 1.37% while the S&P BSE Small-Cap index gained 0.84%.

The market breadth was positive. On the BSE, 1,913 shares rose and 1,429 shares fell. A total of 160 shares were unchanged.

Economy:

The Budget Session of Parliament begins today (31 January 2022). Economic Survey 2021-22 will also be tabled today. Finance Minister, Nirmala Sitharaman, will present the Union Budget for the year 2022-2023 tomorrow (1 February 2022) in the Lok Sabha and its copy will be laid on the Table of the Rajya Sabha soon thereafter. This year it will be a paperless budget and the Session will be held amidst Covid protocol.

With a view to ensure Covid safety protocol, both the Houses of Parliament will function in shifts from Wednesday (2 February 2022). The Rajya Sabha proceedings will be held from 10 AM to 3 PM and Lok Sabha from 4 PM to 9 PM. The first part of the Budget Session will continue till 11th of February and it will have 10 sittings. This time in the Rajya Sabha, the Zero Hour, which usually runs for one hour, has been reduced to 30 minutes. After a month-long recess, the second part of the session will begin from 14th of March and conclude on 8th of April this year in which there will be 19 sittings.

Primary Market:

The initial public offer (IPO) of Adani Wilmar received bids for over 19.98 crore shares as against 12.25 crore shares on offer, according to stock exchange data at 11:03 IST on Monday, (31 January 2022). The issue was subscribed 1.63 times.

The issue opened for bidding on 27 January 2022 and it will close today, 31 January 2022. The price band of the IPO is fixed at Rs 218-230. An investor can bid for a minimum of 65 equity shares and in multiples thereof. The IPO comprises a fresh issue of upto Rs 3,600 crore (including an anchor portion of 4,08,65,217 equity shares).

Buzzing Index:

The Nifty Pharma index added 1.88% to 13,226.65, rising for second trading session. The pharmaceutical index added nearly 3% in two days.

Biocon (up 3.35%), Dr. Reddy`s Laboratories (up 3.29%), Cadila Healthcare (up 3.26%), Aurobindo Pharma (up 2.68%), Divi`s Laboratories (up 2.49%), Laurus Labs (up 2.11%) and IPCA Laboratories (up 1.99%) were top gainers in pharmaceutical space.

Global Markets:

Asian stocks advanced on Monday with markets in mainland China and South Korea closed for the Lunar New Year eve. Regionally, markets in Hong Kong and Singapore are also set to close early on Monday ahead of the Lunar New Year holidays.

Official data released Sunday showed Chinese factory activity growth slowing in January. The country`s official manufacturing Purchasing Managers` Index for January was at 50.1, just above the 50 level that separates growth from contraction. January`s reading compared against December`s figure of 50.3.

Meanwhile, a private survey released over the weekend showed Chinese manufacturing activity contracting in January. The Caixin/Markit manufacturing PMI came in at 49.1 for the month.

U.S. stocks rallied on Friday, notching its best day so far in 2022 after another zigzag session, bolstered by a marked rebound in tech shares. Shares of Apple jumped after a stellar quarterly result. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic.

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