Equity barometers hit fresh intraday high; auto stocks snap 3-day falling streak
Published on Mar 29, 2023 10:26
The domestic equity barometers extended gains and hit fresh intraday highs in morning trade. The Nifty marched towards the 17,050 mark. Auto shares witnessed bargain buying after declining in the past three sessions.
At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 276.9 points or 0.48% to 57,890.62. The Nifty 50 index advanced 87.05 points or 0.51% to 17,038.75.
In the broader market, the S&P BSE Mid-Cap index rose 0.82% while the S&P BSE Small-Cap index gained 0.94%.
The market breadth was strong. On the BSE, 2096 shares rose and 1012 shares fell. A total of 104 shares were unchanged.
Trading could be volatile today as traders roll over positions in the F&O segment from the near month March series to April series. The March 2023 F&O contracts will expire today, 29 March 2023.
The domestic stock market will remain shut on Thursday, 30 March 2023 on account of Ram Navami.
The Nifty Auto index rose 1.02% to 12,039.15. The index had declined 2.36% in the past three sessions.
Sona BLW Precision Forgings (up 2.66%), Eicher Motors (up 1.86%), Mahindra & Mahindra (up 1.64%), Hero MotoCorp (up 1.64%) and TVS Motor Company (up 1.49%) were the top gainers.
Among the other gainers were Tata Motors (up 1.23%), Samvardhana Motherson International (up 1.11%), Bajaj Auto (up 0.99%), Tube Investments of India (up 0.5%) and Ashok Leyland (up 0.45%).
On the other hand, Balkrishna Industries (down 0.67%), MRF (down 0.23%), turned lower.
Stocks in Spotlight:
Jindal Stainless (JSL) rose 2.25%. JSL entered into a collaboration agreement with New Yaking Pte. Ltd. for the investment in, development, construction and operation of a Nickel Pig Iron (NPI) smelter facility located in an industrial park in Halmahera Islands, Indonesia. JSL will acquire a 49% equity interest for a consideration of around $157 million.
SML Isuzu advanced 2.92%. The company has decided to increase the prices of its vehicles (both trucks & buses) with effect from 1st April 2023.
G R Infraprojects gained 2.77%. The company has received letter of acceptance (LoA) for a project `construction of tunnel work & allied works of Khurda - Bolangir new rail line project in east coast railway`. The estimated project is worth Rs 587.59 crore.
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