Indices at day`s high; breadth remains negative

Key indices pared all losses and rebounded from the day`s low in afternoon trade. The Nifty traded above the crucial 17,200 mark after hitting a day`s low of 17,006.30 in mid morning trade. IT, oil & gas and metal stocks advanced while realty and FMCG shares declined.

At 13:30 IST, the S&P BSE Sensex surged 392.86 points or 0.69% at 57,685.48. The Nifty 50 index rallied 112.15 points or 0.66% at 17,229.50.

In broader market, the S&P BSE Mid-Cap index shed 0.38% while the S&P BSE Small-Cap index rose 0.01%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,472 rose and 1,818 shares fell. A total of 135 shares were unchanged.

Nifty Gainers & Losers:

ONGC (up 2.93%), RIL (up 2.09%), Tech Mahindra (up 1.95%), Indian Oil Corporation (up 1.65%) and TCS (up 1.53%) were top gainers in Nifty 50 index.

Nestle India (down 3.13%), HUL (down 3%), Britannia Industries (down 2.4%), Cipla (down 2.18%) and Tata Consumer Products (down 1.18%) were top losers in Nifty 50 index.

Stocks in Spotlight:

Tata Motors fell 0.35%. The automobile manufacturer on Tuesday announced a price hike of its commercial vehicle (CV) range. An increase in price in the range of 2-2.5%, will come into effect from 1st April 2022 across the range, depending upon individual model and variant, the auto maker said. The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike of commercial vehicles.

Larsen & Toubro fell 0.36%. The EPC company after market hours on Monday announced that the company`s board will meet on 24 March 2022 to seek approval for raising funds through issue of debt securities as part of company`s refinancing program.

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