Indices at day`s low; Adani Power up 5%

Benchmark indices hit the day`s low in afternoon trade. The Nifty hovered at the 17,250 level. Pharma, media and metal stocks were in demand while auto and financial shares witnessed selling.

At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 225.36 points or 0.39% to 57,763.38. The Nifty 50 index fell 57.5 points or 0.33% to 17,258.

In the broader market, the S&P BSE Mid-Cap index rose 0.4% while the S&P BSE Small-Cap index gained 0.21%.

The market breadth turned negative. On the BSE, 1576 shares rose and 1737 shares fell. A total of 143 shares were unchanged.

Nifty Gainers & Losers:

Dr. Reddy`s Laboratories (up 3.39%), Divi`s laboratories (up 2.51%), Hindalco Industries (up 1.86%), JSW Steel (up 1.16%) and ITC (up 1%) were top gainers in Nifty 50 index.

Bharti Airtel (down 1.92%), Hero MotoCorp (down 1.77%), Britannia Inds (down 1.44%), Coal India (down 1.39%) and Kotak Mahindra Bank (down 1.36%) were top losers in Nifty 50 index.

Stocks in Spotlight:

Adani Power jumped 5.41% after the company said its board approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself. The board of Adani Power at its meeting held on 22 March 2022 approved the scheme of amalgamation of various wholly-owned subsidiaries of the company, viz. (i) Adani Power Maharashtra; (ii) Adani Power Rajasthan; (iii) Adani Power (Mundra); (iv) Udupi Power Corporation; (v) Raipur Energen; and (vi) Raigarh Energy Generation with Adani Power.

Bajaj Electricals gained 2% after the company said it renewed trademark license agreement with Morphy Richards for fifteen years with effect from 1 July 2022. The extension of the exclusive license will enable Bajaj Electricals to continue using the trademark Morphy Richards for producing, marketing and selling the home appliances in India and neighbouring territories (Nepal, Bhutan, Bangladesh, Maldives and Sri Lanka).

Bhansali Engineering Polymers (BEPL) advanced 5.23% on BSE after the company received approval from the Madhya Pradesh Pollution Control Board for expansion for expansion of high rubber graft from 15,000 TPA to 50,000 TPA.

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