Indices mildly higher in early trade; breadth strong
Published on Mar 31, 2022 09:27
Equity indices traded with small gains in early trade. FMCG and media stocks gained while PSU bank and realty shares declined.
At 9:30 IST, the barometer index, the S&P BSE Sensex rose 14.78 points or 0.03% at 58,698.13. The Nifty 50 index was up 10.65 points or 0.06% at 17,508.65.
The S&P BSE Mid-Cap index added 0.18% while the S&P BSE Small-Cap index rose 0.45%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 1,701 rose and 792 shares fell. A total of 102 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,357.47 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,216 crore in the Indian equity market on 30 March, provisional data showed.
Stocks in Spotlight:
Godrej Properties rose 0.62%. The real estate developer has acquired a 9 acres land parcel in the residential micro-market of Pimpri-Chinchwad in Pune. The development will primarily be for a group housing project. Based on the current business assumptions, the project will have a developable potential of approximately 1.7 million square feet of saleable area with an estimated revenue potential of approximately Rs 1,400 crore.
ONGC rose 0.12%. The Government of India has decided to exercise the oversubscription option to the extent of additional 9.4 crore equity shares, in addition to 9.4 crore equity shares of the company. Accordingly, the total offer size for sale will be up to 18.8 crore shares or 1.5% of total paid up equity.
Asian stocks are trading mixed on Thursday as oil prices fell sharply.
China`s factory activity likely shrank in March, as the country imposed more mass testing and activity controls amid its worst resurgence of COVID-19 cases since early 2020. The country`s official manufacturing Purchasing Managers` Index for March came in at 49.5, lower than February`s reading of 50.2.
Oil futures dived more than $5 a barrel on Thursday after reports indicated that the Biden administration is weighing releasing some 1 million barrels of oil per day from strategic reserves for several months in a bid to calm soaring crude prices.
U.S. stocks fell on Wednesday on waning signs of progress for peace talks between Ukraine and Russia against a backdrop of a hawkish Federal Reserve curbing economic growth.
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