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Indices open on firm note, breadth strong

Published on Jun 23, 2022 09:33

The headline equity indices are trading with modest gains in early trade on buying demand in index pivotals. The Nifty traded above the 15,500 level. Barring oil & gas scrips all the sectoral indices on the NSE were in the green. Asian markets are trading mixed.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 284.7 points or 0.55% to 52,107.23. The Nifty 50 index gained 97.25 points or 0.63% to 15,510.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.65% while the S&P BSE Small-Cap index gained 0.73%.

The market breadth was strong. On the BSE, 1,763 shares rose and 615 shares fell. A total of 87 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,920.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,859.07 crore in the Indian equity market on 22 June, provisional data showed.

Stocks in Spotlight:

Bajaj Auto gained 2.76% after a meeting of the board of directors of the company is scheduled to be held on Monday, 27 June 2022, to further deliberate on the proposal for buyback of fully paid-up equity shares of the company.

Vodafone Idea rose 1.64% after the board of directors of Vodafone Idea approved raising of funds aggregating upto Rs 436.21 crore to Euro Pacific Securities (a Vodafone Group entity and promoter of the company), on a preferential basis.

Separately, the board of directors of the company has approved the exercise of the option of deferment of the AGR related dues by a period of four years with immediate effect.

IRB Infrastructure Developers rallied 6.35% after the company has received Rs. 308 crore towards part payment i.e., 75% of the total Arbitration Award from the National Highway Authority of India (NHAI).

GPT Infraprojects surged 15.49% after the company has bagged an order valued at Rs 292 crore. This contract is in joint venture.

Global Markets:

Asian stocks are trading mixed on Thursday as investors continued to monitor recession concerns.

Chinese President Xi Jinping chaired a top-level meeting on Wednesday that approved a plan for the healthy development of China`s large payment firms and fintech sector.

US stocks fell slightly Wednesday in choppy trading as markets struggled to sustain a rebound from earlier in the day. Traders also weighed comments from Federal Reserve Chair Jerome Powell, who reiterated the central bank`s stance to fight inflation.

The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said on Wednesday. Powell said at a hearing before the U.S. Senate Banking Committee that a recession was "certainly a possibility" and events in the last few months around the world had made it more difficult to reduce inflation without causing one.

On Wednesday, Powell reiterated that ongoing increases in the Fed`s policy rate would be appropriate, with the exact pace dependent on the economic outlook.

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