Indices trade near flat line, breadth strong

The headline equity indices are trading near the flat line with small gains in the early trade. The Nifty traded a tad above the 17,500 level. Metal, media and auto stocks were in demand while IT, private bank and reatly shares were under pressure.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 53.1 points or 0.09% to 58,826.97. The Nifty 50 index gained 14.10 points or 0.08% to 17,504.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.59% while the S&P BSE Small-Cap index gained 0.53%.

The market breadth was strong. On the BSE, 1,855 shares rose and 817 shares fell. A total of 110 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 453.77 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 85.06 crore in the Indian equity market on 22 August, provisional data showed.

Stocks in Spotlight:

NTPC rose 0.57%. The consequent upon successful commissioning, first part capacity of 10 MW out of 20 MW Gandhar Solar PV Project at Gandhar, Gujarat, is declared on Commercial Operation on 23 August 2022. With this, standalone installed and commercial capacity of NTPC will become 55099 MW, while group installed and commercial capacity of NTPC will become 69464 MW.

Bank of Baroda added 0.30%. The bank said that the capital raising committee of the bank has approved issuance of basel-III compliant additional tier-1 (AT-1) bonds for aggregate total issue size of Rs 2,500 crore in single or multiple tranches.

RBL Bank gained 1.78%. RBL Bank has sold 3,00,000 equity shares representing 0.87% of the paid-up share capital of Kilburn Engineering. Post the said sale, the Bank holds 1.02% of the paid-up share capital of Kilburn.

IIFL Finance rose 1.55%. The board of directors of the company has considered and approved the allotment of 5,376,457 fully paid-up equity shares of the Subsidiary Company IIFL Home Finance to the subsidiary of Abu Dhabi Investment Authority for an aggregate consideration of Rs 2200 crore.

TVS Electronics rallied 7.15%. The company has executed Business Transfer Agreement with M/s GTID Solutions Development Private Limited to enter into mobile POS software solutions and authentication solutions space, offering hardware along with required applications, digital payment solutions, cloud computing software solutions etc. to segments like Retail, Banks and Government.

Lemon Tree Hotels gained 1.19%.The company has signed a License Agreement for a 65 room hotel at Hubli, Karnataka under the company`s brand `Lemon Tree Hotel`. The hotel is expected to be operational by May, 2023.

Global Markets:

Most Asian stocks are trading lower on Tuesday after major indexes on Wall Street finished their worst day since June amid mounting rate hike concerns.

Japan`s manufacturing activity growth slowed to a 19-month low, as new orders continue to decline. The au Jibun Bank Flash Manufacturing Purchasing Managers` Index (PMI) fell to a seasonally adjusted 51.0 in August, down from July`s final of 52.1.

US stocks fell sharply Monday, in its worst day since June, as the summer rally fizzled out and fears of aggressive interest rate hikes returned to Wall Street.

Investors are anticipating what could be a volatile week of trading ahead of Federal Reserve Chairman Jerome Powell`s latest comments on inflation at the central bank`s annual Jackson Hole economic symposium.

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