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Indices trade with modest gains; strong market breadth

Published on Aug 17, 2022 09:23

The key equity indices traded with modest gains in early trade amid some decent buying in index pivotals. The Nifty traded above the 17,850 mark. Consumer durables, auto and FMCG shares edged higher while IT shares witnessed some selling.

At 09:22 IST, the barometer index, the S&P BSE Sensex, was up 111.09 points or 0.19% to 59,953.30. The Nifty 50 index added 31.60 points or 0.18% to 17,856.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.38% while the S&P BSE Small-Cap index gained 0.49%.

The market breadth was strong. On the BSE, 1,818 shares rose and 661 shares fell. A total of 99 shares were unchanged.

Stocks in Spotlight:

RateGain Travel Technologies (RateGain) advanced 2.27%. The company said that Air India, the flagship carrier of India owned by India`s largest conglomerate the Tata Group has selected RateGain`s - AirGain product to dynamically adjust prices with real-time, accurate, and high-quality airfare data to compete globally with leading airlines.

Sona BLW Precision Forgings (Sona Comstar) shed 0.25%. The company has partnered with Drive TLV (DRIVE), an Israel-based innovation hub focused on smart mobility solutions. The partnership with DRIVE will give Sona Comstar access to Israel`s hi-tech mobility start-up ecosystem.

Bharat Gears zoomed 16.87%. The meeting of the board of directors of the company is scheduled on 19 August 2022, to consider and approve issue of bonus shares of the company by way of capitalization of reserves.

Techno Electric & Engineering Company jumped 10.27%. The company has recently secured new orders for FGD totalling to Rs 1,455 crores.

Global Markets:

Asian stocks are trading higher on Wednesday as strong overnight earnings for U.S. retail giants pointed to further scope for the Federal Reserve to tackle inflation with rate hikes.

Japan`s exports rose for the 17th month in a row in July, driven by strong demand for autos and mineral fuels, Ministry of Finance data showed Wednesday. Exports rose 19% in July from a year earlier. Exports rose 19.4% in June.

In US, the Dow and S&P 500 rose on Tuesday as stronger-than-expected results and outlooks from Walmart and Home Depot bolstered views on the health of consumers, while technology shares declined and weighed on the Nasdaq.

Production at US factories increased more than expected in July as output rose at motor vehicle plants and elsewhere. Manufacturing output rebounded 0.7% last month after declining 0.4% in June, the Federal Reserve said on Tuesday. Output increased 3.2% compared to July 2021.

U.S. President Joe Biden signed the Inflation Reduction Act, a tax, health and climate bill and a significantly reduced version of the $1.75 trillion Build Back Better plan he was pushing for last year.

New Zealand raised its cash rate by another 50 basis points to 3%, the latest in a series of interest rate hikes in an effort to curb inflation.

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