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Indices trade with strong gains; market breadth strong

Published on Feb 16, 2023 09:26

The key equity barometers edged higher in early trade, supported by buying in banks, IT and oil & gas stocks. The Nifty climbed above the 18,100 mark.

At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 374.28 points or 0.61% to 61,649.37. The Nifty 50 index added 105 points or 0.58% to 18,120.85.

Apollo Hospitals (up 2.83%), Tech Mahindra (up 2.72%), Adani Ports (up 2.35%), Adani Enterprises (up 2.18%) and ONGC (up 2.07%) were the top Nifty gainers.

SBI Life (down 0.32%), Grasim (down 0.26%), HDFC Life (down 0.24%), Ultratech Cement (down 0.18%) and Hero MotoCorp (down 0.17%) were the top Nifty laggards.

In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index added 0.59%

The market breadth was strong. On the BSE, 1,808 shares rose and 728 shares fell. A total of 112 shares were unchanged.

Stocks in Spotlight:

InterGlobe Aviation (IndiGo) tumbled 4.39%. Shobha Gangwal, the wife of IndiGo co-promoter Rakesh Gangwal, will reportedly sell her 4% stake in the aviation company via a block deal today.

Garden Reach Shipbuilders & Engineers rose 0.67%. The company has participated in the Aero India 2023 and entered into nine numbers non-binding MoUs which are confidential in nature.

Mishra Dhatu Nigam (MIDHANI) gained 1.71%. MIDHANI has signed eleven MoUs with various organization. These MoUs are in the area of developing and manufacturing Aerospace and Naval materials, R&D, Exports, Health Care and Training etc.

RateGain Travel Technologies (RateGain) rose 1.52%. The company announced that Air Cairo, Egypt`s second-largest carrier has selected AirGain to gather essential pricing insights and competitive intelligence data to speed up growth in a constantly evolving market.

Numbers to track:

The yield on India`s 10-year benchmark federal paper fell 0.16% to 7.335 from 7.347 previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.6500, compared with its close of 82.8300 during the previous trading session

MCX Gold futures for 5 April 2023 settlement fell 1.02% to Rs 56,170.

The United States 10-year bond yield declined 0.71% to 3.780.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.28% to 103.63.

In the commodities market, Brent crude for April 2023 settlement added 44 cents or 0.52% to $85.82 a barrel.

Global markets:

Asian stocks are trading higher on Thursday as investors digested Japan`s record trade deficit of $26 billion. Investors also digested a stronger than expected US retail sales report from Wall Street.

US stocks ended higher on Wednesday after stronger-than-expected retail sales data offered evidence of resilience in the U.S. economy, but gains were capped as investors worried about more interest rate hikes by Federal Reserve in the months ahead.

US retail sales increased by the most in nearly two years in January after two straight monthly declines. The Commerce Department said on Wednesday that retail sales surged 3% percent last month, the largest increase since March 2021, after declining by an unrevised 1.1% in December.

Production at US factories rebounded in January. Manufacturing output increased 1% last month, the Federal Reserve said on Wednesday. Data for December was revised down to show production at factories declining 1.8% instead of the previously reported 1.3%.

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