Indices turn range bound; metal shares in demand

The domestic benchmarks continued to trade in a narrow range with decent gains in morning trade. The Nifty hovered above the 18,350 mark. Metal stocks witnessed buying demand for third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 196.99 points or 0.32% to 61,160.67. The Nifty 50 index added 77.70 points or 0.42% to 18,392.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 0.42%.

The market breadth was strong. On the BSE, 1,890 shares rose and 1,243 shares fell. A total of 124 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 922.89 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 604.57 crore in the Indian equity market on 22 May, provisional data showed.

Results Today:

JSW Energy (up 2.86%), Akzo Nobel India (up 0.36%), Amara Raja Batteries (up 0.35%), Ashok Leyland (down 0.23%), Bajaj Electricals (up 4.15%), Biocon (up 0.44%), CMS Info Systems (up 0.93%), Dishman Carbogen Amcis (up 2.08%), Dixon Technologies (India) (down 1.11%), Dreamfolks Services (up 0.11%), Fortis Healthcare (up 0.96%), Linde India (up 0.72%), Metro Brands (down 0.52%), NMDC (up 1.19%), Thyrocare Technologies (up 0.25%), and Unichem Laboratories (up 0.35%) will announced their quarterly earnings later in the day.

Buzzing Index:

The Nifty Metal index rose 2.46% to 5,940.25. The index gained 6.04% in three trading sessions.

Adani Enterprises (up 11.77%), Jindal Stainless (up 3.93%), APL Apollo Tubes (up 2.09%), Vedanta (up 1.18%), NMDC (up 0.71%), Hindalco Industries (up 0.59%), Tata Steel (up 0.29%), Welspun Corp (up 0.17%), JSW Steel (up 0.09%) and Steel Authority of India (up 0.06%) advanced.

On the other hand, National Aluminium Company (down 0.43%), Jindal Steel & Power (down 0.36%) and Ratnamani Metals & Tubes (down 0.24%) edged lower.

JSW Steel added 0.09%. JSW Steel and JFE Steel, Japan have in‐principle reached an agreement to establish a 50:50 Joint Venture Company (�JV�). The JV shall be able to manufacture the entire range of CRGO products at its proposed facilities at Vijayanagar, Karnataka.

Stocks in Spotlight:

Torrent Power rose 0.06% The company`s board of directors will meet on 29 May 2023, to consider raising funds by issuing non-convertible debentures (NCDs) up to Rs 3,000 crore through private placement. The board will also consider the audited standalone and consolidated financial results for the quarter and year ended 31 March 2023, and recommend a final dividend, if any.

Vedanta advanced 0.84% after the company said that its board of directors has approved first interim dividend of Rs 18.50 per equity share for the financial year 2023-24, amounting to Rs 6,877 crore.

ITI jumped 4.05%. ITI has bagged an Advance Purchase Order (APO) from BSNL worth Rs. 3889 crore for its 4G rollout. BSNL has issued an Advance Purchase Order (APO) for Reservation Quota (RQ) Order in the West Zone.

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