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Market at day`s high, Sensex rises 125 pts, metal stocks shine

Published on Apr 25, 2023 11:32

The key equity indices marched higher and hit the day`s high in mid-morning trade. The Nifty scaled above the 17,750 mark after hitting the day`s low of 17,716.85 in early trade. PSU bank, metal and oil & gas stocks advanced while consumer durables, pharma and healthcare shares declined.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 124.64 points or 0.21% to 60,180.74. The Nifty 50 index rose 39.45 points or 0.22% to 17,782.85.

In the broader market, the S&P BSE Mid-Cap index added 0.13% while the S&P BSE Small-Cap index gained 0.52%.

The market breadth was strong. On the BSE, 2,006 shares rose and 1,275 shares fell. A total of 132 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Mankind Pharma received bids for 4.91 lakh shares as against 2.80 crore shares on offer, according to stock exchange data at 11:24 IST on Tuesday (25 April 2023). The issue was subscribed 0.02 times.

The issue opened for bidding on Tuesday (25 April 2023) and it will close on Thursday (27 April 2023). The price band of the IPO is fixed at Rs 1,026 - Rs 1,080 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index rose 0.93% to 5,756.50. The index added 1.38% in two trading sessions.

Adani Enterprises (up 3.63%), Vedanta (up 1.31%), JSW Steel (up 0.92%), Hindustan Copper (up 0.86%), Tata Steel (up 0.56%), Steel Authority of India (up 0.43%), Hindalco Industries (up 0.35%), APL Apollo Tubes (up 0.27%), National Aluminium Company (up 0.24%) and Jindal Steel & Power (up 0.17%) edged higher.

On the other hand, Jindal Stainless (down 0.52%), Ratnamani Metals & Tubes (down 0.35%) and Hindustan Zinc (down 0.22%) declined.

Stocks in Spotlight:

Nestle India added 0.08%. The company reported 24.69% jump in net profit to Rs 736.64 crore on 21.3% rise in total sales to Rs 2,080 crore in Q1 CY23 over Q1 CY22.

Anupam Rasayan India rallied 4.16% after the company signed letter of intent (LoI) worth revenue of $46 million (Rs 380 crore) with American multinational company to supply new age specialty chemical advance intermediate for next 5 years. This product will be manufactured in the upcoming multipurpose manufacturing facilities, said the speciality chemical maker.

NELCO jumped 10.69% after the company reported a consolidated net profit of Rs 5.66 crore in Q4 FY23, which is higher by 87% as compared with Rs 3.03 crore in Q4 FY22. Revenue from operations during the quarter increased by 14% YoY to Rs 81.98 crore.

Global Markets:

Most of the Asian stocks traded lower on Tuesday, following a similar session on Wall Street as investors look ahead to Big Tech earnings later this week. Markets in Australia and New Zealand are closed for a holiday.

South Korea`s gross domestic product climbed 0.8% in the first quarter compared with a year ago, according to advance estimates from the country`s central bank. On a quarter-on-quarter basis, South Korea`s GDP expanded by 0.3%.

US stocks closed mixed on Monday as investors braced for mega tech earnings and economic data.

Investors` focus this week is on first quarter results from Amazon, Facebook owner Meta, Google-parent Alphabet and Microsoft. Economic data on housing, industrial output and first quarter GDP are also to be released this week.

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