Market opens on firm note; strong market breadth

The key equity barometers are trading with modest gains in early trade, tracking positive Asian stocks. The Nifty traded above the 15,400 level. All the sectoral indices were in the green with media, metal and consumer durables stocks gaining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 268.19 points or 0.52% to 51,866.03. The Nifty 50 index gained 92.70 points or 0.60% to 15,442.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.94% while the S&P BSE Small-Cap index gained 1.09%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,880 shares rose and 648 shares fell. A total of 91 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,217.12 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,093.39 crore in the Indian equity market on 20 June, provisional data showed.

Stocks in Spotlight:

Bharat Forge rose 1.11% after the company has approved the transfer of its stake in Refu Drive GmbH (Refu), joint venture (JV) company to Kalyani Powertrain in order to house all the electric vehicle investments of the company under one entity.

Adani Power shed 2.45%. The Adani Group company completed the acquisition of 100% equity shares in Support Properties Private Limited (SPPL) and Eternus Real Estate Private Limited (EREPL) from their respective shareholders.

Fineotex Chemical rose 1.63% after a meeting of the board of directors of the company is scheduled on 24 June 2022 to consider and approve raising funds by issue of equity shares and/or other equity linked securities.

Suven Life Sciences rallied 4.78%. A meeting of the board of directors of the company is scheduled to be held on 24 June 2022, to consider matters related to raising of funds through issue of equity shares of the company on rights basis to the existing equity shareholders of the company.

Global Markets:

Asian stocks advanced across the board on Tuesday following a positive lead from Europe as some stability returned to markets after last week`s hefty losses.

Meanwhile, Australia`s central bank says inflation will peak by the end of the year. The Reserve Bank of Australia governor Philip Lowe said in a speech that he expected inflation in Australia to peak at around 7% by the end of the year as pandemic-related supply chain disruptions resolve.

South Korea`s central bank on Tuesday said it expects inflation will be higher than earlier projected and that it would closely assess debt repayment burdens to determine whether a half-percentage point interest rate hike in July was appropriate.

Markets in the U.S. were closed on Monday for a holiday.

Investors will monitor incoming data, including existing home sales on Tuesday, to gauge the health of the economy. Fed Chair Jerome Powell will testify before Congress Wednesday and Thursday. His appearance comes after a recent rate hike by three-quarters of a percentage point, the central bank`s biggest increase since 1994.

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