Market trades sideway; Nifty tad below 15,900
Published on May 16, 2022 11:21
Equity indices continued to trade sideways with moderate gains in the mid-morning trade. The Nifty traded tad below 15,900. Auto, banking and financial stocks saw buying demand while media and IT shares declined.
At 11:23 IST, the barometer index, S&P BSE Sensex was up 369.20 points or 0.70% to 53,162.82. The Nifty 50 index rose 114.25 points or 0.72% to 15,896.40.
In the broader market, the S&P BSE Mid-Cap index gained 1.24% while the S&P BSE Small-Cap index added 0.95%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,241 shares rose while 949 shares fell. A total of 159 shares were unchanged.
The Nifty PSU Bank index rose 2.82% to 2,472.25, extending its gaining streak to second day. The index had advanced 2.86% in two consecutive trading sessions.
Among the components of the Nifty PSU Bank index, Bank of Baroda (up 4.47%), Indian Bank (up 4.23%), State Bank of India (up 3.31%), Indian Overseas Bank (up 2.81%) and Punjab & Sind Bank (up 2.74%) were the top gainers.
Stocks in Spotlight:
One 97 Communications (PayTM) rose 3.52% to Rs 562.45 after the company said it started FY 2023 on a strong note with its lending business growing at a rapid pace. Paytm said its lending business saw a total disbursal of 2.6 million loans in April 2022, a y-o-y growth of 449%. This aggregates to a total loan value of Rs 1,657 crore during the quarter, y-o-y growth of 749%.
Avenue Supermarts (DMart) rallied 6.65% to Rs 3450 after the company posted a 3.13% increase in consolidated net profit to Rs 426.83 crore on 18.55% jump in revenue from operations to Rs 8,786.45 crore in Q4 FY22 over Q4 FY21. On a consolidated basis, profit before tax stood at Rs 608.89 crore in the fourth quarter, up by 12.02% from Rs 543.56 crore during the period under review.
Alkem Laboratories rose 0.42% to Rs 2,915.05. The drug maker`s Bioequivalence center at Taloja successfully completed UK drug regulator`s inspection. The UK Medicines and Healthcare products Regulatory Agency (UK MHRA) conducted an online inspection at Alkem Laboratories` Bioequivalence Center located at Taloja, Maharashtra from 31st January 2022 to 4th February 2022 and 8th February 2022 to 10th February 2022.
Asian shares trading were mixed on Monday as investors watched for Chinese economic data. China will report data on April`s industrial production, retail sales, fixed asset investment and unemployment on Monday.
Markets in Singapore, Malaysia, Indonesia and Thailand are closed for a holiday on Monday.
US stock market witnessed a relief rally on Friday. The Dow rose 466.36 points, or 1.47%, while the S&P 500 climbed 2.39%. The Nasdaq Composite jumped 3.82% and posted its strongest one-day gain since November 2020. Still, all three averages posted losing weeks.
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