Market trades sideway; Nifty tad below 15,900

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.

Buzzing Index:

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.

Global Markets:

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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