Market trades with modest gains; breadth strong

The benchmark indices traded in a range during afternoon trade. All the sectoral indices on the NSE were in the green. At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 256.58 points or 0.45% at 57,557.26. The Nifty 50 index gained 73.40 points or 0.43% at 17,165.60.

Kotak Mahindra Bank (up 3.68%), Reliance Industries (RIL) (up 0.46%) and Infosys (up 0.52%) boosted the indices.

Broader market was trading with decent gains. The S&P BSE Mid-Cap index rose 1.13%. The S&P BSE Small-Cap index gained 1.43%.

Buyers outnumbered the sellers. On the BSE, 2,416 shares rose and 869 shares fell. A total of 101 shares were unchanged.

Australia announced sanctions on eight of President Vladimir Putin`s top security advisors on Wednesday following Russia`s `unwarranted, unprovoked, unacceptable` invasion of Ukraine. Meanwhile, Japan also issued sanctions on Russia, terming its move unacceptable violation of Ukraine`s sovereignty. Japan`s sanctions include prohibiting the issuance of Russian bonds in Japan and freezing the assets of certain Russian individuals as well as restricting travel to Japan, Kishida said.

Gainers & Losers:

Kotak Mahindra Bank (up 3.29%), Titan Company (up 2.66%), Tata Consumer Products (up 1.82%), IndusInd Bank (up 1.81%) and Asian Paints (up 1.56%) were major gainers in Nifty 50 index.

Oil & Natural Gas Corporation (ONGC) (down 1.91%), Hero MotoCorp (down 1.19%), Larsen & Toubro (L&T) (down 0.71%), NTPC (down 0.64%) and ICICI Bank (down 0.55%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Tata Power Co. rose 0.31%. Prayagraj Power Generation Company (PPGCL) signed a MoU with ZaaK Technologies GmbH to jointly establish India`s first Lypors pilot manufacturing plant at PPGCL. PPGCL is a wholly-owned subsidiary of Renascent Power Ventures incorporated in India which is in turn a wholly-owned subsidiary of Resurgent Power Ventures Pte., a joint venture between Tata Power International Pte. (TPIPL), a wholly owned subsidiary of The Tata Power Company), ICICI Bank and other global investors.

Wipro gained 0.62%. The IT firm intimated that it has formed a joint go-to market partnership with vFunction, a Palo Alto-based startup that has developed a scalable, AI-based technology platform for modernizing Java applications and accelerating migration to the cloud. The partnership will strengthen Wipro FullStride Cloud Services` position as a provider of digital transformation solutions and help advance Wipro`s commitment to accelerating cloud innovation for clients.

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