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Market turns range bound; Nifty above 17,300

Published on Oct 14, 2022 11:33

The headline equity benchmarks continued to trade with major gains in a narrow range in the morning trade. The Nifty scaled above the 17,300 level. Strong global cues boosted the investor sentiments. All the sectoral indices on the NSE traded in the green with IT, bank and financial services stocks gaining the most.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 1058.65 points or 1.85% to 58,293.98. The Nifty 50 index added 294.10 points or 1.73% to 17,308.45.

The broader market relatively underperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.77% while the S&P BSE Small-Cap index increased 0.88%.

Buyers outnumbered sellers. On the BSE, 2,379 shares rose and 871 shares fell. A total of 141 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index advanced 2.08% to 17,750.50. The index lost 1.22% in the past trading session.

Among the components of the Nifty Financial Services index, HDFC Bank (up 2.73%), Housing Development Finance Corporation (up 2.37%), Kotak Mahindra Bank (up 1.98%), ICICI Bank (up 1.91%), Bajaj Finance (up 1.85%), State Bank of India (up 1.41%), Shriram Transport Finance Company (up 1.35%), HDFC Life Insurance Company (up 1.11%), Power Finance Corporation (up 1.08%) and SBI Life Insurance Company (up 0.97%) were the gainers.

On the other hand, SBI Cards & Payment Services (down 0.59%) declined.

Stocks in Spotlight:

PSP Projects rose 1.02% after the firm said that it has emerged as lowest (L1) bidder for a government project for development of world class sustainable tourist/pilgrimage destination in Gujarat with bid value worth Rs 345.30 crore.

Power Mech Projects (PMPL) added 3.12% after the company announced the receipt of a letter of award (LOA) worth Rs 499.41 crore from Sangalore Metro Rail Corporation (SMRCL). The contract is for the construction of depot cum workshop at Challaghatta in reach-2 Extension of Sangalore Metro Rail Project, Phase-2.

Chemcon Speciality Chemicals advanced 2.40% after the company said it purchased three different land parcels worth Rs 22.30 crore in different parts of Vadodra, Gujarat for business purposes. The company purchased a non-agricultural land admeasuring 5868 sq. mtrs along with construction thereon situated at Mouje, Vadodara for Rs 6 crore.

Global Markets:

The US Dow Jones index futures were 220 points, indicating a positive opening in the US stocks today.

Shares in Asia rallied across the board on Friday, tracking cues from US stocks overnight.

Singapore`s gross domestic product in the July-to-September quarter came in at 4.4%, much higher than expected.

Separately, the country`s central bank tightened monetary policy for the fifth time in a year, in line with expectations, as rising costs continue to weigh on the economy.

US stocks ended sharply higher after a volatile session on Thursday, with each major index gaining more than 2%. The Dow Jones Industrial Average rose 827 points, or 2.83%, to close at 30,038.06 after being down more than 500 points earlier in the day. The S&P 500 ticked up 2.60% to 3,669.87, breaking a six-day losing streak. The Nasdaq Composite gained 2.23% to end the day at 10,649.15.

In the U.S., inflation data showed consumer prices increased more than expected in September, with CPI rising 0.4% from August, and 8.2% from September last year. Core inflation was up 6.6% from a year ago, the biggest 12-month gain since August 1982.

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