Markets opens on firm note; strong market breadth
Published on Apr 13, 2022 09:29
The domestic equity barometers advanced in early trade amid across the board buying in index pivotals. The Nifty was trading above 17,600 level. Shares across sectors advanced with metals, FMCG, realty and auto stocks gaining the most.
At 09:27 IST, the S&P BSE Sensex was up 366.09 points or 0.62% to 58,942.46. The Nifty 50 index added 112.75 points or 0.64% to 17,643.05.
In the broader market traded, the S&P BSE Mid-Cap index rose 0.59% while the S&P BSE Small-Cap index gained 0.86%.
The market breadth was strong. On the BSE, shares 2,168 rose and 546 shares fell. A total of 85 shares were unchanged
India`s industrial growth, as per the Index of Industrial Production (IIP), edged up to 1.7% in February from 1.5% in January, government data released yesterday showed.
India`s retail inflation jumped to a 17-month high of 6.95% in March from 6.07% in February, government data released yesterday showed.
Stocks in Spotlight:
Infosys advanced 0.63% to Rs 1752.50. The IT major will release its quarterly earnings today, 13 April 2022.
Tata Steel added 1.54% to Rs 1340.85. Tata Steel Mining (TSML), an unlisted wholly-owned subsidiary of Tata Steel (Company), has successfully completed the acquisition of controlling stake of 90% in Rohit Ferro-Tech (RFT) in accordance with the approved Resolution Plan under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC).
ICICI Bank gained 0.83% to Rs 770.50. The board of the bank at its meeting scheduled on 23 April 2022 will also consider, fundraising by way of issuance of debt securities including non-convertible debentures/bonds/notes/offshore certificate of deposits in single/multiple tranches in any currency through public/private placement.
Asian stocks edged higher on Wednesday as investors watched for market reaction to the release of a slightly hotter-than-expected U.S. inflation report.
The Reserve Bank of New Zealand on Wednesday announced its decision to raise the official cash rate by 50 basis points to 1.5%. �The Committee agreed it is appropriate to continue to tighten monetary conditions at pace to best maintain price stability and support maximum sustainable employment,� the RBNZ said in a release.
US stocks fell on Tuesday, after an early morning bounce gave way to selling as investors weighed the latest U.S. inflation data. The report showed another sharp increase in prices for last month.
U.S. consumer prices rose 8.5% in March as compared with a year ago, the fastest annual gain since December 1981, according to official data released Tuesday. The core consumer price index which excludes food and energy, however, showed signs it may be ebbing. It rose 0.3% for the month.
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