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Nifty above 15,650 mark, broader market rallies

Published on Jun 24, 2022 10:31

The domestic equity benchmarks traded with modest gains in the morning trade. The Nifty hovered above the 15,650 mark. Buying was wide spread. However, IT stocks were under pressure.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 339.31 points or 0.65% to 52,605.03. The Nifty 50 index gained 112.70 points or 0.72% to 15,669.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 1.02% while the S&P BSE Small-Cap index gained 1.14%.

The market breadth was strong. On the BSE, 2,284 shares rose and 670 shares fell. A total of 121 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,319.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,438.31 crore in the Indian equity market on 23 June, provisional data showed.

Buzzing Index:

The Nifty Private Bank index rose 1.52% to 16,848.80. The index advanced 2.41% in two trading sessions.

IndusInd Bank (up 3.33%), IDFC First Bank (up 2.18%), HDFC Bank (up 1.63%), ICICI Bank (up 1.62%), Bandhan Bank (up 1.47), Federal Bank (up 1.44%), Kotak Mahindra Bank (up 1.34%), City Union Bank (up 1.17%), Axis Bank (up 1.05%) and RBL Bank (up 0.34%) edged higher.

Stocks in Spotlight:

Tata Motors rose 0.49%. On Thursday, 23 June 2022 a video went viral showing one of the company`s electric cars caught fire. The video showed firefighters trying to extinguish the fire in a Nexon electric vehicle (EV) in a suburb of Mumbai.

As per the media reports, the Central Government on Thursday ordered a probe into a fire incident involving a Tata Motors electric vehicle. According to reports, the government`s Defence Research and Development Organisation would lead the probe.

Responding to the incident, the largest manufacturer of electric cars said in a statement, "A detailed investigation is currently being conducted to ascertain the facts of the recent isolated thermal incident that is doing the rounds on social media. We will share a detailed response after our complete investigation. We remain committed to the safety of our vehicles and their users. This is a first incident after more than 30,000 EVs have cumulatively covered over 100 million km across the country in nearly 4 years."

Hero MotoCorp gained 2.61%. The two-wheeler major will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from 1 July 2022. The price revision will be up to Rs. 3000. The exact quantum of increase will be subject to the specific model and market. The price revision has been necessitated to partially offset the steadily growing overall cost inflation, including commodity prices.

ONGC rose 1% after ONGC Videsh (OVL), the wholly owned subsidiary and overseas arm of ONGC, has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. ONGC Videsh holds 70% participating interest (PI) in the block along with operatorship, remaining 30% is held by partner Geopark.

Jammu & Kashmir Bank rose 1.61% after the meeting of the board of directors of the bank is scheduled on 28 June 2022 to consider the raising of capital (Tier I/Tier II) during the financial year 2022-23.

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