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Nifty above 16,100; auto shares rise for 2nd day

Published on Jul 07, 2022 10:30

The benchmarks indices continued to trade with decent gains in morning trade. The Nifty traded a tad above the 16,100 level. Auto shares extended their wining streak for the second consecutive session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 353.22 points or 0.66% to 54,104.19. The Nifty 50 index added 111.70 points or 0.7% to 16,101.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.98% while the S&P BSE Small-Cap index gained 1.15%.

The market breadth was strong. On the BSE, 2243 shares rose and 705 shares fell. A total of 123 shares were unchanged.

Investors continued to assess the minutes from the US Fed`s June meeting which showed the central bank`s determination to tackle inflation. Concerns of a potential global recession raised fears of a sharp decline in global oil demand.

Buzzing Index:

The Nifty Auto index rose 1.34% to 12,112.60. The index has added 3.97% in two sessions.

Mahindra & Mahindra (up 1.84%), Tube Investments of India (up 1.47%), Bharat Forge (up 1.3%), Tata Motors (up 1.26%) and Balkrishna Industries (up 1.19%) were the top index gainers.

Among the other gainers were Bajaj Auto (up 1.14%), Eicher Motors (up ), TVS Motor Company (up 0.95%) and Sona BLW Precision Forgings (up 0.87%).

Escorts Kubota rose 1.07%. The company said that its agri machinery division will increase the prices of its tractors with effect from Sunday, 10 July 2022.

Stocks in Spotlight:

Equitas Small Finance Bank jumped 4.45%. The bank said its gross advances rose 22% to Rs 21,699 crore as on 30 June 2022 as against Rs 17,837 crore as on 30 June 2021. Total deposits grew 19% YoY and 8% QoQ to Rs 20,386 crore in Q1 FY23.

Lupin added 0.17%. The drug major on Thursday (7 July) announced that its manufacturing facility in Somerset, New Jersey received the establishment inspection report (EIR) from the US drug regulator. The United States Food and Drug Administration (USFDA) has determined that the inspection classification of the facility is voluntary action indicated (VAI).

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