Nifty above 16,200 level, breadth strong

The key equity barometers bounced into the positive terrain in the mid-afternoon trade. The Nifty traded above the 16,200 mark. Barring the Nifty IT index, all sectoral indices on the NSE were in the green.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 3.5 points or 0.01% to 54,485.34. The Nifty 50 index gained 21.90 points or 0.14% to 16,242.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.56% while the S&P BSE Small-Cap index added 0.95%.

The market breadth was strong. On the BSE, 2,021 shares rose and 1,329 shares fell. A total of 176 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.425 as compared with 7.415 at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.4125, compared with its close of 79.26 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement declined 0.14% to Rs 50,707.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.41 % to 107.45.

In the commodities market, Brent crude for September 2022 settlement rose $2.43 or 2.32% at $107.08 a barrel.

Buzzing Index:

The Nifty Metal index advanced 2.18% to 4,904.00. The index shed 0.88% in the past trading session.

Tata Steel (up 4.22%), Jindal Steel & Power (up 3.63%), Adani Enterprises (up 3.36%), Vedanta (up 2.7%) and Hindustan Zinc (up 2.68%), JSW Steel (up 2.38%), Jindal Stainless (up 1.94%), Steel Authority of India (up 1.89%), Welspun Corp (up 1.61%) and Hindustan Copper (up 0.83%) edged higher.

On the other hand, Ratnamani Metals & Tubes (down 0.79%), National Aluminium Company (down 0.4%) and NMDC (down 0.28%) declined.

As per the media reports, most steel stocks jumped after the government to consider relooking export duty on steel products on request by the industry. The government will consider the industry`s proposal to discontinue 15% duty on exports of certain steel products before the end of the monsoon season.

Stocks in Spotlight:

Coal India (CIL) rose 1.71% after the PSU company said that its capital expenditure (capex) soared 65% to Rs 3,034 crore during April-June 2022 compared to Rs 1,841 crore of April-June 2021 resulting in Rs 1,193 crore volume increase. The company said that it has sustained its growth in capex for the ninth successive quarter.

A senior official of the company, said, "The capex increase came on the back of a strong spending in acquiring land and strengthening transport infrastructure in our coalfields under first mile connectivity proiects. These two vital areas help CIL in expanding its mining operations for accelerated production and pairing it with seamless transportation of coal."

Glenmark Pharmaceuticals rose 0.70% after the drug major said that it has launched India`s first topical Minocycline 4% Gel for the treatment of moderate to severe acne, under the brand name MINYM. Minocycline is a potent antibacterial gel which exerts a strong anti-inflammatory action. It also offers the lowest MIC90 (minimum inhibitory concentration at which it stops/prevents visible growth of 90% of isolates of bacteria) compared to the available topical antibacterial formulations.

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