Nifty above 16,550; broader market outperforms
Published on Jul 21, 2022 10:33
The key equity indices bounced off the early lows in the morning trade. The Nifty traded above the 16,550 mark. Barring the Nifty Consumer Durables index, all the sectoral indices on the NSE were in the green. A reversal in foreign fund selling in the Indian market helped improve sentiment.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 135.99 points or 0.25% to 55,533.52. The Nifty 50 index gained 42.10 points or 0.25% to 16,572.95.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.77% while the S&P BSE Small-Cap index added 0.69%.
The market breadth was strong. On the BSE, 1,944 shares rose and 1,005 shares fell. A total of 147 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,780.94 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 230.22 crore in the Indian equity market on 20 July, provisional data showed.
RBL Bank (up 2.68%), CSB Bank (up 3.24%), IDBI Bank (up 1.24%), Can Fin Homes (up 0.31%), CRISIL (up 2.85%), Cyient (up 0.73%), Elecon Engineering (up 0.08%), Gujarat State Fertilizers & Chemicals (up 1.09%), Happiest Minds Technologies (up 3.90%), Hindustan Zinc (down 0.84%), Himadri Speciality Chemical (up 0.77%), IndiaMART InterMESH (up 1.21%), ICICI Securities (down 1.05%), JSW Energy (up 0.39%), Mphasis (down 0.02%), Persistent Systems (up 1.74%), Hitachi Energy India (down 0.39%0, PVR (up 1.53%), and SRF (up 0.92%) will announce their financial results for Q1 FY23 later in the day.
The Nifty Media index rose 1.10% to 1969.25. The index lost 0.77% in past two trading sessions.
Among the components of the Nifty Media index, Sun TV Network (up 2.08%), PVR (up 1.57%), Zee Entertainment Enterprises (up 1.21%), Inox Leisure (up 1.14%) and Dish TV India (up 0.88%) were the top gainers.
Among the other gainers were Saregama India (up 0.87%), TV18 Broadcast (up 0.66%), Hathway Cable & Datacom (up 0.3%), Network 18 Media & Investments (up 0.15%).
On the other hand, Nazara Technologies (down 1.78%) declined.
Stocks in Spotlight:
Zydus Lifesciences was down 0.04%. The drug maker said it received final approval from the US drug regulator to market Norepinephrine Bitartrate Injection USP,4 mg/4 mL (1 mg/mL) single-dose vial. Norepinephrine Bitartrate is indicated for restoration of blood pressure in adult patients with acute hypotensive state. The drug will be manufactured at the group`s topical injectable manufacturing facility at Jarod in Gujarat (India).
State Bank of India (SBI) rose 0.72%. The central board of the PSU bank approved raising upto Rs 11,000 crore through Basel III compliant debt instrument in USD/INR and/or any other convertible currency, during FY23. The bank will raise fresh additional tier 1 (AT1) capital up to an amount of Rs 7,000 crore, and will raise fresh tier 2 capital upto Rs 4,000 crore.
Sonata Software jumped 6.33% after the company said that its board, at the meeting scheduled on Monday (25 July 2022), may consider proposal for issue of bonus shares of the company. On the same day, the board will also consider and approve standalone as well as consolidated unaudited financial results of the company for the quarter 30 June 2022.
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