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Nifty above 17,500 level, auto stocks advance

Published on Aug 23, 2022 10:28

The domestic equity barometers traded with minor gains in the morning trade. The Nifty traded above the 17,500 level. Auto stocks witnessed bargain buying after declining in the past four sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 98.83 points or 0.17% to 58,872.70. The Nifty 50 index gained 33.80 points or 0.19% to 17,524.50.

In the broader market, the S&P BSE Mid-Cap index gained 0.65% while the S&P BSE Small-Cap index rose 0.48%.

The market breadth was strong. On the BSE, 2,078 shares rose and 1,004 shares fell. A total of 143 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 453.77 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 85.06 crore in the Indian equity market on 22 August, provisional data showed.

Buzzing Index:

The Nifty Auto index gained 1.07% to 12,832. The index witnessed bargain hunting after declining 4.18% in the past four trading sessions.

Eicher Motors (up 2.7%), Mahindra & Mahindra (up 2.69%), TVS Motor Company (up 1.96%), Escorts Kubota (up 1.85%), Ashok Leyland (up 1.69%), MRF (up 1.34%), Bosch (up 1.31%), Maruti Suzuki India (up 1.16%), Hero MotoCorp (up 1.02%) and Balkrishna Industries (up 0.9%) edged higher.

Stocks in Spotlight:

TVS Electronics jumped 11.60%. The hardware and equipment firm executed business transfer agreement with GTID Solutions Development for acquiring their business and intellectual property rights for Rs 2.25 crore. TVS Electronics has acquired the business and IP rights of GTID Solutions Development. The cost of acquisition is Rs 2.25 crore. With this agreement, TVS has entered into mobile POS software solutions and authentication solutions space. It will offer hardware along with required applications, digital payment solutions, cloud computing software solutions etc. to segments like retail, banks and government.

RBL Bank rallied 3.21% after the bank said that its board has approved the issue of debt securities on private placement basis, from time to time, upto an amount of Rs 3,000 crore, subject to necessary approvals.

Sterling and Wilson Renewable Energy gained 2.63% after the company announced that it has bagged an order approximately worth Rs 2,200 crore from NTPC. The company has emerged as the L-1 bidder for the BOS package comprising 4 blocks of the proposed solar PV plant of NTPC Renewable Energy at Khavda RE Power Park, Rann of Kutch, Gujarat with an aggregate capacity of approximately 1570 MW DC. The total bid value, including operations and maintenance (O&M) for 3 years would be approximately Rs 2,200 crore.

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