Nifty above 17,600 level, auto stocks advance
Published on Apr 10, 2023 11:32
The domestic equity barometers traded with minor gains in mid-morning trade. The Nifty hovered above the 17,600 level. Realty, auto and metal shares were in demand while FMCG, financial services and banking stocks corrected.
At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 78.27 points or 0.13% to 59,911.24. The Nifty 50 index added 38.05 points or 0.22% to 17,637.20.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.27% while the S&P BSE Small-Cap index rose 0.15%.
The market breadth was positive. On the BSE, 1,942 shares rose and 1,425 shares fell. A total of 165 shares were unchanged.
The Nifty Auto index rose 0.96% to 12,589.30. The index gained 1.87% in two trading sessions.
Tata Motors (up 5.79%), Ashok Leyland (up 1.32%), Mahindra & Mahindra (up 0.82%), Hero MotoCorp (up 0.74%), Bajaj Auto (up 0.73%), TVS Motor Company (up 0.68%), MRF (up 0.16%), Eicher Motors (up 0.12%), Balkrishna Industries (up 0.1%) edged higher.
On the other hand, Bharat Forge (down 1.68%), Maruti Suzuki India (down 1.01%) and Sona BLW Precision Forgings (down 1%) declined.
Tata Motors jumped 5.79%. The Tata Motors Group global wholesales in Q4 FY23, including Jaguar Land Rover (JLR), were at 3,61,361 units, higher by 8%, as compared to Q4 FY22.
Stocks in Spotlight:
Bajaj Finserv added 0.14%. The company said that Bajaj Allianz Life Insurance Company`s total premiums aggregated to Rs 1,676.15 crore for the month of March 2023, up 0.24% YoY. Total premiums in the same period last year were Rs 1,672.18 crore.
Shakti Pumps (India) advanced 2.52% after the company announced that it has received a patent for inventing `switching circuit to start single phase-induction motor`. The pumps and motors manufacturer has received this patent from the Intellectual Property India, a Ministry of Commerce & Industry Organisation. The patent will hold a validity of 20 years from the date of filing of the patent.
Ramkrishna Forgings rallied 3.09%. The company said it has successfully renewed the long term contract with additional new product range with overseas Tier 1 customer based in North America. It is valid till 31 December 2027. This contract is in the normal course of the business.
Asian stocks traded mixed on Monday as some investors returned from a long Easter weekend. Australian and Hong Kong markets remained closed due to a four day Easter holiday till Monday.
The US Stock Market, including the Nasdaq and New York Stock Exchange (NYSE), remained closed on Good Friday.
Investors are in for a busy week of economic data, including the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.
Employment data for March indicated the labor market remained tight last month. Nonfarm payrolls increased by 236,000 jobs in March, the Labor Department said. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported. The unemployment rate dipped to 3.5% from 3.6% in the prior month.
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