Nifty above 22,450 mark; metal shares shine

The headline equity indices continued to trade with small gains in the morning trade. The Nifty traded above the 22,450 mark. Metal shares gained after declining in the past three trading sessions.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 26.31 points or 0.04% to 74,112.30. The Nifty 50 index rose 18.25 points or 0.08% to 22,491.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.46% and the S&P BSE Small-Cap index gained 0.82%.

The market breadth was strong. On the BSE, 2,218 shares rose and 1,317 shares fell. A total of 124 shares were unchanged.

Economy:

India`s GDP growth in the current fiscal year ending in March could be "very close" to 8%, Reserve Bank of India (RBI) governor Shaktikanta Das reportedly said. Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong.

New Listing:

Shares of Mukka Proteins were currently trading at Rs 38.24 at 10:14 IST on the BSE, representing a premium of 36.57% as compared with the issue price of Rs 28.

The scrip was listed at Rs 44, exhibiting a premium of 57.14% to the issue price.

So far, the stock has hit a high of 44 and a low of 38.24. On the BSE, over 21.91 lakh shares of the company were traded on the counter so far.

Buzzing Index:

The Nifty Metal index gained 1.60% to 8,390.10. The index shed 0.96% in the past three trading sessions.

Tata Steel (up 3.33%), JSW Steel (up 3.17%), Steel Authority of India (up 2.27%), Jindal Steel & Power (up 1.52%), National Aluminium Company (up 1.5%), Hindustan Copper (up 1.48%), APL Apollo Tubes (up 1.4%), Hindalco Industries (up 1.22%), Vedanta (up 1.13%) and Hindustan Zinc (up 0.98%) advanced.

On the other hand, Jindal Stainless (down 0.21%) edged lower.

Stocks in Spotlight:

Subex advanced 2.59% after the company announced that it has won a deal with a leading telecom operator in Southeast Asia.

JSW Steel added 2.82% after the steel major said that its consolidated crude steel production for the month of February 2024 increased 5% to 21.50 lakh tonnes from 20.51 lakh tonnes steel produced in February 2023.

Hindustan Aeronautics gained 2.62% after the company has signed an amendment to LCA (Light Combat Aircraft) IOC (Initial Operational Clearance) contract. The value of the Contract has been revised from Rs.2700.87 Crore to Rs.5077.95 Crore.

Jupiter Wagons jumped 4.95% after the company has received an offer from Ministry of Railways for manufacture and supply of 2237 numbers of BOSM Wagons for a contract value of Rs. 956.88 crore.

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