Partner With Us NRI

Nifty below 17,350 mark, Adani Enterprises jumps over 11%

Published on Feb 28, 2023 13:31

The domestic equity barometers traded with modest losses in afternoon trade. The Nifty traded below the 17,350 level after hitting the day`s high of 17,440.45 in morning trade. Media, consumer durable and realty stocks were in demand while oil & gas, FMCG and pharma shares declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 224.58 points or 0.38% to 59,063.77. The Nifty 50 index lost 57.55 points or 0.33% to 17,335.15.

The broader market outperformed the key domestic barometers. The S&P BSE Mid-Cap index advanced 0.73% while the S&P BSE Small-Cap index rose 0.44%.

The market breadth was positive. On the BSE, 1,737 shares rose and 1,612 shares fell. A total of 144 shares were unchanged.

Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

Gainers & Losers:

Adani Enterprises (up 11.36%), Adan Ports and Special Economic Zone (up 5.43%), Asian Paints (up 2.74%), Power Grid Corporation of India (up 1.30%) and Tata Motors (up 1.09%) were major Nifty gainers.

Cipla (down 2.77%), Hidalco Industries (down 2.42%), ITC (down 1.70%), Coal India (down 1.66%) and Reliance Industries (down 1.26%) were top Nifty losers.

Adani Ports and Special Economic Zone jumped 5.43% after the company said that its step down subsidiary, Adani Agri Logistics (AALL) has incorporated a wholly owned subsidiary in the name of PU Agri Logistics.

Stocks in Spotlight:

Bharti Airtel declined 1.06%. The telecom major has crossed the 10 million unique 5G user mark on its network. Airtel was the first service provider to roll-out 5G services in the country in October 2022. Today, Airtel 5G Plus is available across all states in the country.

NHPC added 0.13% after the company said that the Cabinet Committee on Economic Affairs has accorded investment approval for the implementation of Dibang Multipurpose Project (MMP) in Arunachal Pradesh. The estimated cost is Rs 31,876.39 crore, including budgetary support of Rs 6,159.40 crore towards flood moderation component and Rs 556.15 crore towards Enabling infrastructure (i.e. roads/ bridges etc.).

Vodafone Idea rose 1.65%. The company said that its board has allotted 12,000 optionally convertible debentures of the face value of Rs 10 lakh each, aggregating to Rs 1,200 crore, to ATC Telecom Infrastructure. The company further said that the balance 4,000 number of OCDs shall be allotted upon receipt of application form and subscription money and due intimation of the same shall be filed as necessary.

Global Markets:

Shares in Europe and Asia advanced on Tuesday as investors digested key economic data across the region.

Japan recorded its worst decline in factory output in eight months, recording a 4.6% drop in January compared to December.

Japan`s retail sales surged 6.3% for January compared to the same period last year.

Hong Kong will end its mask mandate for indoors and outdoors on Wednesday, 1 March 2023.

US stocks rose on Monday amid bargain hunting following the worst week of the year on Wall Street. All three major US indexes closed higher, with the Nasdaq Composite leading gains.

The Dow Jones Industrial average rose 72.17 points or 0.22%, while the S&P 500 and Nasdaq Composite gained 0.31% and 0.63%, respectively.

Powered by Capital Market - Live News