Nifty holds 16,500 mark; Coal India jumps 8%
Published on Mar 02, 2022 13:30
The benchmark indices were trading near the day`s low in early afternoon trade. Global investors continued to grapple with the economic fallout from the escalating Russia-Ukraine conflict. The Nifty managed to trade above 16,500 mark.
At 13:27 IST, the barometer index, the S&P BSE Sensex, dropped 1076.61 points or 1.91% at 55,171.67. The Nifty 50 index lost 275.5 points or 1.64% at 16,518.40.
In the broader market, the S&P BSE Mid-Cap index fell 0.42% while the S&P BSE Small-Cap index slipped 0.08%.
The market breadth was negative. On the BSE, 1,596 shares rose and 1,658 shares fell. A total of 135 shares were unchanged.
Nifty Gainers & Losers:
Hindalco Industries (up 5.67%), Tata Steel (up 5.63%), SBI Life Insurance Company (up 4.33%) and HDFC Life Insurance Company (up 4.31%) were top gainers in Nifty 50 index.
Maruti Suzuki (down 6.15%), Asian Paints (down 5.54%), Dr. Reddy`s Laboratories (down 5%), ICICI Bank (down 4.5%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Coal India jumped nearly 8%. The state-run coal major`s offtake stood at 57.4 million tonnes (MT) in February 2022, growing 12% as compared with 51.3 MT recorded in the same month last year. The company`s coal production rose 3.9% to 64.3 million tonnes (MT) in February 2022 from 61.9 MT in February 2021.
Central Depository Services (India) rallied 3.46% to Rs 1,400.2 after the company said that it has become the first depository to open six crore plus active demat accounts. The company is currently the largest depository in the country in terms of active demat accounts.
NMDC gained 2.97% to Rs 147.40 after the PSU miner`s iron ore production jumped 11.66% to 4.31 MT in February 2022 as against 3.86 MT in February 2021. The company`s iron ore sales aggregated to 3.97 MT in February 2022 as against 3.25 MT in February 2021, rising 22.15% year-on-year. The PSU miner`s iron ore production fell 5.48% and iron ore sales fell 6.37% in February 2022 over January 2022.
India`s manufacturing sector saw an expansion in output and new orders in February as per the IHS Markit Purchasing Managers` Index (PMI) which rose to 54.9 for the month of February 2022, from 54 in January 2022. A reading of 50 on the PMI indicates no change in activity levels.
India`s GDP growth slowed down to 5.4% in October-December 2021 from 8.5% in the previous quarter, data released on February 28 by the Ministry of Statistics and Programme Implementation showed. The statistics ministry also said India`s GDP will likely grow by 8.9% in FY22, down from its first advance estimate of 9.2%, released in early January 2022.
The gross Goods and Services Tax (GST) revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods). The revenues for the month of February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020.
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