Nifty holds above 17,800 mark; broader market outperforms
Published on Apr 06, 2022 14:34
Indices were trading sideways with modest losses during mid afternoon trade. Metal and oil & gas stocks bucked the broader selling pressure. The Nifty continued to trade above 17,800 level.
At 14:33 IST, the S&P BSE Sensex fell 465.65 points or 0.77% at 59,710.59. The Nifty 50 index shed 122.65 points or 0.68% at 17,834.75.
The broader market was trading higher. The S&P BSE Mid-Cap index rose 0.42% and the S&P BSE Small-Cap index gained 0.49%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,210 rose and 1,166 shares fell. A total of 100 shares were unchanged.
The Nifty Metal index rallied 1.78% to 6,758.65, extending its winning run to fourth trading session in a row. The metal index surged 5.2% in four days.
Steel Authority of India (up 5.67%), Coal India (up 4.02%), Jindal Steel & Power (up 3.24%), NMDC (up 2.99%) and Tata Steel (up 2.87%) were the top gainers. Among the other gainers were APL Apollo Tubes (up 2.35%), Vedanta (up 2.32%), JSW Steel (up 1.67%).
Stocks in Spotlight:
Coastal Corporation jumped 6.58% to Rs 424.90 after the company announced that it will soon commence operations at its new plant (Unit III) at Kakinada SEZ in Andhra Pradesh. The company said it invested Rs 70 crore in Unit III. The facility is a completely integrated and has production capacity of 35 MTPD. The trial production at the facility was conducted on 5 April 2022 and the commercial production will start in the next 10 to 15 days.
Indian Energy Exchange gained 1.22%. The company on Wednesday announced that it traded 9,605 MU electricity volume and achieved 16% year on year growth in March 2022. Out of the total traded volume, 8,702 MU came in the conventional power market, 392 MU from the green power market and 511 MU in the REC Market. For Q4 FY22, IEX achieved 27,017 MU volume and achieved 20% YoY growth across all its market segments.
Maruti Suzuki fell 0.2%. The car major announced that it will hike prices of its products in April 2022. Over the past year, Maruti said the cost of vehicles continue to be adversely impacted due to increase in various input costs. "Therefore, it has become imperative for the Company to pass on some impact of the above additional costs to customers through a price hike," the company said in a statement today, 6 April 2022.
Number to Track:
The yield on 10-year benchmark federal paper rose to 6.915% from its previous close of 6.899%.
In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 75.6025, compared with its close of 75.295 during the previous trading session.
MCX Gold futures for 3 June 2022 settlement rose 0.25% to Rs 51,498.
The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.03% to 99.395.
In the commodities market, Brent crude for May 2022 settlement rose $1.07 cents or 1% at $107.71 a barrel.
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