Nifty hovers above 17,050; consumer durable shares rise
Published on Mar 21, 2023 11:30
The key equity barometers continued to trade with significant gains in mid-morning trade. The Nifty hovered above the 17,050 mark. Consumer durable, media and oil & gas stocks saw buying demand. On the other hand, IT and FMCG shares saw a bit of selling pressure.
At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 265.06 points or 0.46% to 57,894.01. The Nifty 50 index added 78.30 points or 0.46% to 17,066.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.31% while the S&P BSE Small-Cap index gained 0.53%.
The market breadth was strong. On the BSE, 2,003 shares rose and 1,228 shares fell. A total of 155 shares were unchanged.
Investors look ahead to the outcome of US Federal Reserve`s meeting scheduled tomorrow, to see how the central bank will proceed in its fight against inflation in light of the shakeup in the banking sector.
The Nifty Consumer Durables index added 1.28% to 24,173.20. The index fell 0.66% in the past trading session.
Crompton Greaves Consumer Electricals (up 3.14%), Havells India (up 1.96%), Titan Company (up 1.95%), Orient Electric (up 1.51%), Blue Star (up 0.79%), Relaxo Footwears (up 0.74%), Dixon Technologies (India) (up 0.46%), Bata India (up 0.12%), Rajesh Exports (up 0.06%) advanced.
On the other hand, Amber Enterprises India (down 0.97%), Voltas (down 0.93%) and Whirlpool of India (down 0.39%) edged lower.
Stocks in Spotlight:
PNC Infratech added 1.07% after the company informed about the receipt of `notification of intention to award` from Haryana Rail Infrastructure Development Corporation (HRIDC) for Rs 771.46 crore project.
CEAT advanced 1.62% after the tyre maker announced that its board approved the appointment of Arnab Banerjee as managing director (MD) and chief executive officer (CEO) for term of two years with effect from 1 April 2023.
Larsen and Toubro (L&T) rose 1.88% after the company`s hydrocarbon business, L&T Energy Hydrocarbon (LTEH), has secured major orders from an overseas client. As per L&T`s classification, the value of the orders lies between Rs 5,000 crore to Rs 7,000 crore.
Most of the Asian stocks traded higher on Tuesday after Wall Street staged a relief rally overnight on hopes the banking crisis may be easing, following the $3.2 billion takeover of Swiss bank Credit Suisse by rival UBS.
Meanwhile, Japanese Prime Minister Fumio Kishida is heading to Ukraine, as per reports. Kishida has left India after meeting his counterpart Narendra Modi. The Japanese prime minister is reportedly expected to hold talks with Ukrainian President Volodymyr Zelenskyy later in the day.
US stocks jumped on Monday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors.
The Federal Open Market Committee (FOMC) meeting is scheduled for March 21 and 22. The US Fed rate hike decision will be announced on March 22 followed by a press conference. Investors will keep an eye on the actions of the American Central Bank to see how it will proceed in its fight against inflation in light of the shakeup in the banking sector.
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