Nifty hovers above 17,450; Auto stocks advance

The key equity indices continued to trade with strong gains in the morning trade on buying demand in index pivotals. The Nifty hovered above the 17,450 mark. All the sectoral indices on the NSE were trading in the green. Auto, realty and metal stocks gained the most . Asian stocks were trading mixed.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 487.55 points or 0.84% to 58,460.17. The Nifty 50 index added 166.85 points or 0.96% to 17,479.75.

In the broader market, the S&P BSE Mid-Cap index rose 1.30% while the S&P BSE Small-Cap index advanced 1.27%.

The market breadth was strong. On the BSE, 2,423 shares rose and 684 shares fell. A total of 132 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 561.22 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 144.08 crore in the Indian equity market on 29 August, provisional data showed.Buzzing Index:

Buzzing Index:

The Nifty Auto index rose 1.82% to 13,121.10. The index declined 0.33% in the past trading session.

Among the components of the Nifty Auto index, Tube Investments of India (up 4.61%), Escorts Kubota (up 3.28%), Tata Motors (up 2.55%), Maruti Suzuki India (up 2.18%) and TVS Motor Company (up 1.73%) were the top gainers.

Among the other gainers were Ashok Leyland (up 1.72%), Eicher Motors (up 1.62%), Bosch (up 1.33%), Mahindra & Mahindra (up 1.28%) and Bharat Forge (up 1.24%).

Stocks in Spotlight:

Shivalik Bimetal Controls slipped 2.75%. The company`s board on Monday (29 August 2022) approved issuing one bonus equity share for each share for every two equity shares held by the shareholders. The record date for the bonus issue will be fixed in due course, Shivalik Bimetal Controls said in a statement.

Krishna Institute of Medical Sciences (KIMS Hospitals) advanced 2.86% after the company announced that it has entered into a definitive agreement to acquire majority (51%) stake in Nagpur-based SPANV Medisearch Lifesciences. Existing promoters and shareholders will continue to hold a balance 49% stake, the company added.

Nazara Technologies rose 1.32% after the company announced the acquisition of leading U.S. children`s interactive entertainment company WildWorks. Nazara will acquire 100% of the company and its IP from existing shareholders in an all-cash transaction.

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