Nifty near 16,200; strong market breadth
Published on Jul 08, 2022 09:28
The key equity indices traded with decent gains in early trade. The Nifty hovered near the 16,200 level. Shares across sectors advanced, with banks, financials and autos gaining the most.
At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 212.82 points or 0.39% to 54,391.28. The Nifty 50 index added 61.25 points or 0.38% to 16,194.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.55%.
The market breadth was strong. On the BSE, 1,722 shares rose and 672 shares fell. A total of 89 shares were unchanged.
Gainers & Losers:
Larsen & Toubro (up 2.79%), Coal India (up 2.57%), Mahindra & Mahindra (up 2.40%), Grasim (up 1.44%) and NTPC (up 1.32%) were the top Nifty gainers.
Asian Paints (down 1.51%), Tata Steel (down 0.87%), Eicher Motors (down 0.72%), Hindustan Unilever (down 0.67%) and IndusInd Bank (down 0.65%) were the top Nifty losers.
Stocks in Spotlight:
Tata Consultancy Services lost 0.30%. The IT major will declare its Q1 June 2023 result today, 8 July 2022.
Tata Motors rose 0.95%. Tata Motors` unit Jaguar Land Rover (JLR) reported sales volumes for the three month period to 30 June 2022. Retail sales for the quarter ending 30 June 2022 were 78,825 vehicles, broadly flat (183 units lower) compared with the previous quarter ending 31 March 2022 and down 37% (46k units) from the quarter a year ago ending 30 June 2021.
Alkem Laboratories shed 0.24%. The USFDA had conducted a GMP and Pre-Approval inspection at the company`s manufacturing facility located at Indore from 1 July 2022 to 07th July 2022. At the end of the inspection, the company has received Form 483 with one observation with respect to ANDA filed for the products to be manufactured at the said plant. There is no data integrity observation.
Asian stocks are trading higher on Friday as investors look ahead to the release of U.S. jobs data for June.
Wall Street benchmarks ended up on Thursday as traders leaned in to US equities after the Federal Reserve hinted at a more tempered program of interest rate hikes.
Two of the Federal Reserve`s most vocal hawks on Thursday said they would support another 75 basis-point interest rate increase later this month but a downshift to a slower pace afterward, even as both downplayed the risk of higher borrowing costs pushing the US into recession.
The Labor Department`s monthly jobs report is due out on Friday, and the employment data could warrant extra scrutiny as investors try to gauge the health of the U.S. economy.
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