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Nifty reclaims 15,700 level, profit booking in IT stocks

Published on Jun 24, 2022 14:33

The domestic equity benchmarks traded near the day`s high with strong gains in the mid-afternoon trade. The Nifty traded a tad above the 15,700 level. Buying was wide spread. However, IT stocks witnessed a bit of a selling pressure.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 486.28 points or 0.93% to 52,752. The Nifty 50 index gained 151 points or 0.97% to 15,707.65.

In the broader market outperformed the headline indices, the S&P BSE Mid-Cap index rose 1.44% while the S&P BSE Small-Cap index gained 1.41%.

The market breadth was strong. On the BSE, 2,401 shares rose and 838 shares fell. A total of 146 shares were unchanged.

Weather Update:

The India Meteorological Department (IMD) on Thursday, 23 June 2022, said that the Southwest Monsoon is likely to cover the entire country by 6 July 2022 as against the normal date of 8 July 2022.

As on date, the Northern Limit of Monsoon (NLM) continues to pass through Porbandar and Vadodara in Gujarat, Shivpuri and Rewa in Madhya Pradesh and Churk in Uttar Pradesh.

"Southwest monsoon is likely to cover remaining parts of Gujarat, Madhya Pradesh, entire Bihar and some parts of northwest India towards the end of the week," IMD said in a statement.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.427 as compared with 7.419 at close in the previous trading session.

In the foreign exchange market, the rupee was lower higher the dollar. The partially convertible rupee was hovering at 78.31, compared with its close of 78.32 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement declined 0.03% to Rs 50,578.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.08% to 104.34.

In the commodities market, Brent crude for August 2022 settlement rose 26 cents or 0.24% at $110.31a barrel.

Buzzing Index:

The Nifty IT index fell 0.96% to 27,757.45. The index witnessed profit booking after rising 1.96% in the past trading session.

Mindtree (down 2.75%), Larsen & Toubro Infotech (down 2.47%), L&T Technology Services (down 2.37%), Mphasis (down 2.22%) and Infosys (down 1.24%) Tech Mahindra (down 1.2%), Tata Consultancy Services (down 0.74%), Coforge (down 0.73%), HCL Technologies (down 0.7%) and Wipro (down 0.2%) edged lower.

Stocks in Spotlight:

Canara Bank advanced 2.53% after the bank said that its board has approved the capital raising plan for the financial year 2022-23 amounting up to Rs 9000 crore by way of debt instruments (additional tier I / tier II bonds). As per the capital raising plan, the board has approved raising upto Rs 5500 crore through basel III compliant additional tier I bonds and another Rs 3500 crore through basel III compliant additional tier II bonds during the FY 2022-23. The proposal is subject to market conditions and necessary approvals.

Suven Life Sciences rose 0.85% after the compnay`s board approved raising upto Rs 400 crore by issuing equity shares on right basis. The board has also approved increase in the authorized share capital from Rs 20 crore divided into 20 crore equity shares of Rs 1 each to Rs 30 crore divided into 30 crore equity shares of Rs 1 each and consequential alteration in the memorandum of association of the company, subject to the approval of shareholders of the company.

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