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Nifty reclaims 18,000 level; metal stocks advance

Published on Dec 26, 2022 14:36

The key equity indices extended gains and hit fresh intraday highs in mid-afternoon trade. The Nifty traded above the 18,000 mark. Metal stocks witnessed across the board buying.

At 13:32 IST, the barometer index, the S&P BSE Sensex, was up 804.25 points or 1.34% to 60,649.54. The Nifty 50 index added 220.95 points or 1.24% to 18,027.75.

The key equity indices witnessed strong bargain buying after a four-day sell off, during which the Sensex had declined 3.17% while the Nifty had lost 3.33%.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 2.36% while the S&P BSE Small-Cap index gained 3.21%.

Buyers outnumbered sellers. On the BSE, 2873 shares rose, and 719 shares fell. A total of 141 shares were unchanged.

As per media reports, Union finance minister Nirmala Sitharaman was admitted to the All India Institute of Medical Sciences (AIIMS), Delhi, on Monday.

"The finance minister Nirmala Sitharaman is admitted at the private ward of the institute for some health checks. She is under the observation of the doctors and she is doing fine," the reports added. The reports stated that there were no immediate concerns about the minister`s health.​

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.325 as compared with 7.318 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.6950, compared with its close of 82.8250 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement added 0.08% to Rs 54,620.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% 104.32.

The United States 10-year bond yield advanced 0.10% to 3.751.

In the commodities market, Brent crude for February 2023 settlement rose $2.45 or 3% to $84.12 a barrel.

Buzzing Index:

The Nifty Metal index gained 2.42% to 6,378.80. The index had tumbled 7.74% in the past three sessions.

Welspun Corp (up 5.86%), Jindal Stainless (up 5.83%), Vedanta (up 3.75%), Hindustan Copper (up 3.7%) and APL Apollo Tubes (up 3.51%) were the top gainers.

Among the other gainers were Hindalco Industries (up 3.47%), National Aluminium Company (up 2.92%), MOIL Ltd (up 2.52%), Tata Steel (up 2.49%) and Steel Authority of India (up 2.41%).

Stocks in Spotlight:

GPT Infraprojects was locked in 20% upper circuit. The company said that its subsidiary, RMS GPT Ghana has bagged an order valued at Rs 123 crore.

Dharmaj Crop Guard jumped 6.74%. The company said it has launched a new insecticide product `Regiment` (Chlorantraniliprole 18.5% w/w SC) in the domestic market on 22 December 2022.

Power Mech Projects (PMPL) rallied 5.71%. The civil construction company announced that it has received letter of award (LoA) for three separate orders aggregating to Rs 1,034.13 crore.

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