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Sensex, Nifty edge higher; metal shares rise for 2nd day

Published on May 17, 2022 10:32

Indices traded at the day`s high with decent gains in morning trade. All the sectoral indices on the NSE traded in the green with metal, IT and FMCG shares gaining the most. The Nifty scaled the 16,000 level and inched higher.

At 10:26 IST, the barometer index, S&P BSE Sensex was up by 617.47 points or 1.17% at 53,591.31. The Nifty 50 index rose 187.55 points or 1.18% at 16,029.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.91% while the S&P BSE Small-Cap index declined 1.09%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,231 shares rose while 769 shares fell. A total of 111 shares were unchanged.

New Listing:

Shares of insurance major Life Insurance Corporation (LIC) of India were currently trading at Rs 899.10 on the BSE, at a discount of 5.26% compared with the issue price of Rs 949. The scrip was listed at Rs 867.20, representing a discount of 8.62% to the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 920 and a low of Rs 860.10. Over 14.10 crore shares of the company have changed hands in the counter till now on BSE.

The IPO of the insurance major was subscribed 2.95 times. The issue opened on 4 May 2022 and it closed on 9 May 2022. The IPO price band was Rs 902 to Rs 949 per equity share.

Results Today

Bharti Airtel (up 0.73%) will announce its results today.

DLF (down 0.52%), Dr Lal Path Labs (down 1.52%), Minda Corporation (down 1.52%), Abbott India (up 1.23%), Automotive Axles (up 1.25%), Bajaj Electricals (up 4.08%), EID Parry (India) (up 0.95%), EKI Energy Services (down 0.21%), Galaxy Surfactants (up 0.77%), GMR Infrastructure (down 0.29%), Indoco Remedies (up 1.09%), Indian Oil (up 0.08%), IRB Infrastructure Developers (up 0.28%), Jubilant Ingrevia (up 2.06%), Kajaria Ceramics (down 0.55%), Kirloskar Ferrous Industries (down 0.62%), Nocil (up 3.30%), PI Industries (up 1.14%), Sapphire Foods India (down 1.05%), Sun Pharma Advanced Research (up 0.71%), Star Cement (up 2.08%) and Zydus Wellness (up 2.25%) will also announce their results today.

Buzzing Index :

The Nifty Metal Index was up 3.72% to 5,559.40 extending its gaining streak to the second consecutive day. The index gained 4.63% in two days.

Among the components of the Nifty Metal index, Vedanta Ltd (up 6.77%), Hindalco Industries Ltd (up 6.15%), Hindustan Copper Ltd (up 5.04%), National Aluminium Company Ltd (up 3.74%) and JSW Steel Ltd (up 3.67%) were the top gainers.

Stocks in Spotlight :

SJVN advanced 2.20% to Rs 27.90 after a Memorandum of Understanding (MoU) for the development of the 490 MW Arun-4 hydro electric project in Nepal has been signed in Lumbini, Nepal by the company. The project will be developed in joint venture mode by the company and Nepal Electricity Authority (NEA) with the company having majority share. It is expected to generate around 2100 million units of energy per annum.

KEC International rose 1.86% to Rs 377 after the company said that it has secured new orders of Rs 1,147 crore across its various businesses. The transmission & distribution (T&D) business has secured orders for T&D and cabling projects in Americas and Middle East.

VIP Industries rose 2.01% to Rs 600.20 after the company reported consolidated net profit of Rs 12.39 crore in Q4 FY22 compared with net loss of Rs 3.78 crore in Q4 FY21. Net sales stood at Rs 355.90 crore for the quarter ended 31 March 2022 as against Rs 243 crore during the same period in the previous year, registering a growth of 46.5%.

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