Sensex, Nifty extends gains; broader market underperforms

The equity benchmarks extended gains and hit day`s high in early afternoon trade. The Nifty scaled 16,350 mark and edged higher. FMCG, auto and banking stocks saw buying demand while metal and realty shares came under selling pressure.

At 12:22 IST, the barometer index, S&P BSE Sensex advanced 268.84 points or 0.49% to 54,739.51. The Nifty 50 index was up 63.70 points or 0.39% to 16,365.55.

The broader market underperformed the main indices. The S&P BSE Mid-Cap index slipped 0.77% while the S&P BSE Small-Cap index fell 0.31%.

The market breadth was negative. On the BSE, 1,549 shares rose while 1,654 shares fell. A total of 138 shares were unchanged

Derivatives;

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, rose 0.19% to 22.0750. The Nifty 26 May 2022 futures were trading at 16,398.65 at a premium of 33.1 points as compared with the spot at 16,365.55.

The Nifty option chain for the 26 May 2022 expiry showed maximum Call OI of 28.7 lakh contracts at the 17,000 strike price. Maximum Put OI of 41.4 lakh contracts was seen at 16,000 strike price.

Buzzing Index:

The Nifty Realty index fell 1.15% to 398.30 extending its losing run to the fifth day. The index has fallen 10.4% in five trading sessions.

Among the components of the Nifty Realty index, Macrotech Developers (down 3.82%), Sobha (down 3.78%), Godrej Properties (down 1.64%), Prestige Estates Projects (down 0.92%) and Oberoi Realty (down 0.84%) were the top losers.

Stocks in Spotlight:

Dalmia Bharat tumbled 5.18% to Rs 1380 after the company reported 6.4% decline in consolidated net profit to Rs 599 crore in Q4 FY22 from Rs 640 crore in Q4 FY21. Income from operations increased 7.3% YoY to Rs 3,380 crore during the quarter. Sales volume rose by 3.1% to 6.6 million tons in Q4 FY22 from 6.4 million tons in Q4 FY21.

Ramkrishna Forgings rallied 1.39% to Rs 174.8 after the company won a multi-year export order worth Rs 105 crore per annum from a leading trailer manufacturer in the USA. The supply for the same is expected to commence from the calendar year 2023.

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