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Sensex, Nifty spurt in early trade, breadth strong

Published on Jun 24, 2022 09:31

The key equity indices are trading with robust gains in early trade amid buying demand in index pivotals. Positive Asian stocks boosted the sentiment. The Nifty traded a tad above the 15,700 level. All the sectoral indices on the NSE were in the green with bank and media stocks gaining the most.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 529.18 points or 1.01% to 52,794.90. The Nifty 50 index gained 150.65 points or 0.97% to 15,707.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.86% while the S&P BSE Small-Cap index gained 1.11%.

The market breadth was strong. On the BSE, 2,002 shares rose and 450 shares fell. A total of 80 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,319.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,438.31 crore in the Indian equity market on 23 June, provisional data showed.

Stocks in Spotlight:

Hero MotoCorp gained 1.06%. The two-wheeler major will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from 1 July 2022. The price revision will be up to Rs. 3000. The exact quantum of increase will be subject to the specific model and market. The price revision has been necessitated to partially offset the steadily growing overall cost inflation, including commodity prices.

ONGC rose 1.89% after ONGC Videsh (OVL), the wholly owned subsidiary and overseas arm of ONGC, has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. ONGC Videsh holds 70% participating interest (PI) in the block along with operatorship, remaining 30% is held by partner Geopark.

Shares of Thermax were up 1.45% after First Energy (FEPL), wholly owned subsidiary of the company has acquired two companies vide Share Purchase Agreement (SPA). The companies acquired are Jalansar Wind Energy Private Limited (JWEPL) and Kanakal Wind Energy Private Limited (KWEPL).

Jammu & Kashmir Bank advanced 2.41% after the meeting of the board of directors of the bank is scheduled on 28 June 2022 to consider the raising of capital (Tier I/Tier II) during the financial year 2022-23.

Cigniti Technologies gained 1.82% after the meeting of the board of directors of the company is scheduled on 29 June 2022, through video conference to consider and approve the closure of buyback of equity shares of the company.

Global Markets:

Asian stocks are trading higher on Friday as investors weigh recession fears.

Core consumer prices in Japan rose 2.1% for the month of May compared to a year earlier, in line with estimates. That`s above the Bank of Japan`s target of 2% inflation.

Wall Street`s main indexes posted solid gains on Thursday, fuelled by strong performance from defensive and tech shares that outweighed declines for economically sensitive groups as worries persisted about a potential recession.

Federal Reserve Chair Jerome Powell on Thursday reiterated that the central bank is �strongly committed� to bringing down inflation, as he spoke on monetary policy for a second day before Congress. He also noted that a recession is a �possibility,� a fear that has continued to weigh on Wall Street.

The largest US banks on Thursday easily cleared the Federal Reserve`s annual health check. The results of the Fed`s annual "stress test" exercise showed the banks have enough capital to weather a severe economic downturn and paves the way for them to issue share buybacks and pay dividends.

On Thursday, the Labor Department said U.S. weekly jobless claims fell 2,000 to a seasonally adjusted 229,000 for the week ended June 18, showing the labor market remains tight.

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