Sensex, Nifty trade in range; Nifty near 16,900 level

The benchmark indices traded in a range during afternoon trade, buoyed by consumer durables and banks stocks. All the sectoral indices on the NSE were in the green. The Nifty hovered a tad below 16,900 level.

At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 743.40 points or 1.33% at 56,520.25. The Nifty 50 index gained 221.70 points or 1.33% at 16,884.70.

Infosys (up 1.93%), Reliance Industries (RIL) (up 1.33%) and HDFC Bank (up 1.49%) boosted the indices.

Broader markets were almost at par with the benchmark indices. The S&P BSE Mid-Cap index added 1.34%. The S&P BSE Small-Cap index rose 1.16%.

Buyers outnumbered sellers. On the BSE, 2,222 shares rose and 1,084 shares fell. A total of 132 shares were unchanged.

Gainers & Losers:

Axis Bank (up 4.47%), Ultratech Cement Co. (up 2.36%), IndusInd Bank (up 1.90%), Eicher Motors (up 1.65%) and Bajaj Finserv (up 1.57%) were the major gainer in Nifty 50 index.

Cipla (down 4.13%) and Sun Pharmaceutical Industries (down 3.89%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Tata Communications rallied 3.13%. The company announced a multi-year strategic collaboration with Formula 1. Under the collaboration, Tata Communications will function as the official broadcast connectivity provider of Formula 1. Tata Communications will empower Formula 1 with global end-to-end managed network services for video contribution. For this, the company will facilitate the transfer of more than 100 video feeds and over 250 audio channels to be transmitted between the Grand Prix venue and F1`s Media & Technology Centre in the UK every race weekend in under 200 milliseconds, enabling F1 to broadcast to over 500 million fans in 180+ territories globally.

One 97 Communications (Paytm) jumped 6.79%. Munish Ravinder Varma, non-executive, non-independent director of One 97 Communications (Paytm), resigned with effect from the close of business hours on 14 March 2022, due to personal commitments and other pre-occupations. Upon Varma`s resignation, Vikas Agnihotri, alternate director to Munish Ravinder Varma, ceased to be alternate director of the company from closure of business hours on 14 March 2022.

Torrent Power gained 0.87%. The company said it will purchase 51% stake in Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation. Torrent Power has entered into a Share Purchase Agreement (SPA) and Shareholders Agreement (SHA) with administrator of the Union Territory of Dadra and Nagar Haveli and Daman and Diu (holding entity) and Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation (the SPV) for purchase of 51% equity share capital of the SPV from the holding entity. The SPV will be responsible for distribution and retail supply of electricity. It holds distribution license in the Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD).

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