Sensex, Nifty trade near day`s high
Published on Mar 17, 2022 14:30
The main indices traded near the day`s high, supported by banks stocks. The Nifty traded above the crucial 17,300 mark.
At 14:28 IST, the barometer index, the S&P BSE Sensex, added 1184.33 points or 2.08% at 58,000.98. The Nifty 50 index gained 345.9 points or 2.04% at 17,321.80.
Broader market lagged the main indices. The S&P BSE Mid-Cap index added 1.1%. The S&P BSE Small-Cap index rose 1.23%.
Buyers outnumbered sellers. On the BSE, 2,200 shares rose and 1,171 shares fell. A total of 118 shares were unchanged.
A foreign brokerage downgraded India to `underweight` from `neutral`, saying GDP growth may disappoint, adding to the downside risks to EPS estimates. High inflation is hurting both households and businesses, the brokerage said as it noted that the MSCI India is trading at a 98% premium to the broader emerging market index. The brokerage said it retains its positive view on India`s defensive pocket as a shelter for volatile times. Domestic monetary tightening cycle is key to watch, it said.
The Nifty Metal index rallied 2.3% to 6,205.35. The index has added 5% in two days.
JSW Steel (up 4.59%), Jindal Steel & Power (up 3.2%), Tata Steel (up 3.15%), Vedanta (up 1.71%) and Steel Authority of India (up 1.49%) were the top gainers. Among the other gainers were Hindalco Industries (up 1.44%), APL Apollo Tubes (up 0.99%) and Coal India (up 0.51%).
Stocks in Spotlight:
Hindustan Construction Company (HCC) jumped 8.67% to Rs 16.30 after the company, in consortium with Om lnfra (OMIL), has been awarded Rs 609 crore contract by Public Health Engineering Department, Govt of Rajasthan. The contract is for the construction of the Nokha water supply project to provide functional household tap connection (FHTC) in Bikaner District. The HCC share in the joint venture is 50%.
Ramco Industries added 1.4% after ICRA reaffirmed the short-term and long-term ratings on the debt instruments of the company. The rating agency has reaffirmed the long-term rating at "[ICRA] AA- (Stable)" and the short-term rating at "[ICRA] A1+".
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 6.775% compared with 6.788% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.78, compared with its close of 76.21 during the previous trading session.
MCX Gold futures for 5 April 2022 settlement rose 0.82% to Rs 51,566.
The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.4% to 98.20.
In the commodities market, Brent crude for May 2022 settlement rose $3.01 or 3.07% $101.1 a barrel.
Powered by Capital Market - Live News