Sensex, Nifty trade sideways with strong gains
Published on Mar 17, 2022 11:37
Barometers traded sideways with strong gains in mid morning trade. The Nifty traded above the 17,250 level. All the sectoral indices on the NSE were trading in the green. Banks, financials and realty shares surged.
At 11:35 IST, the barometer index, the S&P BSE Sensex, jumped 1,087.34 points or 1.91% at 57,904.87. The Nifty 50 index rallied 305.75 points or 1.8% at 17,281.30.
In the broader market, the S&P BSE Mid-Cap index jumped 1.34% while the S&P BSE Small-Cap index rallied 1.22%.
Buyers outnumbered sellers. On the BSE, 2,302 shares rose and 901 shares fell. A total of 131 shares were unchanged.
A foreign brokerage has 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 Consumer Durable index surged 3.17% to 28,454.65, extending its winning run to second trading session. The index has added 5.35% in two days.
Whirlpool of India (up 5.46%), Kajaria Ceramics (up 4.32%), Titan Company (up 4.2%), TTK Prestige (up 3.95%), Bata India (up 3.1%), Voltas (up 2.98%), Havells India (up 2.98%) and Rajesh Exports (up 1.61%) were top gainers in consumer durable space.
Stocks in Spotlight:
Yasho Industries advanced 3.68% to Rs 1875 after the company`s board approved capital expenditure of Rs 350 crore for phase-1 of its greenfield project at Pakhajan (Dahej), Gujarat. The company intends to manufacture lubricant additives and rubber chemicals with a total capacity of 15500 MT per annum in phase-1 at this new facility. Post expansion, the total manufacturing capacity will increase from 11,000 MTPA to 26,500 MTPA with a revenue potential of Rs 500 crore to 550 crore in phase-1 at full capacity utilisation.
PNC Infratech rose 2.92% to Rs 252.25 after the company announced the receipt of Rs 82.68 crore towards bonus for early completion of one of its EPC projects from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA). The project involved development of Purvanchal Expressway (Package V) from Sansarpur (Dist. Sultanpur) to Gobindpur (Dist. Azamgarh) Km, in the state of Uttar Pradesh. The project was completed on 26 October 2021, one hundred thirty-two (132) days ahead of the scheduled completion date. Accordingly, bonus of 0.04% of the contract price (Rs 1,566 crore), for each day of early completion has been received by the company as per terms of the contract agreement.
Asian stocks advanced on Thursday following overnight gains on Wall Street, while the US Federal Reserve announced its first rate hike in more than three years.
The Fed announced at the conclusion of its two-day meeting Wednesday that it will increase short-term interest rates by a quarter of a percentage point, a well-telegraphed move by the central bank as it seeks to control surging inflation. The Fed forecast a consensus funds rate of 1.9% by year`s end, which would mean a hike at each of the remaining central bank meetings this year.
Fed Chair Jerome Powell, speaking after the end of the two-day policy meeting, said the economy is strong enough to weather the rate hikes and maintain its current strong hiring and wage growth. He further added that the Fed needs to now focus on limiting the impact of price increases on American families.
Meanwhile, the International Court of Justice (ICJ) ordered Russia on Wednesday to stop the military actions it started in Ukraine on February 24. "The Russian Federation shall immediately suspend the military operations that it commenced on February 24 in the territory of Ukraine," the court said. The judges added Russia must also ensure that other forces under its control or supported by Moscow should not continue the military operation.
Crude oil lost ground for the fifth time in the last six days on Wednesday as traders reacted to hoped-for progress in Russia-Ukraine peace talks and a surprising increase in US inventories.
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