Sensex rallies 592 pts, Nifty above 15,550 mark
Published on Jun 23, 2022 10:30
The domestic equity benchmarks marched higher and hit the day`s high in the morning trade. The Nifty traded above the 15,550 mark. All the sectoral indices on the NSE were in the green with auto, media and private bank stocks gaining the most.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 592.87 points or 1.14% to 52,415.40. The Nifty 50 index gained 181.25 points or 1.18% to 15,594.55.
In the broader market, the S&P BSE Mid-Cap index gained 1.40% while the S&P BSE Small-Cap index rose 1.3%.
The market breadth was strong. On the BSE, 2,174 shares rose and 712 shares fell. A total of 106 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,920.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,859.07 crore in the Indian equity market on 22 June, provisional data showed.
Investors digested U.S. Federal Reserve Chair Jerome Powell`s comments on central bank`s aim to slow down the inflation. Powell, in testimony to the U.S. Senate Banking Committee, stated that higher rates are painful but are the means the U.S. central bank has to slow inflation. Investors are continuing to assess how worried they need to be about central banks potentially pushing the world economy into recession as they attempt to curb inflation with interest rate increases.
The Nifty Auto index advanced 2.09% to 11,108.50. The index shed 0.85% in the past trading session.
Hero MotoCorp (up 3.77%), Sona BLW Precision Forgings (up 3.29%), Eicher Motors (up 2.46%), Maruti Suzuki India (up 2.39%), Tata Motors (up 2.16%), TVS Motor Company (up 2.04%), Ashok Leyland (up 1.84%), Bosch (up 1.8%), Bajaj Auto (up 1.73%) and Escorts (up 1.36%) edged higher.
Bajaj Auto rose 1.73% after the board of the company scheduled to meet on Monday, 27 June 2022, to further deliberate on the proposal for buyback of fully paid-up equity shares of the company. The company`s board earlier met on 14 June 2022, to consider the share buyback. However, the proposal was deferred as board decided that further deliberations were required for the proposed buyback.
Stocks in Spotlight:
Vodafone Idea gained 1.29% after the board of directors of Vodafone Idea approved raising of funds aggregating upto Rs. 436.21 crore to Euro Pacific Securities (a Vodafone Group entity and promoter of the company), on a preferential basis. In case warrants are allotted, each warrant would be convertible into 1 equity share and the rights attached to warrants can be exercised at any time, within a period of 18 months from the date of allotment of warrants.
Separately, the board of directors of the company has approved the exercise of the option of deferment of the AGR related dues by a period of four years with immediate effect.
GPT Infraprojects surged 17.46% after the company said it bagged an order valued Rs 292 crore from East Coast Railway in Odisha. The order entails execution of viaducts, major bridges, road over bridges (ROBs), supply of vehicle, site facilities & other allied works in between Buguda- Baniguchha section and execution of ROB no. 229 in between Nuagaon - Daspalla section of East Coast Railway for Khurda Road - Bolangir New B. G. Link project. This contract is in joint venture. It was awarded by the office of the ECOR-CONST-HQ-ENGG, 2nd Floor, North Block, Rail Sadan, Samanta Vihar, Chandrasekarpur, Bhubaneswar, Odisha.
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