Sensex rises 574 points; broader market rallies

Equity indices hit fresh intraday high in afternoon trade. The Nifty hovered near the 17,400 mark. Buying was wide spread as all the sectoral indices on the NSE were in the green.

At 13:30 IST, the barometer index, the S&P BSE Sensex, jumped 573 points or 0.99% at 58,368.36. The Nifty 50 index gained 180.8 points or 1.05% at 17,384.70.

In the broader market, the S&P BSE Mid-Cap index rose 1.4% while the S&P BSE Small-Cap index added 1.19%.

The market breadth was strong. On the BSE, 2,526 shares rose and 804 shares fell. A total of 95 shares were unchanged.

Gainers & Losers:

Hindalco (up 5.03%), Titan Company (up 3.31%), UltraTech Cement (up 3.14%), Shree Cements (up 2.96%) and Bharat Petroleum Corporation (up 2.37%) were top gainers in Nifty 50 index.

NTPC (down 1.65%), Cipla (down 0.87%), Tech Mahindra (down 0.28%) and SBI Life Insurance Company (down 0.18%) were top losers in Nifty 50 index.

Stocks in Spotlight:

Power Grid Corporation of India fell 0.17%. The company approved an investment proposal for the expansion of power grid telecom into data centre business and establish a data centre at Manesar (Gurugram, Haryana) at an estimated cost of about Rs 322 crore.

State Bank of India (SBI) gained 1.89%. India`s largest public sector bank on Thursday announced the acquisition of 9.95% stake in India International Exchange (IFSC). In a stock exchange filing, SBI said that the 9.95% stake in IFSC is to be acquired subject to a maximum investment of Rs 34.03 crore.

Economy:

Finance Minister Nirmala Sitharaman chaired the pre-budget consultations with the Finance Ministers of States and Union Territories for Union Budget 2022-23 in New Delhi on Thursday. The meeting was attended by Union Minister of State for Finance, Chief Ministers, Deputy Chief Ministers, Finance Ministers, Ministers and Senior Officers from the States and Union Territories and the Union Government.

The Finance Secretary welcomed all the participants to the deliberation and informed the importance of this particular consultation meeting. Most of the participants thanked the Union Finance Minister for financially supporting their States and Union Territories during the worst months of pandemic, by enhancing borrowing limits, providing back to back loans to States and through special assistance for capital expenditure.

The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget Speech. Sitharaman thanked the participants for their inputs and suggestions towards Union Budget 2022-23 and assured to examine each of the proposals.

COVID-19 Update:

India`s active caseload currently stands at 91,361. Active cases account for less than 1% of total cases, currently at 0.26%. Recovery rate currently stands at 98.36%. India reported 7,585 recoveries in the last 24 hours, which increases total recoveries to 3,42,66,363.

A total of 16,764 new cases were reported in India in the last 24 hours. Daily positivity rate (1.34%) is less than 2% for last 88 days. Weekly positivity rate (0.89%) is less than 1% for last 47 days. According to the Union Health Ministry data updated on Thursday, the country recorded 961 cases of the Omicron variant of coronavirus across 22 states and UTs so far.

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