Sensex zooms 559 pts, Nifty above 16,750 mark

The key equity benchmarks traded with strong gains in early trade amid positive global cues. The Nifty traded above 16,750 mark. All the sectoral indices on the NSE were trading in the green.

At 09:28 IST, the barometer index, S&P BSE Sensex was up 559.44 points or 1% to 56,377.55. The Nifty 50 index rose 163.95 points or 0.99% to 16,791.95.

In the broader market, the S&P BSE Mid-Cap index gained 0.47% while the S&P BSE Small-Cap index added 0.74%.

The market breadth was strong. On the BSE, 1,998 shares rose while 536 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 451.82 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 130.63 crore in the Indian equity market on 2 June 2022, provisional data showed.

Stocks in Spotlight:

Deepak Nitrite declined 3.92%. The company informed that a fire incident took place around warehouse section of its manufacturing site tocated at Nandesari, district Vadodara, in Gujarat. The incidence occurred on 2nd June 2022 at around 6:00 P.M. lmpact of the incidence is being ascertained. There were no casualties. Both, loss of assets as well as loss of business are covered under insurance.

UltraTech Cement fell 0.79%. The cement major`s board approved capex of Rs 12,886 crore towards increasing capacity by 22.6 mtpa with a mix of brown field and green field expansion. This will be achieved by setting-up integrated and grinding units as well as bulk terminals. The additional capacity will be created across the country.

G R Infraprojects advanced 2.42%. The construction company has signed a concession pact with National Highways Authority of India (NHAI) for a Rs 1,577 crore road project. The deal has been inked for NH-71 from Madanapalli, Andhra Pradesh under Bharatmala Pariyojna.

Tech Mahindra rose 2.35% after the IT solutions provider announced that it has collaborated with Anritsu to launch an IoT (Internet of Things) experience lab in Tech Mahindra`s Fremont, CA facility. The lab aims to create a simple, cost-effective environment for 5G IoT device manufacturers to verify device performance to ensure greater product confidence during pre-commercialization.

Housing Development Finance Corp. (HDFC) rose 0.63%. The housing finance major has collaborated with Accenture to digitally transform its lending business. The collaboration will revamp HDFC`s customer experience and business processes to provide greater operational agility and efficiency, and drive business growth.

Hindalco Industries gained 0.66%. The Aditya Birla Group`s metal firm announced closure of Disinvestment of Hindalco Do Brazil Industria Comercia de Alumina LTDA (HDB), a wholly owned step down subsidiary.

Global Markets:

Most Asian shares rose on Friday, following gains overnight on Wall Street. Investors are looking ahead to the release of U.S. jobs data for May. Markets in mainland China, Hong Kong and Taiwan are closed on Friday for a holiday.

In the US, the three major indices snapped two-day losing streaks. The S&P 500 jumped 1.84% to 4,176.82. The Dow Jones Industrial Average climbed 435.05 points, or 1.33%, to 33,248.28. The tech-heavy Nasdaq Composite surged 2.69% to 12,316.90.

Microsoft fell after the company warned of a hit to its profits from a stronger dollar. It cut its fourth-quarter forecasts for both profit and revenue.

In the commodities market, Brent crude for August 2022 settlement was down 9 cents or 0.08% at $117.52 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Thursday to pump more crude oil over the next two months as Russian production begins to drop because of Western sanctions.

Powered by Capital Market - Live News