Shares extend gains; Nifty above 16,680 mark
Published on Feb 25, 2022 10:40
The domestic stock indices were trading with strong gains in morning trade amid positive global cues. Value buying emerged after the key domestic barometers slumped over 6.2% in the past seven consecutive sessions. All the sectoral indices on the NSE rallied.
At 10:20 IST, the barometer index, the S&P BSE Sensex, surged 1,427.66 points or 2.62% to 55,957.57. The Nifty 50 index jumped 434.20 points or 2.67% to 16,682.15.
In the broader market, the S&P BSE Mid-Cap index spurted 4.18% while the S&P BSE Small-Cap index surged 4.27%.
Buyers outpaced sellers. On the BSE, 2523 shares rose and 597 shares fell. A total of 111 shares were unchanged.
Buzzing Indian Segment:
The Nifty Media index surged 5.09% to 2,004.75. The index slumped 6.95% in the previous trading session.
Nazara Technologies (up 8.15%), TV18 Broadcast (up 7.64%), Zee Entertainment Enterprises (up 6.83%), DishTV India (up 5.42%), PVR (up 5.07%), Hathway Cable & Datacom (up 4.69%), Sun TV Network (up 4.34%), INOX Leisure (up 4.24%), Network18 Media & Investments (up 3.28%) and Saregama India (up 1.64%) surged.
Apollo Hospitals Enterprise (up 2.90%) will replace Indian Oil Corporation (up 2.77%) in the 50-share benchmark NIFTY 50 index effective Thursday, 31 March 2022.
Meanwhile, FSN E-Commerce Ventures (up 2.91%), Indian Oil Corporation, MindTree (up 3.30%), One 97 Communications (up 3.36%), SRF (up 4.79%) and Zomato (up 4.21%) will replace Apollo Hospitals Enterprise, Aurobindo Pharma (up 1.98%), Hindustan Petroleum Corporation (up 0.13%), Indraprastha Gas (up 3.18%), Jindal Steel & Power (up 5.16%) and Yes Bank (up 4.12%) in the NIFTY Next 50 index.
Further, Bank of Baroda (up 4.67%) will replace RBL Bank (up 7.41%) in the NIFTY Bank index.
Stocks in Spotlight:
Bharat Electronics (BEL) jumped 5.43%. The Ministry of Defence has signed a contract for Rs. 1075 crore with BEL for the retro-modification of commander sight of battle tanks-T-90. The retro-modification will be carried out in 957 T-90 tanks of the Indian Army.
Dr. Reddy`s Laboratories rose 1.29%. The drug maker announced that it has entered into a definitive agreement to acquire Nimbus Health GmbH. Nimbus Health is a privately owned, licensed pharmaceutical wholesaler from Germany focusing on medical cannabis in Germany. Dr. Reddy`s will acquire Nimbus Health for an upfront payment plus performance and milestone-based earn-outs over the next four years.
American credit rating agency, Moody`s Investors Service has raised India`s growth forecast to 9.5% from 7% for the calendar year 2022, citing a stronger-than-expected economic recovery from the national lockdown of 2020 and the second wave of the COVID-19 pandemic in mid-2021.
Moody`s said in a statement that they have raised the 2022 calendar year growth forecasts for India and maintained the forecast for 5.5% growth in 2023. This translates into 8.4% growth in fiscal year 2022-23 and 6.5% growth in fiscal year 2023-24. However, it flagged high oil prices and supply distortions as a drag on growth.
It said, Indian economy is estimated to have surpassed the pre-COVID level of GDP by more than 5% in the last quarter of 2021 and added that sales tax collection, retail activity and PMIs suggest solid momentum.
The Agency said, 2022 Budget prioritised growth, with a 36 percent increase in allocation to capital expenditure to 2.9% of GDP for the fiscal year 2022-23. It said, with the RBI leaving interest rates unchanged at its February meeting, monetary policy remains supportive.
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