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Shares trade higher; breadth strong

Published on Mar 08, 2022 10:33

The benchmark indices were trading higher in morning trade, supported by IT and pharma scrips. The Nifty was trading near the 15,900 level. However, soaring crude oil prices amid ongoing Russia-Ukraine crisis continue to be a matter of concern for global investors.

At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 149.14 points or 0.28% at 52,991.89. The Nifty 50 index gained 20.90 points or 0.13% at 15,884.05.

In the broader market, the S&P BSE Mid-Cap index added 1.12% while the S&P BSE Small-Cap index gained 1.43%.

The market breadth was strong. On the BSE, 2,275 shares rose and 714 shares fell. A total of 107 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 7,482.08 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,331.03 crore in the Indian equity market on 7 March 2022, provisional data showed.

Politics:

As per exit polls conducted by the media, the Bharatiya Janata Party (BJP) is expected to sweep with a majority in Uttar Pradesh and Manipur, while the Aam Aadmi Party (AAP) will unseat the Congress in Punjab, as per the polls for the just-finished five assembly elections released on 7 March 2022. In Uttarakhand, the ruling BJP may emerge as the first party to retain power in the hill-state. The BJP is likely to retain power in Manipur. Goa is likely to witness a fractured mandate in the recently contested assembly elections.

The elections to the five states - Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur - were held in seven phases between 10 February 2022 and 7 March 2022. The results will be announced on 10 March 2022.

Buzzing Index:

The Nifty IT index rose 1.98% to 34,813.10. The index rose 1.35% in the past two trading sessions.

MindTree (up 3.04%), Tata Consultancy Services (TCS) (up 2.93%), L&T Technology Services (LTTS) (up 2.91%), Tech Mahindra (up 2.02%) and Larsen & Toubro Infotech (LTI) (up 1.84%) were the top gainers in the IT segment.

Wipro rose 0.50%. The IT firm announced the appointment of Turki Bin Nader as General Manager and Country Head for the Kingdom of Saudi Arabia (KSA).

Stocks in Spotlight:

Gensol Engineering lost 0.43%. The company said that it received a loan of Rs 267.79 crore from India`s leading financial institution to expand its electric vehicles (EV) business. Gensol Engineering said that it has been expanding its fleet of EV cars. As on February 2022, its fleet consists of 284 such environment-friendly cars that are plying in the Delhi NCR region. With the loan proceeds, the company plans to augment its current fleet with another 3,000 EV cars by the end of year 2022.

NLC India fell 1.33%. The firm said that its board has declared an interim dividend of Rs 1.50 per equity share for the financial year 2021-22. The company had fixed 15 March 2022 as the record date for the purpose of ascertaining the members for entitlement of the said interim dividend. The dividend shall be paid to shareholders on or before 5 April 2022.

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