Barometers turn volatile; Nifty below 17,300 level

The benchmark indices were trading with modest gains in mid-afternoon trade. Pharma and metal stocks were in demand. The Nifty continued to trade below 17,300 mark.

At 14:30 IST, the barometer index, the S&P BSE Sensex rose 184.59 points or 0.32% at 57,778.08. The Nifty 50 index gained 59.90 points or 0.35% at 17,281.90.

In the broader market, the S&P BSE Mid-Cap index added 0.59%. The S&P BSE Small-Cap index rose 0.73%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,476 rose and 1,889 shares fell. A total of 114 shares were unchanged.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.826% compared with 6.836% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.09, compared with its close of 76.1625 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement fell 0.67% to Rs 51,224.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 99.03.

In the commodities market, Brent crude for May 2022 settlement rose $1.23 or 1.09% $113.71 a barrel.

Buzzing Index:

The Nifty Realty index rose 1.31% to 456.90. The index advanced 3.47% in four trading sessions.

IndiaBulls Real Estate (up 2.37%), DLF (up 2.34%), Brigade Enterprises (up 2.28%), The Phoenix Mills (up 2.15%) and Godrej Properties (up 1%) were the top gainers in the Realty segment.

Stocks in Spotlight:

Goldiam International declined 3.16%. The company announced the receipt of confirmed additional export orders worth of Rs 60 crore from its International clients. The orders are for manufacturing of diamond studded gold and larger carat lab-grown diamonds jewellery. The aforesaid larger carat lab-grown diamonds will be utilised from in-house diamond growing subsidiary Eco-Friendly Diamonds LLP, which gives full backward integration to further enhance profit margin of the company.

Deep Industries gained 1.02%. The company said that it has received a letter of award (LoA) from Oil and Natural Gas Corporation (ONGC). The award is for hiring of gas compression services of 4.5 LSCMD capacity at Linch GGS for a period of 3 years. The total estimated value of the said award is approximate Rs 71.97 crore.

Engineers India advanced 3.29%. The company said it secured consultancy services from Bharat Oman Refineries (BORL) for electrolyser-based green hydrogen plant at Bina Refinery. BORL has selected EIL for providing consultancy services for electrolyser-based green hydrogen plant at Bina Refinery. "It shall be one of the largest Green Hydrogen Plant in the country with a capacity of approx. 8.5 TPD (20 MW)," EIL said in a statement.

Global Markets:

Shares in Europe and Asia advanced on Tuesday. Investors remain focused on developments in Russia's invasion of Ukraine. Ukraine's President Volodymyr Zelensky said Kyiv's negotiators were studying a Russian demand for Ukrainian neutrality. The comments came ahead of new face-to-face talks between Ukraine and Russia, set to start Tuesday in Turkey.

Meanwhile, crude oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.

In Washington, President Joe Biden released an annual $5.8 trillion (S$7.89 trillion) budget plan that would steer $6.9 billion towards Ukraine to assist in defending against Russia's invasion, as well as to aid NATO.

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