Indices clock modest gains in early trade; Nifty trades above 15,950

Benchmark indices opened higher and traded with moderate gains in early trade. Domestic sentiment was positive amid upbeat global cues. The Nifty traded above the 15,950 level. All the sectoral indices on the NSE traded in the green.

At 09:19 IST, the barometer index, S&P BSE Sensex was up 288.58 points or 0.54% to 53,262.42. The Nifty 50 index rose 111.25 points or 0.70% to 15,953.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.69% while the S&P BSE Small-Cap index added 0.83%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,796 shares rose while 506 shares fell. A total of 84 shares were unchanged.

Life Insurance Corporation (LIC) of India will debut on the bourses today, 17 May 2022. The issue was subscribed 2.95 times.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,788.93 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,428.39 crore in the Indian equity market on 16 May 2022, provisional data showed.

Stocks in Spotlight:

SJVN rose 2.56% to Rs 28. The state-owned firm will develop another hydro power project Arun-4 worth Rs 4,900 crore in Nepal. A Memorandum of Understanding (MoU) for the development of the 490 MW Arun-4 hydro electric project in Nepal has been signed in Lumbini, Nepal. With this, the company will have portfolio of three projects in Nepal having total capacity of 2059 MW.

KEC International gained 2.81% to Rs 380.50 after the infrastructure EPC major secured new orders of Rs 1,147 crore across its various businesses.

Aditya Birla Capital advanced 4.1% to Rs 98.95. The financial services provider on Monday said Ajay Srinivasan has decided to step down as MD and CEO of the company as he had "expressed his desire to take on a new role within the group".

Global Markets:

Asian shares advanced on Tuesday, boosted by some tech stocks and as investors evaluated China's efforts to stamp out a Covid outbreak.

Shanghai reported three days of zero community transmission, a milestone that could lead officials to start unwinding a growth-sapping lockdown.

In the US, the S&P dipped 0.39% on Monday. The Dow Jones Industrial Average saw a similar swing, although the 30-stock index eked out a 0.8% gain at the closing bell. The Nasdaq Composite, meantime, was the session's underperformer as the carnage in tech stocks continued.

Data on Monday showed factory activity in New York state slumped in May for the third time this year amid a collapse in new orders and shipments.

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