Indices extend gains; Nifty above 17,500 level

The benchmark indices extended initial gains in morning trade. Barring the Nifty IT index, all the sectoral indices on NSE advanced. The Nifty hovered above 17,500 mark.

At 10:30 IST, the barometer index, S&P BSE Sensex rose 231.18 points or 0.39% at 58,799.69. The Nifty 50 index gained 74.45 points or 0.43% at 17,539.20.

The S&P BSE Mid-Cap index added 0.97%. The S&P BSE Small-Cap index rose 1.40%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,423 rose and 666 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,088.73 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,145.28 crore in the Indian equity market on 31 March 2022, provisional data showed.

Economy:

India's current account deficit (CAD) increased to $23 billion (2.7% of GDP) in Q3:2021-22 from $9.9 billion (1.3% of GDP) in Q2:2021-22 and $2.2 billion (0.3% of GDP) a year ago [i.e., Q3:2020-21]. The widening of CAD in Q3:2021-22 was mainly on account of higher trade deficit, as per the data released by the Reserve Bank of India (RBI) on 31 March 2022.

India's fiscal deficit at February-end at 82.7% of revised estimates in Budget, according to official data released by the government on Thursday. The fiscal gap stood at Rs 13.17 lakh crore.

In April-February, net tax receipts were Rs 14.81 lakh crore while total expenditure was Rs 31.44 lakh crore, the data showed. The revenue gap came in at Rs 8.7 lakh crore, while spending was at Rs 31.4 lakh crore.

Buzzing Index:

The Nifty Bank index rose 1.07% to 36,761.10. The index added 3.81% in five trading sessions.

IDFC First Bank (up 4.28%), RBL Bank (up 3.53%), Bandhan Bank (up 3.33%), Punjab National Bank (PNB) (up 2.28%) and Federal Bank (up 2.26%) were the top gainers in the Bank segment.

Stocks in Spotlight:

Adani Enterprises rose 0.51%. Adani Road Transport (ARTL) has received a Letter of Award (LoA) from National Highways Authority of India (NHAI) for a road project in Maharashtra worth Rs 2,008.47 crore. ARTL, a wholly owned subsidiary of Adani Enterprises ("AEL"), is engaged in the business of construction, operation and maintenance of roads. highways, expressways. It is focused on building road infrastructure in the country. ARTL recently participated in the tender under Build-Operate-Transfer ("BOT") Toll mode invited by NHAI. It has received LoA for the project which entails six laning of Kagal-Satara section of NH-48 (old NH4) in the state of Maharashtra. The project will be executed under Bharatmala Pariyojana. The construction period for the 67-km long road project is expected to be 2 years from the date of appointment. The concession period will be 18 years.

Sansera Engineering jumped 4.89%. The company said it won a large order from BMW Motorrad for aluminium forged and machined parts. Sansera Engineering has bagged orders for two packages consisting of 26 aluminium forged and machined parts from BMW Motorrad amounting to approximately Rs 300 crore over 10 years. These parts will be supplied from one of the Sansera Bengaluru plants, where Sansera has created a facility for aluminium forging and machining, including solution heat treatment and anodizing.

APL Apollo Tubes gained 1.54%. The firm registered a sales volume of 5,51,723 ton in Q4 FY22, which is higher by 26.7% as compared with 4,35,348 ton recorded in Q4 FY21. The company's sales volume has increase by 37% from 4,02,729 ton reported in Q3 FY22. For full-year, the company registered sales volume of 17,54,963 ton compared to 16,40,353 ton in FY21, up 7% Y-o-Y. APL Apollo's strategy is to constantly de-commoditize its product portfolio in coming years. The value added product portfolio contributed 63% in FY22 as against 57% in FY21.

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