Indices trade sideways with gains

The main indices traded sideways with strong gains in mid morning trade. The Nifty slipped below 17,950. Healthcare and pharma stocks corrected. Anticipation of strong Q3 results from domestic companies boosted sentiment.

At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 339.59 points or 0.66% at 60,138.43. The Nifty 50 index was up 121.70 points or 0.68% at 17,934.75.

The broader market also traded with strong gains. The S&P BSE Mid-Cap index added 0.51% while the S&P BSE Small-Cap index rallied 0.96%.

The market breadth was strong. On the BSE, 2,602 shares rose and 898 shares fell. A total of 122 shares were unchanged.

Economy:

India's Gross Domestic Product (GDP) is estimated to rise 9.2% in the current fiscal as compared to a contraction of 7.3% in the financial year 2020-21. This was stated by the Statistics and Programme Implementation Ministry in its First Advance Estimates of National Income for the financial year 2021-22.

It has also been stated that real GDP or GDP at Constant Prices in the current fiscal year is estimated at Rs 147.54 lakh crore as against the Provisional Estimate of GDP for the year 2020-21 of Rs 135.13 lakh crore. Second Advance Estimates of National Income for the year 2021-22 and quarterly GDP estimate for the quarter October-December, 2021 will be released next month.

Buzzing Index:

The Nifty Media index gained 1.72% to 2,281.60, amid bargain hunting after declining 0.83% in previous trading session.

PVR (up 3.34%), Hathway Cable & Datacom (up 2.97%), Saregama (up 1.91%), Inox Leisure (up 1.76%), Dish TV (up 1.69%) and Zee Entertainment Enterprise (up 1.57%) were top gainers in media space.

Stocks in Spotlight:

GTPL Hathway jumped 11.34% to Rs 299.50 after the company said it partnered with Aprecomm to bring innovation to customer experience with network intelligence. GTPL Hathway announced an investment in innovative technology to remotely optimise its residential Wi‐Fi connections through a partnership with Aprecomm. Aprecomm offers cloud‐based automated solutions to enhance Wi‐Fi performance. Its patented technology helps in automatically and proactively troubleshooting Wi‐Fi issues.

Larsen & Toubro (L&T) advanced 1.06% to Rs 1,925.10 after the company's construction arm bagged a 'significant' contract for its heavy civil infrastructure business. The construction arm of L&T has secured an order in the Mumbai Ahmedabad High Speed Rail Project. The contract has been awarded by the National High Speed Rail Corporation (NHSRCL). L&T is already executing two other projects of the high-speed corridor.

Global Markets:

Asian stocks were mixed on Monday as investors kept an eye on the coronavirus pandemic and rising interest rates in the U.S.

Japan's markets are closed for a public holiday. Covid cases have continued to rise sharply around the globe following the emergence of the highly transmissible omicron variant.

U.S. stocks ended lower Friday as investors worried about looming U.S. interest-rate hikes and unfolding Omicron news.

On Friday, the Labor Department reported the U.S. economy added far fewer jobs in December than expected. The nonfarm payrolls report showed an increase of 199,000 in December. The U.S. unemployment rate fell to 3.9% in December from 4.2% in November, the jobs report showed.

Powered by Capital Market - Live News