Nifty above 15900; breadth remains strong

Equity indices traded sideways with moderate gains in the morning trade. Barring FMCG and IT stocks all the other sectoral indicies on the NSE traded in the green. The Nifty rose above the 15,900 mark

At 10:26 IST, the barometer index, S&P BSE Sensex was up by 487.02 points or 0.92% at 53,280.64. The Nifty 50 index rose 144.85 points or 0.92% at 15,927.

In the broader market, the S&P BSE Mid-Cap index gained 1.30% while the S&P BSE Small-Cap index surged 1.03%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,226 shares rose while 840 shares fell. A total of 159 shares were unchanged.

Results Today

Ami Organics (up 0.62%), Bharat Forge (up 1.96%), Century Plyboards (India) (up 1.09%), Dodla Dairy (up 1.74%), Fino Payments Bank (up 2.55%), Glaxosmithkline Pharmaceuticals (up 0.98%), Greenply Industries (up 1.06%), GRM Overseas (up 5%), Multi Commodity Exchange India (up 1.33%), Nava Bharat Ventures (up 6%), PDS (up 1.13%), RateGain Travel Technologies (up 3.41%), Raymond (up 1.17%), VIP Industries (down 3.54%), are some of the companies that will announce their results today.

Buzzing Index :

The Nifty Metal Index was up 2.62% to 5,452, snapping its two day losing streak. The index saw bargain hunting after correcting 5.7% in two days.

Among the components of the Nifty Metal index, JSW Steel Ltd (up 3.05%), Ratnamani Metals & Tubes Ltd (up 3%), Welspun Corp Ltd (up 2.67%) and Tata Steel Ltd (up 2.67%) were the top gainers.

Adani Enterprises was up 3.48%. Adani Group will acquire Holcim's full stakes in Ambuja Cement and ACC. The corresponding offer share prices of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translate into cash proceeds of 6.4 billion Swiss Franc (CHF) for Holcim. Holcim holds 63.11% stake in Ambuja Cement, which owns a 50.05% interest in ACC, as well as its 4.48% direct stake in ACC.

Stocks in Spotlight :

Quint Digital Media was locked in 10% upper circuit at Rs 327.55 after the company announced the signing of definitive agreements with Adani Enterprises for divesting 49% stake in Quintillion Business Media. On March 1, Quint Digital Media had announced the signing of a binding term sheet with the Adani Group for divesting minority stake in its digital business news venture (QBM).

Tech Mahindra fell 0.27% to Rs 1199. The IT major's consolidated net profit rose 10% to Rs 1,505.70 crore and net sales rose 5.8% to Rs 12,116.30 crore in Q4 FY22 over Q3 FY22. On a Consolidated basis, profit before tax (PBT) stood at Rs 1,873.30 crore in the fourth quarter, down by 0.7% from Rs 1886.40 crore in Q3 FY22. The Q4 result was declared after trading hours on Friday, 13 May 2022.

Rites rose 0.04% to Rs 246.30. The PSU firm secured the consultancy and supervision work order from a civil body of Guyana, South America. RITES said it secured a consultancy and supervision work for construction of the East Bank-East Coast Road Linkage Project (Ogle to Eccles (Haags Bosch)) Phase-1 from the Ministry of Public Works, Guyana for a fee of $3,204,420.

Powered by Capital Market - Live News