Nifty above 17,850; Sensex adds 760 pts; Auto stocks advance

The headline equity indices traded with major gains in the morning trade. Postive global cues boosted the sentiments. The Nifty marched above the 17,850 mark. Auto stocks rise for the second day.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 760.43 points or 1.29% to 59,901.66. The Nifty 50 index added 235.60 points or 1.34% to 17,857.85.

In the broader market, the S&P BSE Mid-Cap index rose 1.72% while the S&P BSE Small-Cap index increased 1.44%

The market breadth was strong. On the BSE, 2,417 shares rose and 792 shares fell. A total of 120 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 312.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 94.68 crore in the Indian equity market on 20 September, provisional data showed.

Buzzing Index:

The Nifty Auto index rose 2.17% to 13,357.45. The index added 3.1% in two trading sessions.

TVS Motor Company (up 3.95%), Tata Motors (up 3.63%), Bharat Forge (up 3.52%), Tube Investments of India (up 3.35%), Hero MotoCorp (up 2.83%), Eicher Motors (up 2.42%), Bajaj Auto (up 2%), Sona BLW Precision Forgings (up 1.79%), Bosch (up 1.57%) and Ashok Leyland (up 1.55%) advanced.

On the other hand, Escorts Kubota (down 1.3%) declined.

Stocks in Spotlight:

Wipro rose 1.59%. Dhruv has over 20 years of experience in the IT industry, specializing in consulting, digital engineering, IoT, and emerging technologies across Japan's automotive, manufacturing, and hi-tech sectors. Wipro on Tuesday (20 September 2022) announced the appointment of Dhruv Anand as country head & managing director for operations in Japan.

IRCON International jumped 3.47% after the company said that it has been awarded work valuing Rs 256 crore by Mahanadi Coalfields (MCL). The company informed that it has been awarded the work of stage-III i.e. detailed engineering and project management consultancy (PMC) services for development of rail infrastructure for proposed 02 nos. RLS (20 MTY) for Ananta OCP of Jagannath Area at Talcher by Mahanadi (MCL) at total value of Rs 256 crore.

Olectra Greentech advanced 2.70% after the company's consortium with Evey Trans received letter of award from one of the State Transport Corporations for 123 electric buses. This order for supply of 123 electric buses is on gross cost contract (GCC) / OPEX model basis for a period of 15 years (contract period). Value of this contract is approximately Rs 185 crore to the company.

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