Nifty trades above 17,400; metal shares advance

The domestic equity barometers traded with moderate gains in morning trade. The Nifty traded above the 17,400 level. Metal shares snapped its three days falling streak.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 300.98 points or 0.51% to 59,263.10. The Nifty 50 index added 102.60 points or 0.59% to 17,406.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index advanced 1.04%.

The market breadth was strong. On the BSE, 2,309 shares rose and 787 shares fell. A total of 139 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,559.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,609.87 crore in the Indian equity market on 28 February, provisional data showed.

Economy:

India's GDP or gross domestic product slowed to 4.4 per cent in the October-December quarter 2022, primarily due to a 1.1 per cent contraction in manufacturing, along with weaker private consumption demand and government expenditure, according to the second advance estimates released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.

For the full financial year 2022-23, the National Statistics Office (NSO) has retained the growth estimate at 7 per cent in the second advance estimates. According to the first advance estimates released last month, the GDP growth was pegged at 7 per cent for 2022-23. In financial year 2021-2022, India's economy grew at 8.7 per cent.

Buzzing Index:

The Nifty Metal index advanced 2.85% to 5,419.05, snapping its three days declining streak. The index slipped 6.11% in past three trading sessions.

Adani Enterprises (up 9.25%), APL Apollo Tubes (up 4.57%), Hindustan Copper (up 3.29%), Jindal Steel & Power (up 3.02%), National Aluminium Company (up 2.81%), Hindalco Industries (up 2.76%), Welspun Corp (up 2.66%), Hindustan Zinc (up 2.37%), Vedanta (up 1.79%) and Tata Steel (up 1.68%) edged higher.

Stocks in Spotlight:

Hinduja Global Solutions (HGS) rose 0.23%. The company announced it has completed the acquisition of 100% stake in TekLink International Inc for $58.8 million. TekLink International Inc. is a full-service financial planning and analytics service provider to over 60 clients across multiple industries, including consumer products, retail, pharmaceuticals, manufacturing & distribution, utilities, and high tech.

Power Grid Corporation of India fell 1.82%. The company announced that it has been declared as the successful bidder under tariff based competitive bidding (TBCB) for establishing an inter-state transmission system in the state of Gujarat. The project involves "establishment of Khavda Pooling Station-3 (KPS3) in Khavda RE Park on build, own operate and transfer (BOOT) basis.

Natco Pharma advanced 0.35%. The pharma company announced the launch of Pomalidomide capsules in Canada, the first generic alternative to Pomalyst brand in the country approved by Health Canada. Pomalidomide is used in combination with Dexamethasone and Bortezomib for the treatment of adult patients with multiple myeloma.

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