Sensex, Nifty at day's high; metal stocks shine

Equity indices were trading with strong gains near the day's high in morning trade. The Nifty crossed 16,850 level. All sectoral indices on the NSE were in the green. Metal, realty and consumer durable stocks were in demand. Positive Asian stocks boosted sentiment.

At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 826.76 points or 1.48% to 56,648.61. The Nifty 50 index added 241.40 points or 1.45% to 16,855.55.

In the broader market, the S&P BSE Mid-Cap index surged 1.66% while the S&P BSE Small-Cap index added 1.8%.

The market breadth was strong. On the BSE, 2,314 shares rose and 711 shares fell. A total of 119 shares were unchanged.

New Listing:

Shares of C E Info Systems (MapMyIndia) were currently trading at Rs 1377.95 on the BSE, at a premium of 33.39% as against the issue price of Rs 1033. The scrip was listed at Rs 1581, representing a premium of 53.05% to the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 1586.85 and a low of Rs 1330. Over 6.57 lakh shares of the company have changed hands in the counter till now. The initial public offer (IPO) of C E Info Systems (MapMyIndia) was subscribed 154.71 times. The issue opened for bidding on 9 December 2021 and it closed on 13 December 2021. The price band of the IPO was fixed at Rs 1,000-1,033 per share.

Buzzing Index:

The Nifty Metal index jumped 3.22% to 5,439.20, snapping its four day losing streak. The metal index saw bargain hunting after losing 7% in four days.

Jindal Steel & Power (up 4.24%), Tata Steel (up 3.44%), APL Apollo Tubes (up 3.43%), Steel Authority of India (up 3.15%) and Hindalco Industries (up 3.07%) were the top gainers. Among the other gainers were JSW Steel (up 2.99%), Vedanta (up 2.83%), NMDC (up 2.41%), Coal India (up 2.13%) and Hindustan Zinc (up 1.64%).

Stocks in Spotlight:

Rolex Rings rose 3.07% to Rs 1127.40 after the company said that it will develop Textile & Apparel Park, IT Park and Toy Park at Gondal district in Gujarat. As a part of promotion activity for vibrant Gujarat Summit 2022, Rolex Rings has entered into the Memorandum of Understanding (MoU) with the Government of Gujarat for development of Textile & Apparel Park, IT Park and Toy Park at Gondal district in the region with proposed investment of Rs 1500 crore.

K P I Global Infrastructure advanced 3.96% to Rs 296.65 after the firm received the confirmation for executing solar power project of 2.50 MWde capacity from M/s Vineet Polyfab, Surat under 'Captive Power Producer (CPP)' segment of the company.

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