Barometer trade with minor gains; metal shares advance

The domestic benchmarks continued to trade with small gains in morning trade. The Nifty hovered above the 22,100 level. Metal shares gained for the three consecutive trading sessions.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 99.01 points or 0.14% to 72,876.23. The Nifty 50 index added 29.90 points or 0.14% to 22,133.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.34% and the S&P BSE Small-Cap index added 0.92%.

The market breadth was strong. On the BSE, 2,339 shares rose and 1,033 shares fell. A total of 169 shares were unchanged.

Economy:

The annual inflation rate based on all India Consumer Price Index (CPI) number is 4.83% (provisional) for the month of April 2024 over April, 2023. Corresponding inflation rate for rural and urban is 5.43% and 4.11%, respectively. CPI for the months of January, February and March 2024 are 5.10, 5.09 and 4.85 respectively.

Results Today :

Bharti Airtel (up 0.09%), Shree Cement (up 1.31%), Siemens (down 0.22%), Apollo Tyres (up 0.49%), Bajaj Electricals (up 0.42%), Colgate-Palmolive (India) (up 0.67%), Bharti Hexacom (up 1.12%), PVR Inox (up 0.36%), BLS International Services (up 2.11%), Devyani International (up 0.90%), Ideaforge Technology (up 0.3.20%), Oberoi Realty (up 0.32%), Patanjali Foods (up 0.12%), and Radico Khaitan (up 1.00%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Metal index gained 1.19% to 9,203.45. The index advanced 4.09% in the three trading sessions.

Jindal Steel & Power (up 3.57%), Jindal Stainless (up 2.32%), Hindalco Industries (up 1.93%), NMDC (up 1.82%) and Hindustan Copper (up 1.69%), JSW Steel (up 1.5%), Welspun Corp (up 1.4%), Steel Authority of India (up 0.86%), National Aluminium Company (up 0.71%) and Vedanta (up 0.57%).

Stocks in Spotlight:

Maruti Suzuki gained 1.06% after the company launches two new variants of the Fronx car, priced at Rs 8.93 lakh and Rs 9.43 lakh.

Vedanta rose 0.77%. The company considers raising funds through equity issuance (FPO, rights issue) on May 16th. Its subsidiary Cairn Oil and Gas reports a 19% YoY growth in reserves and resources.

Zomato declined 1.91%. The company subsidiary Zomato Payments to voluntarily surrender its online payment aggregator license and prepaid payment instrument issuance application.

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