Indices trade sideways; breadth strong

Barometers traded sideways with small losses in mid morning trade. The Nifty hovered a tad above 18,000 mark. Banks and financial stocks corrected after yesterday's rally while auto stocks extended their winning streak.

At 10:29 IST, the S&P BSE Sensex fell 249.22 points or 0.41% at 60,362.89. The Nifty 50 index fell 49.75 points or 0.28% to 18,003.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.77% while the S&P BSE Small-Cap index rose 1.37%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,315 rose and 904 shares fell. A total of 140 shares were unchanged.

 

Buzzing Index:

The Nifty Auto index gained 1.33% to 10,947.6, extending its winning run to fifth trading session. The auto index has rallied 5% in five days.

Eicher Motors (up 2.9%), Tata Motors (up 2.36%), Tube Investments of India (up 1.96%), Ashok Leyland (up 1.82%) and Hero MotoCorp (up 1.63%) were the top gainers. Among the other gainers were MRF (up 1.36%), Balkrishna Industries (up 1.22%), TVS Motor Company (up 1.17%) and Mahindra & Mahindra (up 1.11%).

Stocks in Spotlight:

IndusInd Bank fell 0.18%. The private lender's net advances stood at Rs 2,39,307 crore as of 31 March 2022, recording a growth of 13% over Rs 2,12,595 crore as of 31 March 2021 and a growth of 5% over Rs 2,28,583 crore as of 31 December 2021. The bank reported a 15% growth in deposits to Rs 2,93,685 crore as of 31 March 2022 as against Rs 2,56,205 crore as of 31 March 2021 and 3% increase to Rs 2,84,827 crore as compared to 31 December 2021. CASA ratio stood at 42.8% as of 31 March 2022 as compared to 41.8% as of 31 March 2021 and 42.2% as of 31 December 2021.

Ramkrishna Forgings surged 4.12% to Rs 175.80 after the company said that it received an export order worth Rs 135 crore from a Euroasian OEM manufacturer. The order is for the heavy duty commercial vehicle crank shafts (06 CYL) business to be executed in next five years.

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