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Nifty regains 17,400 mark; metal stocks in demand

Capital Market 

The BSE Sensex traded with small losses while the Nifty bounced back in mid-morning trade. At 11:30 IST, the barometer index, the S&P BSE Sensex, skid 120.07 points or 0.21% at 58,345.82. The Nifty 50 index was up 8.10 points or 0.05% at 17,424.65, recovering from the early low of 17,216.10.

In the broader market, the S&P BSE Mid-Cap index gained 1.23% while the S&P BSE Small-Cap index added 1.16%.

The market breadth was strong. On the BSE, 2,144 shares rose and 932 shares fell. A total of 154 shares were unchanged.

Economy:

SBI Research has upgraded India's GDP growth projection for financial year 2022 to the range of 9.3%-9.6% from its earlier estimates of 8.5%-9%. The revised GDP estimate of SBI Research is in-line with RBI's projection of 9.5% GDP growth for the current fiscal year.

The projection comes as the country recorded only 11% increase in COVID-19 cases during the July-September quarter of 2021, second-lowest among the top 15 most affected countries

Mentioning reasons behind its revised estimates, SBI Research said that India remained unscathed in Quarter 3 from the global situation, which is marred by supply disruptions, stubborn inflation and surges of infections during Q3 2021.

Buzzing Index:

The Nifty Metal index advanced 2.86% to 5,576.40. The index lost 5.32% in the past four trading sessions.

Steel Authority of India (SAIL) (up 4.75%), JSW Steel (up 4.70%), NMDC (up 4.31%), Vedanta (up 4.31%) and Jindal Steel & Power (JSPL) (up 3.41%) were the top gainers in the Metal segment.

Stocks in Spotlight:

Cadila Healthcare rose 0.71%. On Tuesday, the pharmaceutical major announced that it submitted the New Drug Application (NDA) to the Drug Controller General of India (DCGI) for Desidustat. Desidustat is an oral small molecule hypoxia-inducible inhibitor used for treatment of anaemia in patients with chronic kidney disease (CKD) who are on dialysis and not on dialysis. The NDA for Desidustat is based on positive data from the DREAM-ND and DREAM-D Phase 3 trials in patients with chronic kidney disease not on dialysis and on dialysis.

Cadila Healthcare said that Desidustat met its primary efficacy endpoint in both Phase 3 trials, DREAM-ND and DREAM-D, conducted in chronic kidney disease (CKD) patients. The data will be presented at upcoming scientific meetings and published in peer-reviewed scientific journals.

Spandana Spoorthy Financial rallied 3.14% after the NBFC announced that Shalabh Saxena has accepted the position of managing director and chief executive officer of the company. Saxena is currently serving as the MD & CEO of Bharat Financial Inclusion, one of the leading microfinance institutions in the country.

Further, Ashish Damani has accepted the position of president and chief financial officer (CFO) of the company. Mr Damani has nearly two decades of experience at Bharat Financial Inclusion and is currently serving as its chief financial officer. Both Saxena and Damani will join Spandana Spoorthy Financial soon.

The board appointed Abanti Mitra, an independent director with Spandana Spoorthy Financial since 2011, as non-executive chairperson of the board, with immediate effect. Outgoing chairman, Deepak Vaidya, will continue to serve on the board as an independent director.

Global Markets:

Asian stocks were trading mixed on Tuesday, 23 November 2021, as investors watched for market reaction to US President Joe Biden picking Jerome Powell for a second term as Federal Reserve chair. Markets in Japan are closed on Tuesday for a holiday.

The S&P 500 ended lower and the Nasdaq tumbled deep into negative territory on Monday after both earlier hit record highs following the announcement of a second term for Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average ended slightly higher.

Biden had been under pressure to name a more progressive Democrat, rather than keep Republican Powell in the role. Powell has guided the U.S. central bank and the country's economy through the pandemic recession, unleashing unprecedented monetary stimulus to keep financial markets afloat. His re-nomination now heads to the Senate for confirmation.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 23 2021. 11:30 IST
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