Nifty above 26,200 level; auto shares gear up

The key equity benchmarks traded with minor gains in morning trade, supported by optimism over potential rate cuts in the U.S. and India, while investors awaited quarterly GDP data expected to reflect resilient domestic demand. The Nifty traded above the 26,200 level. Auto shares advanced after declining in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, surged 77.53 points or 0.09% to 85,797.91. The Nifty 50 index rose 19 points or 0.07% to 26,234.55.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.12% and the S&P BSE Small-Cap index shed 0.10%.

 

The market breadth was positive. On the BSE, 1,834 shares rose and 1,724 shares fell. A total of 208 shares were unchanged.

New Listing:

Shares of Sudeep Pharma were currently trading at Rs 764.05 at 10:20 IST on the BSE, representing a premium of 28.84% as compared with the issue price of Rs 593.

The stock was listed at Rs 733.95, exhibiting a premium of 23.77% to the issue price.

So far, the stock has hit a high of 777 and a low of 726. On the BSE, over 20.87 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Auto index rose 0.46% to 27,729.45. The index fell 0.33% in the past trading session.

Mahindra & Mahindra (up 2%), Exide Industries (up 1.32%), TVS Motor Company (up 0.8%), Hero MotoCorp (up 0.49%), Sona BLW Precision Forgings (up 0.45%), Maruti Suzuki India (up 0.18%), and Eicher Motors (up 0.13%) rose.

Stocks in Spotlight:

Refex Industries rallied 9.88% after the company received an order from a large business conglomerate for excavation, loading, and transportation of pond ash/bottom ash.

Oriental Rail Infrastructure rose 1.96% after it bagged a contract worth Rs 25,545,135.60 from North Western Railway, Indian Railways, for the manufacture & supply of 726 coupler bodies with shank wear plates used in freight wagons.

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