Barometers end with decent gains, Nifty at 17,833.35, NSE VIX slips over 3%

9 Sep 2022 , 03:44 PM

The headline equity indices ended with decent gains after a volatile session on Friday. IT, bank and auto stocks were in demand. On the other hand, realty, consumer durables and media shares were under pressure. Global cues were positive as investors digested a record rate hike by the European Central Bank and further comments from Federal Reserve Chair Jerome Powell. The Nifty opened higher and hit the days high of 17,925.95 in the early trade. It pared gains as the session progressed and settled with minor gains. As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 104.92 points or 0.18% to 59,793.14. The Nifty 50 index gained 34.60 points or 0.19% to 17,833.35. In the broader market, the S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index gained 0.18%. The market breadth was negative. On the BSE, 1,698 shares rose and 1,748 shares fell. A total of 125 shares were unchanged. Meanwhile, the NSEs India VIX, a gauge of the markets expectation of volatility over the near term, dropped 3.20% to 17.72. Buzzing Index: The Nifty Auto index rose 0.51% to 13,218.40. The index added 1.11% in two trading sessions. Tube Investments of India (up 4.59%), Bharat Forge (up 2.91%), Maruti Suzuki India (up 1.78%), Ashok Leyland (up 1.31%), Eicher Motors (up 1.26%), Tata Motors (up 0.85%), TVS Motor Company (up 0.83%), Balkrishna Industries (up 0.19%), Sona BLW Precision Forgings (up 0.13%) edged higher. On the other hand, Mahindra & Mahindra (M&M) (down 1.58%), MRF (down 1.34%) and Hero MotoCorp (down 0.71%) declined. Tata Motors rose 0.85%. The auto major on Friday (9 September 2022) said it remains committed towards realizing the vision of making India the EV hub of the world. The company, Tata Passenger Electric Mobility (TPEM) has been established with TPG Rise Climate to offer new mobility solutions. TPEM aims to ride the green wave and support the governments vision to have 30% electric vehicle penetration by 2030, Tata Motors said in a release. The company will be rolling out the electric version of its entry-level model Tiago, its third EV after Nexon and Tigor. It has set a target of introducing 10 electric models in different affordability levels. Mahindra & Mahindra (M&M) declined 1.58%. The auto giant announced that the companys total production of automobiles soared 82.87% to 60,751 units in August 2022 as compared with 33,220 units sold in the same period a year ago. The automobile majors total sales zoomed 104.84% to 56,137 units in August 2022 as against 27,405 units sold in August 2021. Meanwhile, exports for the period under review stood at 2,912 units (down 8.43% YoY). Stocks in Spotlight: PNC Infratech gained 1.29% after the company announced the signing of a concession agreement with National Highways Authority of India (NHAI) for a HAM Project worth Rs 1,458 crore. The agreement was signed between NHAI and Sonauli Gorakhpur Highways, a special purpose vehicle incorporated by the company for implementation of the said project. The project involves four laning of Sonauli – Gorakhpur section of NH-29E on hybrid annuity mode in the state of Uttar Pradesh. The length of this construction is 79.54 kilometer and the cost of this project is Rs 1,458 crore. The project is to be constructed in 24 months, upon declaration of appointed date and operated for 15 years, post construction. Life Insurance Corporation of India (LIC) shed 0.09%. LIC disclosed that it decreased its stake in Century Enka from 5.494% to 3.452% earlier. LIC sold 4,46,125&8236; shares, or more than 2% equity, at an average cost of Rs 333.90 via open market sale during the period from 22 November 2019 to 7 September 2022. Vodafone Idea (VIL) fell 1.86%. The media reported that the government will acquire a stake in debt-ridden telecom firm after the companys stock price stabilises at Rs 10 or above. According to the media reports, VIL board has offered a stake to the government at a par value of Rs 10 per share. The finance ministry had cleared the proposal to acquire stake in VIL in July. VIL shares are trading below Rs 10 since 19 April 2022. Zydus Lifesciences declined 0.17% after the company said it has acquired the rights to market MonoFerric injections in India and Nepal from Denmarks Pharmacosmos A/S. MonoFerric, iron isomaltoside 1000 solution for injection or infusion is a rapid single dose IV iron which reduces the number of infusions required to achieve iron correction safely. Mono Ferric is available in over 30 countries, including US and Europe. Over 28 million doses have been administered since launch. Rain Industries tumbled 8%. Rain Carbon Inc., a wholly owned subsidiary of Rain Industries, announced temporary closure of an operating unit in Europe. It is developing additional energy-related contingency plans for its other European production units in anticipation of potential natural gas shortages and price spikes during the upcoming winter months resulting from the unprecedented and unpredictable geopolitical environment. Rain Carbons European footprint is essential to the companys global operations, and these decisions are being made be taken to ensure the long-term viability of operations. Lupin rose 0.11%. The drug major announced the launch of Sodium Sulfate, Potassium Sulfate and Magnesium Sulfate oral solution in the US market with an approval from the US Food and Drug Administration (USFDA). The said drug is an equivalent generic version of Suprep Bowel prep kit oral solution. Global Markets: The Dow Jones index futures rose 216 points, indicating a positive opening in the US stocks today. Shares in Europe and Asia advanced on Friday. Chinas consumer inflation came in at 2.5% in August, lower than the 2.7% recorded in July. The European Central Bank Thursday hiked interest rates by 0.75 percentage point, raising its deposit to 0.75% from zero, in a largely expected move to tamp down inflation. The bank said it expects more hikes ahead because inflation may rise further in the near term. The central bank noted that the economy was expected to stagnate later in the year. US stocks rose Thursday after moving between gains and losses as Wall Street weighed Federal Reserve Chair Jerome Powell reiterated that the central bank will do what it takes to fight inflation. He also signaled that a pause in rate hikes or a pivot to cutting interest rates is not coming soon. Meanwhile, world leaders offered tributes to Queen Elizabeth II, after Britains longest-serving monarch died Thursday at age 96. Powered by Capital Market – Live News