Barometers turn range bound; broader market underperforms

29 Nov 2022 , 01:33 PM

The key equity indices continued to trade in a narrow range with moderate gains in the afternoon trade. The Nifty hovered near the 18,650 level. FMCG, metal and IT stocks advanced while auto and media shares declined. At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 314.32 points or 0.50% to 62,819.12. The Nifty 50 index gained 97 points or 0.52% to 18,659.75. The two benchmarks hit all-time highs in intraday today at 18,672.95 for Nifty 50 index and 62,877.73 for Sensex. The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.18% while the S&P BSE Small-Cap index added 0.02%. The market breadth was positive. On the BSE, 1,804 shares rose and 1,594 shares fell. A total of 169 shares were unchanged. Gainers & Losers: Hindustan Unilever (up 3.62%), Nestle India (up 1.92%), JSW Steel (up 1.66%), Hindalco Industries (up 1.54%) and Tata Steel (up 1.48%) were top Nifty gainers. Bajaj Finserv (down 1.14%), IndusInd Bank (down 1.10%), Power Grid Corporation of India (down 0.75%), Bharat Petroleum Corporation (BPCL) (down 0.72%) and Coal India (down 0.72%) were major Nifty losers. Stocks in Spotlight: Hindustan Aeronautics shed 0.04%. The PSU company said that the Ministry of Defence has conveyed that C B Ananthakrishnan, Director (Finance), will hold the additional charge for the post of Chairman & Managing Director of the company, for a period of three months. Ananthakrishnans tenure will take effect from 1 November 2022. The announcement was made during market hours today, 29 November 2022. IndusInd Bank declined 1.13%. The private lender announced that it has partnered with Tata Motors to offer an exclusive Electric Vehicle (EV) Dealer Financing solution to its authorized passenger EV dealers. NBCC (India) was up 1.95%. The EPC company has received work orders aggregating to Rs 271.62 crore in two projects. The value is including of PMC charge and excluding of GST. Lumax Industries rose 1.58%. The company said that the meeting of the board of directors of the company is scheduled on 7 December 2022 to consider and approve the proposal for setting up of the companys new manufacturing unit in Chakan, Pune (Maharashtra) and funding options. Lupin rose 1.73% after the drug major announced that it has launched Formoterol Fumarate Inhalation Solution in the United States (US). Separately, Lupins wholly-owned subsidiary in Brazil, MedQu?mica Ind?stria Farmac?utica (MedQu?mica), has signed a definitive agreement to acquire all rights to nine medicines from BL Ind?stria ?tica, a subsidiary of Bausch Health Companies Inc. Global Markets: Most Asian stocks advanced on Tuesday despite an overnight fall in US stocks. US stocks settled sharply lower on Monday as investors sold off amid mounting concerns over supply chain disruptions amid Covid-related protests in China. St. Louis Fed President James Bullard said Monday that the Fed should continue to raise its benchmark interest rate in the coming months and that the market may be underestimating the chance that the Fed has to get more aggressive. Federal Reserve Chair Jerome Powell will speak at the Brookings Institution about the outlook for the U.S. economy and the labor market on Wednesday. Powered by Capital Market – Live News