Barometers turn range bound; Nifty hovers above 18,350

24 Nov 2022 , 11:33 AM

The frontline equity indices traded in a narrow range near the days high in the mid-morning trade. Positive global cues boosted the sentiments. The Nifty hovered above the 18,350 level. IT, PSU banks and financial services stocks advanced while realty and metal shares declined. Trading is expected to be volatile due to expiry of monthly F&O contracts on the NSE. At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 318.79 points or 0.52% to 61,829.37. The Nifty 50 index added 96.35 points or 0.53% to 18,363.60. In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index added 0.39%. The market breadth was strong. On the BSE, 2,003 shares rose, and 1,280 shares fell. A total of 159 shares were unchanged. Buzzing Index: The Nifty IT index advanced 1% to 29,700.65. The index declined 0.19% in the past trading session. Among the components of the Nifty IT index, Persistent Systems (up 2.13%), Larsen & Toubro Infotech (up 1.91%), HCL Technologies (up 1.32%), Infosys (up 1.06%) and Tata Consultancy Services (up 0.72%) L&T Technology Services (up 0.58%), Tech Mahindra (up 0.47%), Wipro (up 0.41%), Mphasis (up 0.29%) were the gainers. On the other hand, Coforge (down 0.01%) declined. Stocks in Spotlight: Glenmark Pharmaceuticals slipped 0.72%. The US Food and Drug Administration (USFDA) inspected the Glenmarks Goa facility in May 2022 and issued Official Action Indicated (OAI). The drug regulator has now issued a warning letter to the Goa facility. KRBL fell 0.42% said that the credit rating agency ICRA has reaffirmed its rating on the debt instruments of the company. The agency has reaffirmed the companys long-term rating at [ICRA] AA- (Stable)?. It has also reaffirmed its rating the companys short-term rating and the commercial paper rating at [ICRA]A1+?. Can Fin Homes declined 0.22%. The housing finance company on Wednesday announced that its board will meet on Monday, 28 November 2022 to consider a proposal for payment of interim dividend for financial year 2022-23. The company said that the board will also fix the record date for the dividend, if any. Global markets: Asian stocks were trading mostly higher on Thursday as the U.S. Federal Reserve said they expect to switch to smaller rate hikes ?soon,? according to minutes released on Wednesday. The Bank of Korea raised its benchmark interest rate by 25 basis points to 3.25%, a smaller hike than its previous move and widely in line with expectations. US markets are closed on Thursday for the Thanksgiving holiday and will close early on Friday. Stocks rose Wednesday and notched the second straight day of gains as investors cheered minutes from the Federal Reserve that signaled a slower pace of interest rate hikes ahead. The report showed that the central bank sees progress in its fight to lower inflation and expects to slow the pace of interest rate hikes going forward. ?A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,? the minutes stated. ?The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important.? Powered by Capital Market – Live News