Benchmarks trade flat; auto shares rise for 3rd day

16 Nov 2022 , 10:25 AM

The domestic equity benchmarks managed to pare all losses and traded flat, with some positive bias, in morning trade. The Nifty traded tad above the 18,400 level. Auto shares extended gains for third consecutive session. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 15.46 points or 0.02% to 61,888.45. The Nifty 50 index traded flat at 18,404. In the broader market, the S&P BSE Mid-Cap index shed 0.07% while the S&P BSE Small-Cap index added 0.16%. The market breadth was strong. On the BSE, 1,669 shares rose, and 1,466 shares fell. A total of 164 shares were unchanged. Buzzing Index: The Nifty Auto index rose 0.35% to 13,201.15. The index has added 1.23% in three sessions. TVS Motor Company (up 2.34%), Tube Investments of India (up 2.19%), Eicher Motors (up 1.43%), Maruti Suzuki India (up 0.73%) and Bajaj Auto (up 0.44%) were the top gainers. On the other hand, Bharat Forge (down 1.78%), Tata Motors (down 0.59%) and Ashok Leyland (down 0.47%) moved lower. Stocks in Spotlight: IOL Chemicals and Pharmaceuticals rose 0.67. On a standalone basis, net profit of IOL Chemicals & Pharmaceuticals declined 49.19% to Rs 15.67 crore on 0.66% increase in net sales to Rs 541.41 crore in Q2 September 2022 over Q2 September 2021. The companys board has approved the formation of a wholly owned subsidiary in United Kingdom (UK), which gives better business growth opportunities and would help in promoting business globally. Bharat Electronics added 1.63%. The PSU signed separate memorandum of understandings (MoU) with Hindustan Shipyard, SVC Tech Ventures, US-based Profense, and Yantra India to meet the requirements of Indian Defence and export markets. The MoU has been signed to carry out joint development, manufacturing and product upgrades of identified products / systems and to capitalise on the emerging opportunities in the domestic defence, nondefence and export markets. Powered by Capital Market – Live News