Indices trade near flat line; breadth strong

19 Apr 2022 , 09:23 AM

Local indices are currently trading with mild gains after seeing gap-up opening. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 10.97 points or 0.02% at 57,177.15. The Nifty 50 index rose 13.55 points or 0.07% at 17,187.65.

The broader market traded with decent gains. The S&P BSE Mid-Cap index rallied 0.75% while the S&P BSE Small-Cap index added 0.78%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1161 shares rose and 374 shares fell. A total of 99 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,387.45 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,341.96 crore in the Indian equity market on 18 April, provisional data showed.

Stocks in Spotlight:

Mindtree fell 1.46%. The IT company reported an 8.1% rise in consolidated net profit to Rs 473.10 crore on a 5.4% increase in revenue to Rs 2897.40 crore in Q4 FY22 over Q3 FY22. As compared to Q4 March 2021, the companys consolidated net profit and revenue increased by 49.1% and 37.4%, respectively.

Rail Vikas Nigam surged 3.78%. The PSU company announced that it entered into an MoU with Mahanadi Coalfields Limited, a subsidiary of Coal India, for entrusting project management consultancy for rail infrastructure works of MCL to RVNL from concept to commissioning.

Global Markets:

Select Asian markets were trading higher on Tuesday, as investors watched for market reaction to Chinas central bank announcing financial support for Covid-hit sectors. On Monday, the Peoples Bank of China announced it will increase financial support for industries, businesses and people affected by Covid-19.

Wall Street ended the day lower in a choppy trading day on Monday, while US Treasury yields jumped as investors juggled strong earnings with what Russias invasion of Ukraine could mean for global growth.

The World Bank lowered its annual global growth forecast for 2022 on Monday by nearly a full percentage point, down from 4.1% to 3.2%, citing the impact that Russias invasion of Ukraine is having on the world economy.

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