Indices trade with modest gains; Nifty above 17,600

19 Sep 2022 , 02:34 PM

The key equity indices continued to trade with moderate gains in the mid-afternoon trade. The Nifty traded above the 17,600 level. PSU bank, FMCG and auto stocks were in demand while realty, pharma and metal shares declined. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 263.4 points or 0.45% to 59,104.19. The Nifty 50 index added 84 points or 0.48% to 17,614.85. In the broader market, the S&P BSE Mid-Cap index shed 0.26% while the S&P BSE Small-Cap index rose 0.02. The market breadth was negative. On the BSE, 1,715 shares rose and 1,843 shares fell. A total of 147 shares were unchanged. Investors prepared for an important week, lined up with 13 central bank meetings, with expectations of interest rates rising globally and an ultra-hawkish monetary tightening by the US Feds meeting on Wednesday, followed by the Bank of Japan and Bank of England on the next day. Numbers to Track: The yield on Indias 10-year benchmark federal paper rose to 7.251 as compared with 7.266 at close in the previous trading session. In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.705, compared with its close of 79.78 during the previous trading session. MCX Gold futures for 5 October 2022 settlement declined 0.47% to Rs 49,150. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, added 0.26% to 110.04. In the commodities market, Brent crude for November 2022 settlement declined 70 cents or 0.77% at $90.65 a barrel. Buzzing Index: The Nifty Auto index rose 1.22% to 13,112.65. The index declined 2.71% in the past trading session. Among the components of the Nifty Auto index, Escorts Kubota (up 8.53%), Mahindra & Mahindra (up 3.35%), Eicher Motors (up 1.74%), Ashok Leyland (up 1.28%), MRF (up 1.15%), Maruti Suzuki India (up 1%), Hero MotoCorp (up 0.98%), Balkrishna Industries (up 0.68%), Bajaj Auto (up 0.61%) and TVS Motor Company (up 0.49%) were the gainers. On the other hand, Tube Investments of India (down 2.48%), Bharat Forge (down 0.8%) and Tata Motors (down 0.77%) declined. Stocks in Spotlight: Dixon Technologies (India) declined 0.90%. The company said that it has entered into binding term sheet with Ibahn Illumination (Ibahn), whereby Ibahn has agreed to transfer its cutting edge technologies of smart lighting solutions. Arfin India fell 0.44% after the company said that its board approved 10-for-1 stock split. The companys board approved sub-division of existing equity share having face value of Rs 10 each fully paid up into 10 equity shares of face value of Re 1 each. Gensol Engineering rose 4.23% after the company said that, in normal course of business, it has closed orders from various reputed clients for the development of solar power projects worth over Rs 531 crore. Powered by Capital Market – Live News