Indices turn green; PSU bank advance for sixth consecutive session

8 Dec 2022 , 10:26 AM

The key equity indices managed to pare all losses and traded with decent gains in morning trade. The Nifty traded above the 18,600 mark. PSU banks extended their wining streak for sixth consecutive session. At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 134.28 points or 0.22% to 62,544.96. The Nifty 50 index added 39.85 points or 0.21% to 18,600.35. In the broader market, the S&P BSE Mid-Cap index gained 0.12% while the S&P BSE Small-Cap index advanced 0.20%. Sharda Cropchem (up 7.07%), Brightcom Group (up 5.77%), JK Lakshmi Cement (up 5.49%), Network18 Media & Investments (up 4.92%) and KNR Constructions (up 4.68%) were the top broader market gainers. Easy Trip Planners (down 5.63%), Triveni Engineering & Industries (down 4.44%), Sobha (down 3.29%), Greenpanel Industries (down 2.47%) and Cochin Shipyard (down 2.45%) were the top broader market losers. The market breadth was strong. On the BSE, 1901 shares rose and 1226 shares fell. A total of 156 shares were unchanged. Politics: The assembly elections in Himachal Pradesh were held in a single phase on 12 November 2022. The assembly elections in Gujarat were held in two phases – on 1st and 5th of December 2022. The results for both are being announced today, 08 December 2022. The ruling Bharatiya Janata Party is leading in 31 seats, while the Congress is leading in 32 seats and the independent candidates are ahead on four seats in Himachal Pradesh, according to the Election Commission. Early trends point to a sweeping victory for the ruling Bharatiya Janata Party in Gujarat that has not lost an election in the state since 1995. The BJP was leading in 150 seats, while Congress was ahead in 18 and the Aam Aadmi Party was winning six seats, according to early trends reported by the Election Commission. Others were leading on four seats. Various exit polls on Monday predicted a big majority for the BJP in Gujarat and a dead heat in Himachal Pradesh where most pollsters gave an edge to the ruling party over the Congress. New Listing: Shares of Dharmaj Crop Guard were currently trading at Rs 277.50 on the BSE, representing a premium of 17.09% as compared to the issue price of Rs 237. The scrip was listed at a price of Rs 266, at a premium of 12.24% as compared to the issue price. So far, the stock has hit a high of 278.90 and a low of 265.95. On the BSE, over 5.27 lakh shares of the company were traded in the counter so far. The initial public offer (IPO) of Dharmaj Crop Guard received bids for 28,43,58,360 shares as against 80,12,990 shares on offer. The issue was subscribed 35.49 times. The price band of the IPO was fixed at Rs 216 to 237 per share. Buzzing Index: The Nifty PSU Bank rose 1.17% to 4,264.60. The index has added 6.60% in six sessions. Bank of India (up 4.74%), Central Bank of India (up 3.02%), UCO Bank (up 2.47%), Bank of Baroda (up 2.32%) and Punjab National Bank (up 2.16%) were the top gainers. Among the other gainers were Indian Overseas Bank (up 1.46%), Punjab & Sind Bank (up 0.87%), Canara Bank (up 0.81%), Union Bank of India (up 0.63%) and State Bank of India (up 0.44%). Stocks in Spotlight: JSW Steel __ . The steel majors standalone crude steel production in November 2022 stood at 16.90 lakh tonnes, registering a growth of 16% YoY. Eveready Industries India announced that its board has approved the appointment of Bibek Agarwala, as the chief financial officer (CFO) and key managerial personnel of the company with effect from 14 February 2022. Lumax Industries rose 5.07%. The company announced that its board has approved setting up greenfield project at Chakan, Pune (Maharashtra) with capital outlay up to Rs 175 crore for Phase 1. This project will cater to the new orders received from OEM customers for advance lighting solutions. The company said that capex will be funded by mix of debt and internal accruals and peak annualized turnover is expected of Rs 600 crore post commissioning. The project is expected to be commissioned by Q2 FY24. Powered by Capital Market – Live News