Market snaps 4-day losing streak; Nifty ends above 16,450

9 Jun 2022 , 03:45 PM

The key equity indices ended near the days high with decent gains, snapping its four days losing streak. The market saw huge buying in the last trading hour. The Nifty ended above the 16,450 mark. Barring the Nifty Metal and PSU banks index, all the other sectoral indices on the NSE ended in the green. Trading was volatile due to expiry of weekly index options on the NSE. Gains were curbed due to negative global cues and persistent selling of domestic shares by FIIs. As per provisional closing basis, the S&P BSE Sensex was up 427.79 points or 0.78% to 55,320.28. The Nifty 50 index added 121.85 points or 0.74% to 16,478.10. In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index slipped by 0.24%. The market breadth was positive. On the BSE, 1,750 shares rose and 1,550 shares fell. A total of 138 shares were unchanged. Economy: The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Narendra Modi, on Wednesday (8 June) approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif Crops for Marketing Season 2022-23. The highest absolute increase in MSP over previous year has been recommended for Sesamum Rs 523 per quintal, Moong Rs 480 per quintal, Sunflower seed Rs 385 per quintal, Tur, Urad and Groundnut Rs 300 per quintal, Cotton (Medium Staple) Rs 354 and Cotton (Long Staple) Rs 355. The government said that the hike will ensure remunerative prices to the growers for their produce and to encourage crop diversification. MSPs are intended to act as a floor price for farm commodities and serve as a benchmark rate in wholesale markets, thereby helping to avoid distress sales. Buzzing Index: The Nifty Pharma index rose 1.20% to 12,465.90 continuing its gaining streak to the second day. The index has gained 1.52% in two trading sessions. Among the components of the Nifty Pharma index, Biocon (up 5.18%), Dr Reddys Laboratories (up 2.95%), Torrent Pharmaceuticals (up 2.63%), Pfizer (up 1.46%) and Sun Pharmaceuticals Industries (up 1.37%) were the top gainers. Stocks in Spotlight: Wipro rose 1.16% to Rs 475.90. Wipro, together with ServiceNow, will contribute to Petrobras to advance its digital journey. The project aims to raise the level of service for internal users and reduce costs by modernising and aligning IT infrastructure processes with the business through a modern cloud solution focused on automation and integration. Tata Power Company was flat at Rs 233. The company said that Tata Power Solar Systems has commissioned a 450 MW DC capacity solar plant for Brookfield Renewable India. The installation entails set up of over 800,000 modules and was completed within record 7 months timeframe. The project will produce over 800GWh of clean energy annually and will help avoid up to 600,000 tons of annual CO2 emissions. Tata Power Solar is one of Indias largest integrated solar companies and a wholly-owned subsidiary of The Tata Power Company. BLS International Services rallied 9.29% to Rs 193.55 after the company announced that it will acquire Zero Mass (ZMPL) for a total cash consideration of Rs 120 crore. Incorporated in 2007, Zero Mass Private Limited (ZMPL) has been operating as the largest Business Correspondent (BC) network for State Bank of India (SBI) with around 11,500 active Customer Service Points (CSP) (about 15% of all the SBI BCs). The company has pan-India presence with CSPs located across all States and Union Territories of India. Apart from SBI, ZMPL has contracts with Utkal Grameen Bank and Karur Vysya Bank. Crompton Greaves Consumer Electricals fell 1.08% to Rs 347.45. The company on Wednesday announced that its board will meet on 13 June 2022, to consider a proposal to raise upto Rs 925 crore via debt securities. The companys board will consider issuing debt securities, including but not limited to secured/unsecured, rated, listed, redeemable non-convertible debentures on private placement basis. Tanla Platforms declined 2.79% to 1,303. The company said that it has entered into an exclusive partnership with Kore.ai for five countries, viz. India, United Arab Emirates, Indonesia, Vietnam, and Philippines. This partnership is a step forward in offering enterprises and brands the ability to upraise the digital experiences of their key stakeholders: customers, partners, and employees through best-in-class conversational artificial intelligence (AI) based Natural Language Processing (NLP) system. Marine Electricals (India) advanced 2.34% to Rs 28.40 after the company said that it has received an order from AdaniConnex amounting to Rs 21.75 crore. The order is for the supply of LT & HT Panels of 12MW package for AdaniConnexs Chennai site. The delivery of the said goods has to be made over a period of three months. Infosys rose 1.01% to Rs 1,515.10. Infosys will consolidate and harmonize the global service desk and workplace operations. The IT major announced a global strategic collaboration with TK Elevator, one of the worlds leading elevator companies based out of D?sseldorf, Germany. The global seven-year collaboration is an extension of the successful modernization of TK Elevators IT infrastructure in Europe and Africa. Ramco Systems was down 1.17% to Rs 245.15. The company said that it has successfully gone live at Iraqi Airways with its Aviation M&E MRO Suite V5.9, thereby completely digitalizing all core business processes in the company. Iraqi Airways Company, operating as Iraqi Airways, is the national carrier of Iraq, and It is the largest airline in Iraq and is a member of the Arab Air Transport Association. Ramcos next-gen digital platform offers Iraqi Airways real-time data availability ensuring 100% aircraft airworthiness on the release. Global Markets: The Dow Jones futures were up 93 points, indicating a positive opening in the US stock market today. Shares in Europe fell across the board on Thursday. Investors are focused on the forthcoming monetary policy meeting and decision from the ECB on Thursday. The European Central Bank is expected to signal a July rate hike at its policy meeting. Most Asian shares declined on Thursday. China is set to announce its trade data for May later on Thursday. US stocks dipped overnight ahead of Mays consumer price index reading slated for Friday. The S&P 500 shed 1.08% to 4,115.77. The Dow Jones Industrial Average slipped 269.24 points, or 0.81%, to 32,910.90. The Nasdaq Composite shed 0.73% to 12,086.27. In the commodities market, Brent crude for August 2022 settlement was down 18 cents or 0.15% at $123.40 a barrel. 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