Nifty above 17,950; strong market breadth

10 Jan 2022 , 10:32 AM

Benchmark indices traded at the days high with major gains in morning trade. The Nifty scaled 17,950 level and raced towards the 18,000 mark. Barring healthcare and pharmaceutical stocls, buying demand was seen across the board. Positive global cues and anticipation of strong Q3 results from domestic companies boosted sentiment.

At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 541.66 points or 0.91% at 60,287.43. The Nifty 50 index added 162.5 points or 0.91% at 17,975.75.

The broader market traded with strong gains. The S&P BSE Mid-Cap index added 0.6% while the S&P BSE Small-Cap index rallied 0.98%.

The market breadth was strong. On the BSE, 2,604 shares rose and 795 shares fell. A total of 128 shares were unchanged.

Buzzing Index:

The Nifty Auto index surged 1.69% to 11,481.30, continuing its winning run after a days pause. The index has climbed nearly 5% since the start of 2022.

Maruti Suzuki India (up 3.73%), Hero MotoCorp (up 2.78%), Ashok Leyland (up 1.81%), Motherson Sumi Systems (up 1.7%) and Bosch (up 1.69%) were the top gainers. Among the other gainers were Bajaj Auto (up 1.47%), Tata Motors (up 1.39%), Mahindra & Mahindra (up 1.07%) and TVS Motor Company (up 0.96%).

Stocks in Spotlight:

Tata Steel said that the crude steel production of the India business increased by 4.3% to 4.80 million tons in Q3 FY22 from 4.60 MT in Q3 FY21. Delivery volumes of Tata Steel India fell by 5.2% YoY to 4.41 MT in the third quarter. During Q3 FY22, crude steel production was up 1.5% QoQ while overall deliveries were lower by 4% QoQ as an increase in domestic deliveries was offset by lower exports. Tata Steel Europe recorded crude steel production of 2.56 MT (down 1.2% YoY) and delivery volumes of 2.15 MT (up 1.9% YoY) in Q3 FY22. During the quarter, crude steel production and deliveries remained broadly similar on QoQ basis amidst supply chain issues in steel-consuming sectors including chip shortages faced by the automotive sector.

KEC International rose 2.43% to Rs 472.60 after the company said that it secured new orders of Rs 1,025 crore across its various businesses.

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