Nifty above 18,150; banks stocks rally

12 Jan 2022 , 10:30 AM

Equity indices traded in a narrow range with decent gains in morning trade. The Nifty traded above the 18,150 level. Realty, banks and financial stocks saw buying while pharma and IT shares declined.

At 10:27 IST, the barometer index, the S&P BSE Sensex, added 423.58 points or 0.7% at 61,040.59. The Nifty 50 index rallied 117.35 points or 0.65% at 18,173.75.

In the broader market, the S&P BSE Mid-Cap index added 0.68% while the S&P BSE Small-Cap index rallied 0.66%.

The market breadth was strong. On the BSE, 2,251 shares rose and 872 shares fell. A total of 59 shares were unchanged.

Results Today:

IT majors Infosys (up 0.64%), Tata Consultancy Services (down 0.7%) and Wipro (down 0.26%) will release their December quarter earnings today, 12 January 2022.

Buzzing Index:

The Nifty Bank index added 346 points or 0.9% to 38,788.30, extending its winning run to fourth consecutive trading session. The banking index added 3.46% in four days.

RBL Bank (up 3.5%), Bandhan Bank (up 2.15%), Federal Bank (up 1.87%), Kotak Mahindra Bank (up 1.75%), ICICI Bank (up 1.31%) and SBI (up 1%) were top gainers in banking space.

Stocks in Spotlight:

Ugro Capital advanced 2.05% to Rs 214.35 after the company achieved Asset under Management (AuM) worth Rs 2,590 crore in December 2021 as against Rs 1,128 crore in December 2020, growing 129.60% Y-o-Y (year-on-year). Disbursements jumped 191.54% to Rs 414 crore in December 2021 as against Rs 142 crore in December 2020.

RITES advanced 1.18% to Rs 275.35 after the company announced the signing of a memorandum of understanding (MoU) with SMEC Group to cooperate and explore infrastructure projects. SMEC is a global engineering consultancy firm owned by Surbana-Jurong (SJ) Group – a global urban, infrastructure and management consulting firm.

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