Nifty ends below 17,250; metal stocks outperform

23 Mar 2022 , 03:37 PM

The key equity barometers ended near the flat line, with some negative bias on Wednesday. The Nifty closed above the 17,250 mark. While most sectoral indices on the NSE declined, metals, oil & gas and pharma managed to end in the green.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 304.48 points or 0.53% to 57,684.82. The Nifty 50 index fell 69.85 points or 0.40% to 17,245.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index shed 0.02%.

The market breadth turned negative. On the BSE, 1468 shares rose and 1927 shares fell. A total of 130 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.21% to 6,399.95. The index has added 8.29% in five sessions.

SAIL (up 3.62%), Jindal Steel & Power (up 3.59%), Hindalco Industries (up 2.53%), Tata Steel (up 2.23%), Welspun Corp (up 1.38%), Vedanta (up 1.14%), JSW Steel (up 0.79%), and National Aluminum Co. (up 0.78%) advanced.

Meanwhile, APL Apollo Tubes (down 3.11%), Ratnamani Metals Tubes (down 3.10%) and Adani Enterprises (down 1.12%) and Hindustan Zinc (down 0.51%) declined.

Stocks in Spotlight:

Infosys shed 0.97% to Rs 1868.90. The IT major announced a definitive agreement to acquire oddity, a Germany-based digital marketing, experience, and commerce agency.

SBI lost 0.61% to Rs 490.90. The state-run bank has acquired 7.84% stake in ONDC (Open Network for Digital Commerce) for a consideration of Rs 10 crore.

Adani Ports and Special Economic Zone (APSEZ) declined 0.85% to Rs 733.35. The company crossed a historic milestone by handling 300 MMT of cargo well ahead of the year end (March 2022).

Adani Power jumped 5.37% to Rs 130.40 after the company said its board approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself.

Bajaj Electricals gained 2.26% to Rs 1061.90 after the company said it renewed trademark license agreement with Morphy Richards for fifteen years with effect from 1 July 2022.

Bhansali Engineering Polymers (BEPL) advanced 5.07% to Rs 137.70 after the company received approval from the Madhya Pradesh Pollution Control Board for expansion of high rubber graft from 15,000 TPA to 50,000 TPA.

MTAR Technologies lost 0.85% to Rs 1960.85. The company announced that it has been declared as L1 bidder for tenders floated by Nuclear Power Corporation of India (NPCI). The combined value of orders is approximately Rs 135 crore and purchase orders for the same are expected in Q1 FY23.

Indian Hotels Company advanced 3.50% to Rs 216.05. The board of the hospitality company authorized opening the qualified institutional placement (QIP) issue of Rs 2000 crore on Tuesday, 22 March 2022. Floor price is set at Rs 203.48. The board is scheduled to meet on 25 March 2022 to approve the issue price.

Hero MotoCorp fell 1.33% to Rs 2389.05. According to the media report, search operations are currently underway at about 25 premises of Hero MotoCorp, including at offices and residences of senior management in Delhi, Gurgaon and other parts of North India.

Steel Strips Wheels (SSWL) said that it has prepaid the long term debt of Rs 35.76 crore, thereby making the total prepayment of Rs 97.03 crore till date. After this pre-payment along with normal repayments for the period, the companys long term debt is reduced to Rs 405.96 crore.

Global Markets:

European markets mostly declined while Asian stocks ended higher on Wednesday.

Investors monitored oil prices and continued to assess the outlook for U.S. Federal Reserve monetary policy.

Investors kept an eye on the moves in the oil markets, with media reports suggesting that the European Union is unlikely to impose an immediate oil embargo on Russia over its unprovoked invasion of Ukraine.

U.S. stocks rebounded Tuesday as traders digested Federal Reserve Chair Jerome Powells latest rate hike comments. Powell said ?inflation is much too high? and vowed to take ?necessary steps? to curb inflation.

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