Nifty hovers at 16,200; Sensex adds 232 pts

8 Jul 2022 , 01:31 PM

The barometers continued to trade in a narrow range with decent gains in the afternoon trade. The Nifty hovered at 16,200 level. Media, FMCG and bank stocks advanced while metal, PSU bank and realty shares corrected. At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 232.58 points or 0.43% to 54,411.04. The Nifty 50 index added 65.95 points or 0.41% to 16,198.85. In the broader market, the S&P BSE Mid-Cap index shed 0.06% while the S&P BSE Small-Cap index gained 0.31%. The market breadth was positive. On the BSE, 1,836 shares rose and 1,339 shares fell. A total of 151 shares were unchanged. Gainers & Losers: Larsen & Toubro (up 4.65%), Coal India (up 2.04%), SBI Life Insurance Company (up 1.93%), NTPC (up 1.82%) and Axis Bank (up 1.53%) were major Nifty gainers. HDFC Life Insurance Company (down 1.96%), Tata Steel (down 1.90%), JSW Steel (down 1.73%), Maruti Suzuki India (down 1.55%) and ONGC (down 1.34%) were majority Nifty losers. Stocks in Spotlight: Mahindra & Mahindra (M&M) rose 0.85% after the auto major said that British International Investment (BII) will invest upto Rs 1,925 crore at a valuation of up to Rs 70,070 crore, into M&Ms new 4 wheel passenger EV arm. BII to invest up to Rs 1,925 crore in the form of compulsory convertible instruments at a valuation of up to Rs 70,070 crore. This will result in 2.75% to 4.76% ownership for BII in the EV Co. The EV Co. will focus on four-wheel (4W) passenger electric vehicles. It is expected that the first round of BIIs capital investment will be completed not later than June 2023 on fulfilment of conditions precedent and the balance post completion of certain milestones in FY24. Dr Reddys Laboratories was up 1.08%. The U.S. Food and Drug Administration (USFDA) issued Form 483 with two observations after an inspection at Dr. Reddys Laboratories formulation manufacturing facility FTO 11 in Srikakulam, Andhra Pradesh. Vedanta shed 2.17%. The company said that it will acquire Athena Chhattisgarh Power located in Jhanjgir Champa, Chhattisgarh for Rs 564.67 crore. Adani Ports & Special Economic Zone rose 1.19%. The companys board on Thursday (7 July 2022) approved the appointment of D Muthukumaran as the chief financial officer and key managerial personnel of the company with effect from 25 July 2022. Global markets: European shares traded mixed while most of the Asian stocks advanced. The yen rose on news that former Japanese Prime Minister Shinzo Abe was gravely injured in a shooting. The Nikkei 225 was up 0.10% and the Topix index was 0.27% higher. Both indexes were more than 1% higher earlier in the session, but fell after reports that Abe was shot during campaigning. Japans Chief Cabinet Secretary Hirokazu Matsuno has reportedly confirmed that Abe was shot at around 11:30 am Japan time and said his condition was unknown. Meanwhile, other Asian markets edged higher on Friday. However, concerns of rising prices and an economic slowdown continue to persist. Wall Street benchmarks ended up on Thursday as traders leaned in to US equities after the Federal Reserve hinted at a more tempered program of interest rate hikes. Two of the Federal Reserves most vocal hawks on Thursday said they would support another 75 basis-point interest rate increase later this month but a downshift to a slower pace afterward, even as both downplayed the risk of higher borrowing costs pushing the US into recession. The Labor Departments monthly jobs report is due out on Friday, and the employment data could warrant extra scrutiny as investors try to gauge the health of the U.S. economy. Powered by Capital Market – Live News