Nifty hovers near 17,650; Sensex adds 389 pts

19 Sep 2022 , 11:34 AM

The key equity barometers continued to trade with modest gains in the mid-morning trade. The Nifty hovered near the 17,650 mark after hitting days low at 17,429.70 in the early trade. Investors expect hawkish moves by the Federal Reserve and fears of a global recession. Bank & financial services stocks saw buying demand while pharma, realty and consumer durable shares saw a bit of selling pressure. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 389.26 points or 0.66% to 59,230.05. The Nifty 50 index added 113 points or 0.64% to 17,643.85. In the broader market, the S&P BSE Mid-Cap index increased 0.01% while the S&P BSE Small-Cap index rose 0.39% The market breadth was positive. On the BSE, 1,898 shares rose and 1,537 shares fell. A total of 135 shares were unchanged. Buzzing Index: The Nifty Financial services index rose 0.97% to 18,549.80. The index declined 2% in the previous two trading sessions. Among the components of the Nifty Financial Services index, SBI Life Insurance Company (up 2.02%), Bajaj Finance (up 1.94%), Housing Development Finance Corporation (up 1.71%), Bajaj Finserv (up 1.61%), State Bank of India (up 1.49%), Cholamandalam Investment & Finance Company (up 1.34%), HDFC Bank (up 1.18%), Axis Bank (up 1.08%), HDFC Life Insurance Company (up 1.05%) and HDFC Asset Management Company (up 0.96%) were the gainers. On the other hand, ICICI Lombard General Insurance Company (down 0.91%), Indian Energy Exchange (down 0.32%) and ICICI Bank (down 0.31%) turned lower. Stocks in Spotlight: Mafatlal Industries was locked in an upper circuit of 5% after the company on Saturday said that its board has approved 5-for-1 stock split. The companys board approved sub-division of existing one equity share having face value of Rs 10 each into five equity shares having face value of Rs 2 each, subject to the approval of shareholders. The record date will be intimated in due course, the company said in a statement. Indo-National was locked in an upper circuit at 20% after the company said that its subsidiary, Kineco had bagged Rs 113 crore order for supply and installation of modular interiors for Vande Bharat semi-high speed trains, from, Integral Coach Factory, Chennai. Indus Towers declined 1.30%. The company on Saturday announced that Bimal Dayal has tendered his resignation from the chief financial officer (CFO) and managing director (MD) position. Dayal was relieved from his services as MD, CEO and as a director from the board with effect from 17 September 2022 post working hours. Global markets: Asian stocks declined on Monday ahead of major central bank meetings this week. Japans market is shut for a public holiday. Later this week, the US Federal Reserve and the Bank of Japan will be announcing their interest rate decisions. Traders are anticipating another sharp rate hike, third consecutive, from the US central bank to tame the rising inflation. The Bank of Japan is expected to keep rates on hold at ultra-low levels, as per reports. US stocks ended in the red on Friday, falling to two-month lows as a warning of impending global slowdown from FedEx hastened investors flight to safety at the conclusion of a tumultuous week. Powered by Capital Market – Live News