Sensex gains 247 pts, Nifty above 16,660 mark

22 Jul 2022 , 01:33 PM

The headline equity indices traded with modest gains in the afternoon trade. The Nifty traded above the 16,660 mark after hitting a days low of 16,610.90 in the mid-morning trade. Banks, financial services and consumer durables shares were in demand while IT, healthcare and oil & gas stocks corrected. At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 246.51 points or 0.44% to 55,928.46. The Nifty 50 index added 63.70 points or 0.38% to 16,668.95. In the broader market, the S&P BSE Mid-Cap index fell 0.38% while the S&P BSE Small-Cap index added 0.04%. The market breadth was positive. On the BSE, 1,707 shares rose and 1,524 shares fell. A total of 161 shares were unchanged. Foreign portfolio investors (FPIs) bought shares worth Rs 1,799.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 312.29 crore in the Indian equity market on 21 July, provisional data showed. Economy: The Reserve Bank of India (RBI) on 21 July 2022 said that the rate setting Monetary Policy Committees (MPC) meeting next month is rescheduled due to administrative exigencies. The MPC will now meet on August 3-5, from previously scheduled August 2-4. Politics: National Democratic Alliance (NDA) candidate Droupadi Murmu was elected the 15th President of India. She was declared elected on Thursday after four rounds of counting, posting an unassailable lead over her rival and the Oppositions candidate Yashwant Sinha, who conceded the election thereafter. The President-elect will take oath on July 25. Gainers & Losers: UPL (up 2.54%), Eicher Motors (up 2.23%), HDFC Bank (up 2.02%), HDFC (up 1.99%) and ICICI Bank (up 1.95%) were major Nifty gainers. Infosys (down 2.16%), Tata Consumer Products (down 1.53%), NTPC (down 1.33%), Apollo Hospitals Enterprise (down 1.19%) and Power Grid Corporation of India (down 1.11%) were majority Nifty losers. Global Markets: Shares in Europe and Asia were mixed on Friday as the European Central Bank raised interest rates by more than expected on Thursday. The ECB raised its benchmark deposit rate by 50 basis points. It was the euro zone central banks first rate hike for 11 years. Ending an eight-year experiment with negative interest rates, the ECB also increased its main refinancing rate to 0.50 percent and promised further rate hikes possibly as soon as its next meeting on September 8. The Central Bank of Russia will announce its latest interest rate decision on Friday as Moscow continues to recalibrate its economy in the face of international sanctions. Investors also digested Japans inflation data. Official data released Friday showed that prices in Japan rose 2.2% in June compared to a year ago. It followed rises of 2.1% in May and April. The Asian Development Bank has cut the growth forecast for China due to concerns over the countrys zero-Covid approach and strict lockdowns, which have also impacted its troubled property market. Gross domestic product growth for the worlds second largest economy is expected to be at 4% in 2022, down from an earlier estimate of 5%, ADB said in a report published Thursday. Wall Streets main indices rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla. Powered by Capital Market – Live News