Sensex, Nifty at the high point of the day; metal stocks in demand

8 Aug 2022 , 12:29 PM

The key equity indices were currently at the days high as they traded with strong gains in early afternoon trade. The Nifty traded above the 17,500 mark. Metal stocks witnessed significant buying. At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 423.03 points or 0.72% to 58,810.96. The Nifty 50 index gained 116.50 points or 0.67% to 17,514. In the broader market, the S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 0.37%. The market breadth was positive. On the BSE, 1,954 shares rose and 1,401 shares fell. A total of 174 shares were unchanged. Derivatives: The NSEs India VIX, a gauge of the markets expectation of volatility over the near term, rose 3.09% to 19.50. The Nifty 25 August 2022 futures were trading at 17,556.10, at a premium of 42.1 points as compared with the spot at 17,514. The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 22.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 23.2 lakh contracts were seen at 16,500 strike price. Buzzing Index: The Nifty Metal index advanced 0.98% to 5,650.45. The index had declined 0.44% to end at 5,595.85 on Friday. Welspun Corp (up 2.79%), Hindalco Industries (up 2.46%), Adani Enterprises (up 1.61%), Vedanta (up 1.38%) and Steel Authority of India (up 1.16%) were the top gainers. Among the other gainers were Jindal Steel & Power (up 1.13%), MOIL (up 1.12%), National Aluminium Company (up 0.97%), Hindustan Copper (up 0.91%) and JSW Steel (up 0.73%). On the other hand, APL Apollo Tubes (down 1.67%), Ratnamani Metals & Tubes (down 0.46%) and Jindal Stainless (down 0.09%) moved lower. Stocks in Spotlight: Mahanagar Gas rose 3.74%. The company reported 9.25% fall in net profit to Rs 185.20 crore despite a 136.36% jump in net revenue from operations to Rs 1,454.75 crore in Q1 FY23 over Q1 FY22. Nitin Spinners fell 3.39%. The companys standalone net profit rose 9.3% to Rs 65.58 crore on 28% jump in net sales to Rs 708.83 crore in Q1 FY23 over Q1 FY22. Advanced Enzyme Technologies slipped 4.49%. The companys consolidated profit after tax de-grew by 56% to Rs 17.6 crore during Q1 FY23 compared with Rs 39.7 crore during the Q1 FY22. Revenue from operations on consolidated basis decreased to Rs 121.1 crore in the Q1 FY23 from Rs 137 crore in the Q1 FY22, declining by 12% on y-o-y basis and 8% on q-o-q basis. Powered by Capital Market – Live News