The headline equity indices settled with firm gains on Tuesday, rallying for the second consecutive session. Investors resorted to value buying after last week's steep correction. Global cues were positive after China announced further ease in COVID-19 restrictions. The Nifty settled above the 18,100 mark after briefly hitting the day's low of 17,967.45 in the morning trade.
The barometer index, the S&P BSE Sensex, advanced 361.01 points or 0.60% to 60,927.43. The Nifty 50 index added 117.70 points or 0.65% to 18,132.30.
Hindalco Industries (up 6.11%), Tata Steel (up 6%), JSW Steel (up 4.30%), Tata Motors (up 2.68%) and ONGC (up 2.23%) were top Nifty gainers.
Metal shares rallied on China's plans to loosen Covid-19 restrictions further. China is the world's largest consumer of industrial metals. On the other hand, FMCG and pharma shares corrected after last week's defensive-buying induced rally.
In the broader market, the S&P BSE Mid-Cap index advanced 0.78% while the S&P BSE Small-Cap index gained 1.46%.
The market breadth was strong. On the BSE, 2572 shares rose, and 926 shares fell. A total of 133 shares were unchanged.
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 4.03% to 15.29.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell to 7.3077 compared with 7.319 at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.86, compared with its close of 82.65 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement rose 0.26% to Rs 54,819.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.33% 103.97.
The United States 10-year bond yield declined 0.05% to 3.745.
In the commodities market, Brent crude for February 2023 settlement gained 85 cents or 1.01% to $85.35 a barrel.
Global Markets:
The Dow Jones index futures were up 225 points, indicating a positive opening in the US stocks today.
Shares in Europe and Asia advanced on Tuesday after China said it would drop its quarantine requirements for inbound visitors, further easing three-year border controls aimed at curbing COVID-19.
China will stop requiring inbound travellers to go into quarantine starting from January 8. It will also downgrade the seriousness of COVID-19 as it has become less virulent and will gradually evolve into a common respiratory infection.
The U.S. and European markets were closed on Monday for Christmas holidays.
Stocks in Spotlight:
Time Technoplast jumped 5.72%. The polymer products manufacturer has announced the receipt of repeat order from Adani Total Gas for supply of CNG Cascades made from Type-IV Composite Cylinder for a total value of Rs. 75 crore (appx). The delivery of these cascades will begin from January 2023.
HEG zoomed 7.91%. The graphite electrode manufacturer said that it has incorporated a wholly owned subsidiary company named as TACC Limited on 26 December 2022. TACC Limited would manufacture graphite anode for Lithium-ion cells.
Khadim India fell 3.12%. The footwear maker on Monday (26 December 2022) said that its chief executive officer (CEO) Namrata Ashok Chotrani tendered her resignation. The resignation would be effective from the close of business hours on 23 March 2023.
Laurus Labs declined 1.90%. The pharmaceutical company informed about a flash fire occurred in one of the rooms in one manufacturing block of its API manufacturing plant (Unit-3) in the state of Andhra Pradesh.
G R Infraprojects shed 1.43%. The civil construction company on Monday announced that it has received two completion certificates for Madhya Pradesh-based projects awarded under the Bharatmala Pariyojana on EPC mode.
Dev Information Technology (DEV IT) rallied 12.62%. The company said it has sold 5.45% of its equity holding in Dev Accelerator (DevX), a managed co-working space business, at a valuation of Rs 104 crore.
Bank of Maharashtra surged 5.77%. The state-backed lender said that it has raised Rs 880 crore through allotment of basel III compliant additional tier 1 (AT1) bonds to 9 allottees upon receipt of application money.
Capacite Infraprojects rose 1.16%. The company received a construction order worth Rs 695 crore from Saifee Burhani Upliftment Trust (SBUT). The order is for construction of core and shell work at sector 04 of SBUT project located at Ward 'C' at Bhendi Bazaar in Mumbai.
NTPC shed 0.30%. The nation's largest energy conglomerate said that it has signed a non-binding memorandum of understanding (MOU) with Tecnimont, Indian Subsidiary of Maire Tecnimont Group, Italy. The objective of the MOU is to jointly evaluate and explore the possibility to develop commercial scale Green Methanol Production facility at a NTPC project in India.
Puravankara fell 0.17%. The real estate developer said that a meeting of the board of directors is scheduled on 29 December 2022 to consider the proposal for issuance of non-convertible debentures by way of private placement in one or more tranches.
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