The key equity benchmarks traded in a volatile manner in early trade. The Nifty managed to scale above the 18,100 level. Metals, PSU banks and auto stocks advanced while private banks, financials and pharma shares witnessed some bit of selling pressure.
At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 263.48 points or 0.44% to 60,829.90. The Nifty 50 index rose 95.05 points or 0.53% to 18,109.65.
Tata Motors (up 3.12%), ONGC (up 1.84%), Hindalco (up 1.82%), Power Grid Corp (up 1.46%) and Tata Steel (up 1.43%) were the top Nifty gainers.
Meanwhile, Dr Reddy's Lab (down 0.50%), Sun Pharma (down 0.39%) and Cipla (down 0.32%) lagged behind.
In the broader market, the S&P BSE Mid-Cap index advanced 0.91% while the S&P BSE Small-Cap index gained 1.54%.
The market breadth was strong. On the BSE, 2238 shares rose and 362 shares fell. A total of 71 shares were unchanged.
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Stocks in Spotlight:
NTPC rose 1.03%. 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.
Time Technoplast zoomed 10.67%. 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.
Puravankara jumped 4.05%. The real estate developer said that a meeting of the board of directors is scheduled on 29 December 2022 to consider and approve the proposal for issuance of non-convertible debentures by way of private placement in one or more tranches.
Global Markets:
Asian stocks edged higher 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. Markets in some regions including Hong Kong and Australia remain shut on Tuesday.
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.
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