The key equity indices traded with modest gains in morning trade. The Nifty traded above the 17,050 mark. Realty, IT and metal stocks were in demand while media and FMCG scrips corrected.
At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 272.77 points or 0.47% to 57,907.61. The Nifty 50 index gained 81.90 points or 0.48% to 17,067.50.
In the broader market, the S&P BSE Mid-Cap index added 0.66% while the S&P BSE Small-Cap index rose 0.73%.
The market breadth was strong. On the BSE, 2,164 shares rose and 911 shares fell. A total of 128 shares were unchanged.
Risk sentiments took a back seat after a consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic Bank. The package announced by JPMorgan Chase, Morgan Stanley and nine other giants consisted of $30 billion uninsured deposits.
Investors will look ahead to the US Federal Reserve's meeting next week to see how the central bank will proceed in its fight against inflation in light of the shakeup in the banking sector.
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The European Central Bank on Thursday announced a further rate hike of 50 basis points despite of recent turmoil in the banking sector.
Buzzing Index:
The Nifty Realty index gained 2.10% to 395.40. The index advanced 3.24% in the two trading sessions.
DLF (up 3.47%), Phoenix Mills (up 2.72%), Prestige Estates Projects (up 2.69%), Godrej Properties (up 1.7%), Sobha (up 1.38%), Oberoi Realty (up 1.34%), Indiabulls Real Estate (up 1.22%), Brigade Enterprises (up 1.01%), Sunteck Realty (up 0.25%) and Macrotech Developers (up 0.04%).
Stocks in Spotlight:
Tata Consultancy Services (TCS) shed 0.16%. After a successful stint as managing director & CEO during the last 6 years, Rajesh Gopinathan has decided to step down from Tata Consultancy Services (TCS) to pursue his other interests. Gopinathan will continue with the company till 15 September 2023 to provide transition and support to his successor.
The board has nominated K. Krithivasan as the CEO designate with effect from 16 March 2023. Krithivasan will go through a transition with Rajesh Gopinathan and will be appointed as the managing director & CEO in the next financial year.
Zee Entertainment Enterprises (ZEEL) slipped 3.36%. The company offering a clarification to a media report, said that it has been exploring several strategies, including settlement, in relation to the ongoing dispute mentioned in the news report.
Media reports published yesterday stated that ZEEL has agreed to repay dues owed to IndusInd Bank Ltd. as the company seeks to resolve insolvency proceedings initiated against it and inch closer to completing a merger with a Sony Group unit to create a $10 billion media giant.
Rail Vikas Nigam (RVNL) gained 2.92% after the company said that it emerged as the lowest bidder (L1) for supply, installation, testing and commissioning work in Jabalpur for Rs 111.85 crore.
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