Indices pares early losses; Nifty above 17,600; breadth turns positive

The headline equity indices pared all the early losses and traded with decent gains in the morning trade . The Nifty climbed above the 17,600 mark after hitting day's low at 17,429.70 in the early trade. Investors expect hawkish moves by the Federal Reserve and fears of a global recession. PSU Bank, private bank and oil & gas stocks advanced while consumer durables, realty and healthcare shares declined.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 367.82 points or 0.63% to 59,208.61. The Nifty 50 index added 108.35 points or 0.62% to 17,639.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index rose 0.42%

 

The market breadth was positive. On the BSE, 1,976 shares rose and 1,327 shares fell. A total of 159 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,260.05 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 36.57 crore in the Indian equity market on 16 September, provisional data showed.

Buzzing Index:

The Nifty PSU Bank index rose 2.36% to 26,924.00. The index declined 2.35% in the previous trading session.

Among the components of the Nifty PSU Bank index, Union Bank of India (up 3.78%), Indian Bank (up 3.62%), Bank of India (up 3.42%), Punjab National Bank (up 2.52%) and Bank of Baroda (up 2.44%) were the top gainers.

Among the other gainers were Bank of Maharashtra (up 2.16%), UCO Bank (up 2.07%), Canara Bank (up 2.05%), Punjab & Sind Bank (up 1.89%) and Indian Overseas Bank (up 1.63%).

Stocks in Spotlight:

Shree Renuka Sugars advanced 1.21% after the company informed that the expanded capacity for ethanol production, from 720 KLPD to 1250 KLPD, is expected to go on stream by December 2022. The said capex plan required an investment of Rs 204 crore, funded entirely via borrowings.

Welspun Corp rose 3.31% after the company announced that it has secured a significant order for a Carbon Capture Pipeline project in the United States. This order is for supply of 785 miles (1,256 KM) or 100,000 MT (approximately) of high frequency induction welding (HFIW) pipes and would be used for transporting captured carbon dioxide.

Tata Power fell 0.04%. Resurgent Power Ventures has completed the acquisition of South East U. P. Power Transmission Company (SEUPPTCL) pursuant to implementation of the resolution plan of SEUPPTCL approved by the National Company Law Tribunal, Allahabad. Resurgent Power is a Joint Venture based out of Singapore co-sponsored by Tata Power and ICICI Venture and has other global reputed institutions as investors.

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