Nifty climbs above 18,150; Sensex adds 210 pts; Metal stocks shine

The key equity indices continued to trade with modest gains in the morning trade. The Nifty marched above the 18,150 mark. Metal shares advanced for the third straight day.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 209.55 points or 0.34% to 61,050.29. The Nifty 50 index added 57.75 points or 0.32% to 18,163.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap index gained 0.66%.

The market breadth was strong. On the BSE, 2,252 shares rose and 1,060 shares fell. A total of 156 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,950.89 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,266.20 crore in the Indian equity market on 30 December, provisional data showed.

 

Economy:

Gross goods and services tax (GST) collection for December stood at Rs 1,49,507 crore, the data released by the finance ministry showed. This is a surge of 15% year-on-year, mainly driven by increase in retail prices of consumption items, high inflation, and action taken to ensure compliance

Buzzing Index:

The Nifty Metal index rose 1.82% to 6,845.50. The index has added 3.47% in three sessions.

MOIL (up 3.79%), Tata Steel (up 3.11%), Steel Authority of India (up 2.36%), Jindal Steel & Power (up 2.27%), Vedanta (up 1.72%), Hindalco Industries (up 1.71%), National Aluminium Company (up 1.49%), Hindustan Zinc (up 1.03%), Welspun Corp (up 0.99%) and Hindustan Copper (up 0.96%) were the gainers.

Stocks in Spotlight:

Knowledge Marine & Engineering Works (KMEW) surged 10.55%. KMEW received an additional work order of Rs 16.50 crore from DCI under the original contract. In May 2022, KMEW received one-year dredging contract worth Rs 67.85 crore from Dredging Corporation of India (DCI) for its Mangrol Fishing Harbour facility for capital dredging in hard rock. The ongoing work is 50% complete.

Bajaj Auto slipped 2.50% after the company reported 22% fall in total auto sales to 2,81,486 units in December 2022 as compared with 3,62,470 units sold in December 2021. While domestic sales rose by 2% YoY to 1,48,555 units, exports declined by 39% YoY to 1,32,931 units during the period under review.

Engineers India rose 0.38%. The company on Friday announced that it has signed a Memorandum of Agreement (MoA) with Numaligarh Refinery (NRL) to jointly develop technology for production of aqueous ammonia from Ammonia rich sour gases and demonstrate at NRL site.

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