MARKETS: Sensex rises 250 pts, Nifty above 17,200; auto, pharma stocks gain
Last Updated on January 27, 2023 by Admin
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Opening Bell
M&M (up over 2 per cent), HDFC, Power Grid, Titan, and Sun Pharma were leading the list of gainers on the Sensex index. On the flipside, L&T (down 0.8 per cent), ICICI Bank, Nestle India, Axis Bank, and SBI were trading in the red.
Among individual stocks, NDTV shares were locked at 5 per cent upper circuit after the company has signed an exclusive 10-year deal worth Rs 750 crore with Taboola – a global leader in powering content recommendations on the open web.
Raymond was trading flat with a positive bias even as the company’s board has approved the listing of its subsidiary JK Files & Engineering Ltd (JKFEL), a company that is in the business of auto parts.
Hero MotoCorp shares, meanwhile, were down half a per cent after the company reported a sharp 40.9 per cent YoY decline in November sales to 349,393 units as against 591,091 units sold in November 2020.
Sectorally, the Nifty Metal and Bank indices were down 0.5 per cent and 0.2 per cent, respectively. On the upside, the Nifty Auto and Pharma indices were up 0.7 per cent and 0.8 per cent, respectively.
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Pre-open session
LIVE market updates: Benchmark indices were trading with a positive bias in the pre-open session. The BSE Sensex was up 96 points at 57,781 levels at 9:07 AM while the Nifty50 was at17,183, up 16 points.
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(Updated at 8:18 AM)
LIVE market updates: Lack of domestic triggers will keep investors hooked to global cues for trading on Thursday.
Stocks in Asia-Pacific were struggling for direction, as concerns over the economic impact of the omicron Covid variant continue to weigh on investor sentiment.
Hong Kong’s Hang Seng index rose 0.18 per cent, reversing earlier losses. Mainland Chinese stocks also recovered from earlier declines, with the Shanghai composite up 0.12 per cent and the Shenzhen component edged 0.178 per cent higher.
Stocks on Wall Street saw a sharp reversal overnight after the Centers for Disease Control and Prevention confirmed the first case of omicron in the US.
The Dow Jones Industrial Average dropped 1.34 per cent while the S&P 500 declined 1.18 per cent. The Nasdaq Composite fell 1.83 per cent.
At 8:10 AM, SGX Nifty was at 17,146, compared with Nifty’s spot close of 17,167 of Wednesday.
Primary market
Star Health and Allied Insurance Company’s IPO is struggling to garner bids. The offering was subscribed 20 per cent on Wednesday at the end of Day 2 of its offer period.
The wealth management arm of Anand Rathi Financial Services, Anand Rathi Wealth, will launch its initial public offering on Thursday. The price band for the offer has been fixed at Rs 530-550 per share and the company aims to mobilise Rs 660 crore.
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