SSPL WEALTH PVT LTD

Mid - Session

Market behaviours during the course of the trading session.

Sensex gains 328 pts, Nifty above 16,950 mark, metal stocks shine

29-Sep-22 10:31 Hrs IST

The domestic equity barometers traded with modest gains in the morning trade. The Nifty traded a tad above the 16,950 mark. Metal shares witnessed bargain hunting after declining in the past four trading sessions. Investors awaited the outcome of a key meeting of the RBI's monetary policy committee due this week for domestic cues.

Trading could be volatile as traders roll over positions in the F&O segment from the near month September series to October series. The September 2022 F&O contracts will expire today, 29 September 2022.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 328.7 points or 0.58% to 56,926.98. The Nifty 50 index gained 99.85 points or 0.59% to 16,958.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.69% while the S&P BSE Small-Cap index gained 1.21%.

The market breadth was strong. On the BSE, 2,362 shares rose and 713 shares fell. A total of 141 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,772.49 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,544.17 crore in the Indian equity market on 28 September, provisional data showed.

Meanwhile, the Reserve Bank of India (RBI)'s six-member Monetary Policy Committee began on 28 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision on 30 September 2022, the last date of the meeting. The RBI is widely expected to maintain the balancing act between growth and inflation.

In the past three policy reviews, the RBI's rate-setting panel has raised 140 basis points in total since May this year. Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%.

Buzzing Index:

The Nifty Metal index gained 2.25% to 5,743.80, snapping four day losing streak. The index witnessed bargain hunting after declining nearly 8% in the past four trading sessions.

Hindalco Industries (up 3.81%), Jindal Steel & Power (up 3.76%), Hindustan Copper (up 2.98%), Tata Steel (up 2.47%), Vedanta (up 2.18%), National Aluminium Company (up 2.16%), Adani Enterprises (up 2.12%), Steel Authority of India (up 2.04%), Ratnamani Metals & Tubes (up 1.82%) and JSW Steel (up 1.48%) advanced.

Stocks in Spotlight:

FSN E-Commerce Ventures gained 2.95% after the company announced that its board on Monday, 3 October 2022, will consider and approve the issuance of bonus shares to the equity shareholders of the company.

Torrent Pharmaceuticals advanced 3.14% after the pharma company said that the United States Food and Drug Administration (US FDA) had inspected its manufacturing facility at Indrad, Gujarat from 19 September 2022 to 28 September 2022. At the end of the inspection, the company was issued a “Form 483” with 3 observations.

Genesys International Corporation rose 1.08% after the company announced collaboration with Bentley Systems to provide 3D mapping capabilities for major cities across India. The company announced that its 3D City Digital Twin Solution for Urban India will be powered by OpenCities 365, Bentley Systems' infrastructure digital twin solution for cities and campuses. This massive mapping and surveying project has begun and will capture most of urban India.