Nifty Recovers Level 15,700, Profit Booking in IT Stocks

National equity benchmarks traded near the day’s high with solid gains by mid-afternoon. The Nifty traded a little above the 15,700 level. Buying was widespread. However, IT stocks came under mild selling pressure.

As of 2:30pm IST, the barometer index, the S&P BSE Sensex, was up 486.28 points or 0.93% at 52,752. The Nifty 50 index gained 151 points or 0.97% at 15,707.65 .

Overall, the market outperformed the major indices, the S&P BSE Mid-Cap Index rose 1.44% while the S&P BSE Small-Cap Index gained 1.41%.

The scale of the market was strong. On BSE, 2,401 shares rose and 838 shares fell. A total of 146 shares remained unchanged.

Weather update:

The Indian Meteorological Department (IMD) on Thursday, June 23, 2022, said that the southwest monsoon is expected to cover the entire country by July 6, 2022 from the normal date of July 8, 2022.

To date, the Northern Monsoon Limit (NLM) continues to pass through Porbandar and Vadodara in Gujarat, Shivpuri and Rewa in Madhya Pradesh and Churk in Uttar Pradesh.

“The southwest monsoon is likely to cover the remaining parts of Gujarat, Madhya Pradesh, all of Bihar and parts of northwest India towards the end of the week,” IMD said in a statement. communicated.

Numbers to follow:

The yield on India’s benchmark 10-year federal paper rose to 7.427 from 7.419 at the close of the previous trading session.

In the foreign exchange market, the rupee was weaker than the dollar. The partially convertible rupee was hovering at 78.31, down from its close of 78.32 in the previous trading session.

MCX Gold futures for the August 5, 2022 settlement declined by 0.03% to Rs 50,578.

The US dollar index (DXY), which tracks the value of the greenback against a basket of currencies, fell 0.08% to 104.34.

In the commodities market, Brent crude for August 2022 settlement rose 26 cents or 0.24% to $110.31 a barrel.

Zoom Index:

The Nifty IT index fell 0.96% to 27,757.45. The index posted profits after rising 1.96% in the last trading session.

Mindtree (-2.75%), Larsen & Toubro Infotech (-2.47%), L&T Technology Services (-2.37%), Mphasis (-2.22%) and Infosys (-1.24%) Tech Mahindra (-1.2%), Tata Consultancy Services (-0.74%), Coforge (-0.73%), HCL Technologies (-0.7%) and Wipro (-0.2%) fell slightly .

Actions in the spotlight:

Canara Bank advanced 2.53% after the bank said its board had approved the plan to raise capital for the financial year 2022-23 amounting to Rs 9,000 crore through debt instruments (additional Level I / Level II obligations). In line with the capital raising plan, the Board of Directors approved the raising of up to Rs 5,500 crore via additional Tier I Basel III compliant bonds and another Rs 3,500 crore via additional Tier II Basel compliant bonds III during the 2022-23 financial year. The proposal is subject to market conditions and necessary approvals.

Suven Life Sciences rose 0.85% after the company’s board approved an increase of up to Rs 400 crore by issuing rights-based shares. The Board also approved the increase of the authorized share capital from Rs 20 crore divided into 20 crore equity shares of Rs 1 each to Rs 30 crore divided into 30 crore equity shares of Rs 1 each and consequential amendment of the memorandum of association of the company, subject to the approval of the shareholders of the company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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