Equity indices traded sideways with decent gains in morning trade. The Nifty traded firmly above the 18,250 level after hitting a record high of 18,294.75 in morning trade. The Sensex also hit an all time high of 61,159.48. Realty, IT and banks stocks advanced while auto stocks corrected after a recent rally.At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 342.53 points or 0.56% at 61,079.16. The Nifty 50 index added 115.45 points or 0.64% to 18,277.25.
In the broader market, the S&P BSE Mid-Cap index rallied 0.97% while the S&P BSE Small-Cap index gained 0.69%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1852 shares rose and 1147 shares fell. A total of 170 shares were unchanged.
Economy:
Prime Minister Narendra Modi on Wednesday inaugurated the PM Gati Shakti-National Master Plan for multi-modal connectivity. In his address, Modi said the national master plan will provide Gati Shakti to 21st century India with multimodal connectivity and next-generation infrastructure.
The Confederation of Indian Industry (CII) has lauded the launch of Gati Shakti Master Plan saying that the proposed geo-spatial digital platform is a well-timed and revolutionary initiative.
In a statement, director general of CII Chandrajit Banerjee said that the initiative would spur manufacturing competitiveness by facilitating ease of doing business through improved connectivity. He said it is a giant step towards unlocking India's growth potential and creating jobs.
Results Today:
HCL Technologies (down 0.39%), Cyient (up 2.54%), Den Networks (down 0.38%), Indiabulls Real Estate (up 3.87%), Inox Wind (down 0.39%) and Mahindra CIE Automotive (up 2.98%) will announce their quarterly results today.
Buzzing Index:
The Nifty Auto index declined 0.59% to 11,799.80, snapping its five day winning streak. The index came under profit booking after rallying 12.3% in five days.
Tata Motors (down 1.76%), Ashok Leyland (down 1.23%), Eicher Motors (down 0.59%), Hero MotoCorp (down 0.46%), Motherson Sumi Systems (down 0.34%), Mahindra & Mahindra (down 0.32%) and Escorts (down 0.05%) were top losers in automobile segment.
Stocks in Spotlight:
Shipping Corporation of India (SCI) rose 1.66% to Rs 143.60 after the Niti Aayog proposed incorporating a subsidiary for hiving off the non-core assets of the company. The Ministry of Ports, Shipping and Waterways conveyed that the Niti Aayog has concurred to the proposal of incorporation of a subsidiary company for hiving off the non-core assets of the company, SCI said in a statement on Wednesday.
Westlife Development jumped 4.63%. The company said it will add 150-200 stores and invest Rs 800-1,000 crore across the business over the next 3-4 years. This investment will go towards increasing the footprint, menu innovations, strengthening the company's supply chain, increasing its omnichannel presence and elevating consumer experience.
Powered by Capital Market - Live News