Nifty hovers near 15,900; Sensex adds 593 pts

The key equity indices continued to trade with major gains in the morning trade. Positive global cues boosted the sentiment. The Nifty was hovering below the 15,900 level. Metals and IT stocks were in demand.

At 10:25 IST, the barometer index, the S&P BSE Sensex, rose 593.92 points or 1.13% to 53,321.90. The Nifty 50 index gained 184.30 points or 1.17% to 15,883.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index gained 1.54%.

The market breadth was strong. On the BSE, 2,431 shares rose and 626 shares fell. A total of 132 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,353.77 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,213.44 crore in the Indian equity market on 24 June, provisional data showed.

Buzzing Index:

The Nifty Metal index rose 2.32% to 4,703.05, continuing its gaining streak to the third day. The index advanced 4.72% in three trading sessions.

Among the components of the Nifty Metal index, Hindalco Industries (up 3.89%), Welspun Corp (up 3.7%), Vedanta (up 3.54%), Jindal Steel & Power (up 3.34%) and JSW Steel (up 2.63%) were the top gainers.

Stocks in Spotlight:

Adani Enterprises rose 1.33% to Rs 2,190.20. The consortium of banks has sanctioned and signed agreement for the entire debt requirement of Rs 6071 crore for the Phase 1 of the Kutch Copper (KCL) project. Kutch Copper (KCL), a subsidiary of Adani Enterprises (AEL), is setting up a greenfield copper refinery project for production of refined copper with 1 MTPA (million tons per annum) in two phases.

Federal Bank rose 1.34% to Rs 90.55 after the bank said that its board will consider raising funds on Thursday, 30 June 2022. The bank plans raising funds either through rights issue, private placement, preferential issue, further public offer (FPO), qualified institutional placement (QIP), global depository receipts (GDR), American depository receipts (ADR), foreign currency convertible bonds (FCCB) or through any other permissible mode or a combination thereof, and also for determination of issuance amount, as may be appropriate.

Zomato fell 4.48% to Rs 67.20. The company said that its board of directors had considered and approved a proposal for the acquisition of quick commerce company Blinkit for Rs 4,447 crore in a share-swap deal. Blink Commerce runs the online quick commerce service under the Blinkit brand. It was formerly known as Grofers. The company's turnover as at 31 March 2022 was Rs 236.32 crore.

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