Shares trade with decent gains; metal stocks decline

The domestic equity barometers continued to trade with decent gains in morning trade. The Nifty continued to hold above the 15,850 level. Metals shares witnessed significant selling pressure.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 283.01 points or 0.53% to 53,417.36. The Nifty 50 index added 74 points or 0.47% to 15,884.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.47% while the S&P BSE Small-Cap index gained 0.17%.

The market breadth was strong. On the BSE, 1,532 shares rose and 1,336 shares fell. A total of 137 shares were unchanged.

Some cooling off in global crude prices boosted domestic investor sentiment and raised expectations for some relief from surging local inflation. Weak crude price benefits India as it positively impacts growth, current account deficit (CAD), inflation and fiscal deficit.

Investors will closely monitor the release of the Federal Reserve's minutes of meeting in June, to be out late on Wednesday.

Buzzing Index:

The Nifty Metal index fell 2.05% to 4,568.25. The index had advanced 0.30% to end at 4,663.75 yesterday.

Hindalco Industries (down 4.82%), Vedanta (down 4.33%), NMDC (down 3.73%), Hindustan Copper (down 3.51%) and National Aluminium Company (down 3.31%) were the top index losers.

Among the other losers were Steel Authority of India (down 2.59%), Tata Steel (down 2.24%), Jindal Steel & Power (down 2.13%), Jindal Stainless (down 2.08%) and Hindustan Zinc (down 2.05%).

On the other hand, Welspun Corp (up 2.71%) ,APL Apollo Tubes (up 0.91%) and Adani Enterprises (up 0.67%) moved up.

Stocks in Spotlight:

Bajaj Finance rose 3.17%. The NBFC registered 60.9% jump in new loans booked to 74 lakh during Q1 FY23 as against 46 lakh in Q1 FY22.

Customer franchise as of 30 June 2022 stood at 6.03 crore as compared to 5.05 crore as of 30 June 2021, climbing 19.4% YoY. Core assets under management (AuM) stood approximately at Rs 2,04,000 crore as of 30 June 2022 as against Rs 1,56,115 crore as of 30 June 2021, jumping 31% YoY.

Bajaj Finance's deposit book stood at approximately Rs 34,100 crore as of 30 June 2022 compared with Rs 27,972 crore as of 30 June 2021, recording a growth of 22% YoY.

Satia Industries gained 3.71%. The company has received an order worth over Rs 105 crore from National Council of Educational Research and Training (NCERT). The company will supply 11,000 tons of Maplitho paper of 80 GSM in sheets and reels for printing of text books.

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