Market snaps 4-day losing streak; Nifty ends above 16,450

Major equity indices ended near the high day with decent gains, cutting four days of its consecutive losses. The market saw big buys in the last trading hours. Nifty finished above the 16,450 mark. With the exception of the Nifty Metal index and PSU banks, all other sectoral indices on the NSE ended in the green. Trading is volatile due to the expiration of weekly index options on the NSE. Earnings were stifled due to negative global cues and continued selling of domestic shares of FIIs.

On a provisional closing basis, the S&P BSE Sensex rose 427.79 points or 0.78% to 55,320.28. The Nifty 50 index added 121.85 points or 0.74% to 16,478.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index fell 0.24%.

Market breadth is positive. On the BSE, 1,750 shares rose and 1,550 shares fell. A total of 138 parts remained unchanged.

economy:

The Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi, on Wednesday (June 8) approved the increase in Minimum Support Prices (MSP) for all mandatory Kharif Crops for Marketing Season 2022-23 .

The highest absolute increase in MSP in the past year is recommended for Sesamum Rs 523 per quintal, Moong Rs 480 per quintal, Sunflower seed Rs 385 per quintal, Tur, Urad and Groundnut Rs 300 per quintal, Cotton (Medium Staple) Rs 354 and Cotton (Long Staple) Rs 355.

The government said the increase would ensure compensatory prices to growers for their harvest and to encourage crop diversity.

MSPs are intended to act as a floor price for farm commodities and serve as a benchmark rate in wholesale markets, thus helping to avoid distress sales.

Buzzing Index:

The Nifty Pharma index rose 1.20% to 12,465.90 continuing its consecutive streak until the second day. The index gained 1.52% in two trading sessions.

Shares of the Nifty Pharma index include Biocon (up 5.18%), Dr Reddys Laboratories (up 2.95%), Torrent Pharmaceuticals (up 2.63%), Pfizer (up 1.46%) and Sun Pharmaceuticals Industries (up of 1.37%) the top gainers.

Spotlight stocks:

Wipro rose 1.16% to Rs 475.90. Wipro, along with ServiceNow, will contribute to Petrobras to advance its digital journey. The project aims to raise the level of service for internal users and reduce costs by modernizing and aligning business IT infrastructure processes through modern cloud solutions focused on automation and integration.

Tata Power Company is flat at Rs 233. The company said Tata Power Solar Systems has commissioned 450 MW DC solar plant capacity for Brookfield Renewable India. The installation required setting up over 800,000 modules and was completed within a record 7 month timeline. The project will generate more than 800GWh of clean energy annually and help prevent up to 600,000 tonnes of annual CO2 emissions. Tata Power Solar is one of the largest integrated solar companies in India and a wholly owned subsidiary of The Tata Power Company.

BLS International Services rallied 9.29% to Rs 193.55 after the company announced that it would acquire Zero Mass (ZMPL) for a total cash consideration of Rs 120 crore. Incorporated in 2007, Zero Mass Private Limited (ZMPL) operates as the largest Business Correspondent (“BC”) network for the State Bank of India (“SBI”) with approximately 11,500 active Customer Service Points (“CSP”) (about 15 % of all SBI BC). The company has a pan-India presence with CSPs located in all States and Union Territories of India. Besides SBI, ZMPL has contracts with Utkal Grameen Bank and Karur Vysya Bank.

Crompton Greaves Consumer Electricals fell 1.08% to Rs 347.45.

The company announced on Wednesday that its board will meet on June 13, 2022, to consider a proposal to raise up to Rs 925 crore through debt securities. The company’s board will consider issuing debt securities, including but not limited to secured/unsecured, rate, listed, redeemable non-convertible debentures on a private placement basis.

Tanla Platforms dropped 2.79% to 1,303. The company said it has entered into an exclusive partnership with Kore.ai for five countries, viz. India, United Arab Emirates, Indonesia, Vietnam, and the Philippines. This partnership is a step forward in offering businesses and brands the ability to elevate the digital experiences of their key stakeholders: customers, partners, and employees through best-class conversational artificial intelligence (AI ) based Natural Language Processing (NLP) system.

Marine Electricals (India) grew 2.34% to Rs 28.40 after the company said it received an order from AdaniConnex worth Rs 21.75 crore. The order is for the supply of LT & HT Panels of 12MW package for Chennai site of AdaniConnex. Delivery of such goods must be made within three months.

Infosys rose 1.01% to Rs 1,515.10. Infosys will integrate and integrate global service desk and workplace operations. The IT major announced a global strategic partnership with TK Elevator, one of the world’s leading elevator companies based out of Dseldorf, Germany. The global seven -year partnership is an extension of the successful modernization of SW Elevator’s IT infrastructure in Europe and Africa.

Ramco Systems dropped 1.17% to Rs 245.15. The company said it has successfully gone live on Iraqi Airways with its Aviation M&E MRO Suite V5.9, and thus has fully digitized all key business processes in the company. Iraqi Airways Company, which operates as Iraqi Airways, is the national carrier of Iraq, and It is the largest airline in Iraq and a member of the Arab Air Transport Association. Ramco’s next-generation digital platform offers Iraqi Airways real-time data availability ensuring 100% airworthiness of the aircraft at emission.

Global Markets:

Dow Jones futures rose 93 points, indicating a positive opening in the US stock market today.

Shares in Europe fell across the board on Thursday. Investors are focused on the upcoming monetary policy meeting and decision from the ECB on Thursday. The European Central Bank is expected to signal a July rate hike at its policy meeting.

Most parts of Asia declined on Thursday. China is set to release its trade data for May later on Thursday.

U.S. stocks fell overnight before the May consumer price index reading scheduled for Friday. The S&P 500 was down 1.08% to 4,115.77. The Dow Jones Industrial Average fell 269.24 points, or 0.81%, to 32,910.90. The Nasdaq Composite was down 0.73% to 12,086.27.

In the commodities market, Brent crude for the August 2022 settlement fell 18 cents or 0.15% to $ 123.40 per barrel.

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(This story was not edited by Business Standard staff and was automatically generated from a syndicated feed.)

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