Domestic stocks move modestly higher

The key equity barometers traded with slight gains in early trade. Nifty opened at 23352 and hit a high of 23415 in first half hour of trade. Nifty Metal, Nifty FMCG and Nifty Chemicals shares advanced, while Nifty IT shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, added 109.43 points or 0.15% to 74,638.51. The Nifty 50 index moved higher by 61.25 points or 0.26% to 23,390.25.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index edged higher by 0.37% and the BSE 250 SmallCap Index inched up 0.60%.

The market breadth was well-supported. On the BSE, 2840 shares rose and 1016 shares declined. A total of 193 shares were unchanged.

Nifty Metal index rallied 1.08% to 13131. The index has edged lower 2.92% in last one month and recorded robust gains of 29.53% over last one year. Welspun Corp, gaining 3.26%, led the gainers followed by Lloyds Metals, up 1.95% and Vedanta, edging up 1.91%, respectively. All 15 constituents are advancing today.

Nifty FMCG index inched up 0.57% to 45919. The index has eased by 3.93% in last one month and slumped 18.48% over last one year. United Spirits, adding 2%, led the gainers followed by Radico Khaitan, inching higher 1.93% and Dabur India, gaining 1.30%, respectively. All 15 constituents are advancing today.

Nifty IT index posted modest losses of 0.39%. The index has retreated 6.58% in last one month and tumbled 19.49% over last one year. Persistent Systems, easing 1.17%, led the losers followed by Mphasis, slipping 0.94% and TCS, edging lower 0.66%, respectively. Out of 10 index constituents, 8 are reporting loss today.

In NIFTY500, Ola Electric is the top gainer today, surging 8.55% to Rs 41.01. The counter has tumbled 34.87% in last one year. It recorded an average volume quantity of 4564577.67 in last five sessions compared to 4750088.24 over last one month.

Asian markets traded slightly higher on Wednesday. China’s Shanghai composite is slightly lower by 0.36%, Hong Kong’s Hang Seng is lower by 0.84%. Japan’s Nikkei 225 is substantially higher by 1.38%.