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Barometers end with minor gains; Realty shares rise for 5th day
(15:38, 18 Aug 2022)

The benchmark indices ended with minor gains after a volatile session on Thursday. The Nifty closed tad above the 17,900 mark. Realty, metal and FMCG stocks advanced while IT, oil & gas and healthcare shares declined. Trading was volatile due to the expiry of weekly index options on the NSE today.

As per provisional closing data, the barometer index, the S&P BSE Sensex, added 37.87 points or 0.06% to 60,298. The Nifty 50 index advanced 12.25 points or 0.07% to 17,956.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.42% while the S&P BSE Small-Cap index gained 0.34%.

The market breadth was positive. On the BSE, 1,896 shares rose and 1,499 shares fell. A total of 145 shares were unchanged.

Buzzing Index:

The Nifty Realty index added 1.51% to 459.20. The index has added 5.61% in five sessions.

Indiabulls Real Estate (up 7.71%), Phoenix Mills (up 4.07%), DLF (up 2.33%), Prestige Estates Projects (up 1.8%) and Oberoi Realty (up 1.55%) were the top gainers.

Among the other gainers were Godrej Properties (up 1.13%), Sobha (up 0.78%) and Sunteck Realty (up 0.46%).

On the other hand, Macrotech Developers (down 2.03%) and Brigade Enterprises (down 0.4%), moved lower.

Stocks in Spotlight:

Oil and Natural Gas Corporation (ONGC) shed 0.40%. ONGC has signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil for Deepwater exploration in East and West coasts of India. The collaboration areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore.

GAIL (India) rose 0.56%. The board of directors of the company approved fundraising of $3.125 billion from external commercial borrowing and up to Rs 25,000 crore via NCD or non-convertible debentures.

Natco Pharma gained 0.26%. The company announced that the U.S. Food and Drug Administration has granted tentative approval to its Abbreviated New Drug Application (ANDA) for Trabectedin for Injection (generic for Yondelis) for the 1mg/vial presentation.

Craftsman Automation added 2.77%. The company has commenced the commercial operations of its new/additional plant at Pune, Maharashtra.

Shares of Dynacons Systems & Solutions were locked in an upper circuit of 5%. The company said that it has bagged an order from Life Insurance Corporation of India for workplace solutions. The overall value of the order for all the zones to Dynacons stood at Rs 105 crore.

Indo Amines was locked in 20% upper circuit. The company has received an Environment Clearance for Expansion of 'Synthetic Organic Chemical' for its Manufacturing Plants situated at MIDC, Badlapur, Tal. Ambernath, Dist. Thane and MIDC Avdhan Taluka, Dist. Dhule, Maharashtra.

Infibeam Avenues jumped 4.58%. The meeting of the board of directors of the company is scheduled on 25 August 2022 to consider and approve the proposal for raising of funds through any permissible mode and/or combination thereof and other business items, if any.

Power Mech Projects (PMPL) gained 2.48%. The company announced that it has bagged a record order for 5 Flue Gas Desulphurization (FGD) projects with an aggregating value of Rs 6,163.20 crore from Adani Group.

Dilip Buildcon rose 0.20%. The company said that its joint venture Dilip Buildcon-Skyway Infraprojects (DBL-SIPL) has executed an EPC agreement with the Madhya Pradesh Jal Nigam Maryadit, Bhopal (M. P.). The project cost is Rs 1,400.04 crore.

Global Markets:

Shares in Europe were trading mixed while Asian stocks slumped on Thursday, struggling to build on gains as investors are cautious over the inflationary outlook.

US stocks closed lower on Wednesday after minutes from the Federal Reserve's meeting in July suggested policymakers may be less aggressive than previously thought when they raise interest rates in September.

The minutes from the Federal Reserve's July meeting show that central bankers plan to continue rate hikes in order to bring down inflation.

With inflation remaining well above the Committee's objective, participants judged that moving to a restrictive stance of policy was required to meet the Committee's legislative mandate to promote maximum employment and price stability, the minutes said.

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