Market drifts higher in early trade; breadth strong

Published on May 05, 2021 09:29

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 161.82 points or 0.34% at 48,415.33. The Nifty 50 index was up 52.85 points or 0.36% at 14,549.35. The Nifty regained the key 14,500 mark in opening trade.

The S&P BSE Mid-Cap index was up 0.49%. The S&P BSE Small-Cap index was up 0.6%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1359 shares rose and 505 shares fell. A total of 80 shares were unchanged.

RBI Governor speech:

Investors are awaiting the address by RBI Governor Shaktikanta Das scheduled for 10:00 IST today.

Stocks in news:

Wipro rose 1.87%. Wipro announced the setting up of an Innovation Centre in Holborn, London. Wipro will invest ?16 million over the next four years in the 20,000 sq. ft. Innovation Centre which will serve as Wipro`s flagship centre in the United Kingdom and offer technology expertise to companies in the UK and globally.

Adani Ports & Special Economic Zone (APSEZ) lost 2.73%. On a consolidated basis, APSEZ posted 285% jump in net profit to Rs 1287.80 crore on 21.1% rise in total income to Rs 4072.42 crore in Q4 FY21 over Q4 FY20.

On a consolidated basis, profit before tax soared by 500% to Rs 1539 crore in Q4 FY21 as against Rs 256.73 crore in Q4 FY20. The company`s operating revenue grew 24% year on year to Rs 3,608 crore in Q4 FY21. EBITDA (excluding forex gain of Rs 24 crore in Q4 FY21 versus forex loss of Rs 1,004 crore in Q4 FY20) jumped 39% year on year to Rs 2287 crore in Q4 FY21.

Larsen & Toubro Infotech slipped 0.84%. On a consolidated basis, the company posted 5.1% rise in net income to Rs 545.70 crore on 3.7% rise in revenue to Rs 3269.40 crore in Q4 FY21 over Q3 FY20.

Procter & Gamble Hygiene and Health Care fell 2.4%. On a standalone basis, the company posted 7.94% rise in net profit to Rs 98.33 crore on 15.49% rise in total income to Rs 774.41 crore in Q4 FY21 over Q4 FY20.

Adani Total Gas rose 1.46%. On a consolidated basis, the company posted 18.38% rise in net profit to Rs 143.73 crore on 27.36% rise in total income to Rs 603.66 crore in Q4 FY21 over Q4 FY20.

Hindustan Aeronautics (HAL) advanced 2.21%. HAL and Rolls-Royce have signed an MoU to establish packaging, installation, marketing and services support for Rolls-Royce MT30 marine engines in India. Through this MoU. Rolls-Royce and HAL will expand their long-standing partnership in India and work together in the area of marine applications for the first time.

Interglobe Aviation fell 0.38%. Interglobe Aviation said that the meeting of the board of directors of the company is scheduled on 7 May 2021, to consider and approve raising of funds by issue of equity shares through qualified institutions placement.

Aarti Industries gained 2.19%. Aarti Industries informed that the meeting of the board of directors of the company is scheduled on 11 May 2021, to consider and approve issue of bonus shares.

Global Markets:

Overseas, Asian shares are trading lower on Wednesday as sentiment took a knock from a selloff in large cap Wall Street tech stocks, even as some of the other major Asia-Pacific markets are closed for the day. Markets in China and Japan remain closed for public holidays. South Korean markets are also shut.

In US, the Nasdaq fell more than 2% on Tuesday as steep declines in megacap growth stocks pushed Wall Street below record trading levels, with investors seeking shelter in more defensive parts of the market.

U.S. Treasury Secretary Janet Yellen said Tuesday that interest rates may have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on in part by trillions of dollars in government stimulus spending. The former Fed chair later tempered her comments somewhat on the need for higher rates, saying she respects the Federal Reserve`s independence and was not trying to influence decision-making there.

Back home, the domestic equity indices ended with steep losses on Tuesday as mixed global cues and rising COVID-19 cases weighed on investors sentiment. The barometer index, the S&P BSE Sensex, fell 465.01 points or 0.95% at 48,253.51. The Nifty 50 index declined 137.65 points or 0.94% at 14,496.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,772.37 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 987.34 crore in the Indian equity market on 4 May, provisional data showed.

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