Market extends gains; auto shares rises

The headline equity benchmarks traded with significant gains in mid-morning trade. The Nifty scaled above 22,600 level. Auto shares advanced after declining in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 390.29 points or 0.52% to 74,636.79. The Nifty 50 index added 116.30 points or 0.52% to 22,630.

The Sensex and Nifty clocked an all-time high of 74,678.40 and 22,641 in mid-morning trade.

In the broader market, The S&P BSE Mid-Cap index rose 0.55% and the S&P BSE Small-Cap index added 0.30%.

The market breadth was positive. On the BSE, 2,002 shares rose and 1,694 shares fell. A total of 159 shares were unchanged.

Economy:

India�s foreign exchange reserves increased $2.951 billion to $645.583 billion for the week ended March 29, according to the latest RBI report. This is the sixth consecutive week of a jump in overall reserves.

For the week ended March 29, the foreign currency assets, a major component of the reserves, increased $2.354 billion to $570.618 billion.

Gold reserves increased $673 million to $52.16 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down $73 million to $18.145 billion.

India�s reserve position with the IMF was also down $2 million to $4.66 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty Auto index gained 1.70% to 21,967.05. The index shed 0.24% in the past trading session.

Eicher Motors (up 3.66%), Mahindra & Mahindra (up 3.33%), Exide Industries (up 2.78%), Maruti Suzuki India (up 2.5%), Bosch (up 1.94%), Balkrishna Industries (up 1.59%), TVS Motor Company (up 1.48%), Bharat Forge (up 1.28%), Hero MotoCorp (up 0.85%) and Bajaj Auto (up 0.72%) advanced.

Stocks in Spotlight:

Bank of Baroda rose 0.76%. The public sector bank reported 12.80% rise in domestic advances to Rs 8,97,366 crore as on 31 March 2024 from Rs 7,95,560 crore as on 31 March 2023.

Strides Pharma shed 0.33%. The US Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at Strides Alathur�s formulations facility at Alathur in Chennai from 1 April 2024 to 5 April 2024.

Keystone Realtors advanced 1% after the company reported pre-sales of Rs 843 crore for Q4 FY24, thereby registering a growth of 37% on QoQ basis and 78% on YoY basis.

Global Markets:

Asian stocks traded mixed ahead of central bank decisions this week, with investors also awaiting inflation numbers from the U.S. and China. The Bank of Korea, the Reserve Bank of New Zealand, the Bank of Thailand and the central bank of the Philippines have their monetary policy meetings scheduled this week. All four banks are likely to hold their rates steady, as per reports.

US stocks regained ground after a stronger than expected jobs report. Nonfarm payrolls increased by 303,000 jobs last month, the Labor Department`s Bureau of Labor Statistics said in its closely watched employment report on Friday. Data for February was revised slightly lower to show 270,000 jobs added instead of 275,000 as previously reported.

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