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Indices see positive start; breadth strong

·4-min read

Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 47.12 points or 0.1% at 48,724.67. The Nifty 50 index was up 28.30 points or 0.19% at 14,646.20.

The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.18%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1293 shares rose and 724 shares fell. A total of 86 shares were unchanged.

Stocks in news:

Tata Motors rose 0.46%. The Competition Commission has reportedly ordered a detailed probe against Tata Motors for alleged abuse of dominant position with respect to dealership agreements. The order has come on two complaints filed against Tata Motors, Tata Capital Financial Services Ltd and Tata Motors Finance Ltd (opposite parties).

The Competition Commission of India (CCI) observed that the complainants are primarily aggrieved that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position in contravention of the provisions of Section 4 of the Competition Act. Section 4 pertains to abuse of dominant position, reports indicated.

Tata Steel advanced 4%. Tata Steel reported consolidated net profit to Rs 6,644.15 crore in Q4 March 2021 (Q4FY21) as compared with net loss of Rs 1,481.34 crore in Q4 March 2020 (Q4FY20). Total income rose 34.6% to Rs 50,430.36 crore.

Wipro shed 0.45%. Wipro announced a partnership with Transcell Oncologics to transform vaccine safety assessment using augmented intelligence (AI). This partnership combines Transcell's innovative stem cell technology with the advanced augmented intelligence capabilities of Wipro HOLMES to improve the safety of global vaccine immunization programs.

Cipla rose 1.7%. Roche India announced that the Central Drugs Standards Control Organisation (CDSCO) has provided an Emergency Use Authorisation (EUA) for Roche's antibody cocktail (Casirivimab and Imdevimab) in India. This approval was based on the data that have been filed for the EUA in the United States, and the scientific opinion of the Committee for Medicinal Products for Human Use (CHMP) in the European Union.

This Emergency Use Authorisation will now enable Roche to import the globally manufactured product batches to India and will be marketed as well as distributed in India through a strategic partnership with Cipla.

IDBI Bank jumped 9.09%. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank. GoI and LIC together own more than 94% of equity of IDBI Bank (GoI 45.48%, LIC 49.24%). The extent of respective shareholding to be divested by GoI and LIC will be decided at the time of structuring of transaction in consultation with the Reserve Bank of India (RBI).

Adani Green Energy rose 1.8%. On a consolidated basis, Adani Green Energy posted 8.91% rise in net profit to Rs 105 crore on 50.56% rise in total income to Rs 1,082 crore in Q4 FY21 over Q4 FY20.

Angel Broking rose 4.46%. On a consolidated basis, Angel Broking posted 223.9% surge in net profit to Rs 105.60 crore on 109.8% rise in total income to Rs 418.90 crore in Q4 FY21 over Q4 FY20.

Macrotech Developers slipped 0.93%. Macrotech Developers' sales bookings rose 72% year-on-year to Rs 2,013 crore in 4QFY21 over 4QFY20. Collections rose 5% year-on-year to Rs 1,991 crore in 4QFY21 over 4QFY20.

Global Markets:

Overseas, most Asian stocks ae trading higher as investors look ahead to the U.S. jobs report due later this week for clues about how long the Fed will stay on hold. The U.S. jobs report — one of the most influential economic reports in global financial markets — for April is due on Friday.

U.S. stocks rebounded on Wednesday as strong earnings results and economic optimism pushed the Dow Jones Industrial Average to a record high.

The Biden administration announced Wednesday that it supports waiving intellectual patent protections for Covid-19 vaccines, as countries struggle to manufacture the life-saving doses.

Back home, benchmark indices ended with strong gains on Wednesday after the Reserve Bank of India (RBI) announced measures to tackle the rising second wave of COVID-19 pandemic. The S&P BSE Sensex, rallied 424.04 points or 0.88% to 48,677.55. The Nifty 50 index gained 121.35 points or 0.84% to 14,617.85.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,110.50 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 240.61 crore in the Indian equity market on 5 May, provisional data showed.


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