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Sensex regains 48,000; breadth strong

·4-min read

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 213.39 points or 0.45% at 48,096.77. The Nifty 50 index was up 75.50 points or 0.53% at 14,386.30. The Sensex regained the 48,000 mark in early trade. Upbeat Asian stocks boosted sentiment.

The S&P BSE Mid-Cap index was up 0.68%. The S&P BSE Small-Cap index was up 1.02%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1516 shares rose and 478 shares fell. A total of 77 shares were unchanged.

Economic data:

On the macro front, the Index of Industrial Production (IIP) showed industrial output in India once again shrank in February, going down by 3.6%. IIP had contracted by an updated 0.9% in January after rising by 1.6% in December.

The all-India general CPI inflation rose to 5.52% in March 2021 (new base 2012=100), compared with 5.03% in February 2021. The corresponding provisional inflation rate for rural area was 4.61% and urban area 6.52% in March 2021 as against 4.19% and 5.96% in February 2021.

Stocks in news:

TCS dropped 3.47%. TCS reported a 6.3% growth in consolidated net profit to Rs 9,246 crore in Q4 March 2021 over Q3 December 2020. Consolidated revenue grew by 4% to Rs 43,705 crore in Q4 March 2021 over Q3 December 2020.

TCS' order book at $9.2 billion in Q4 March 2021, was the highest ever total contract value (TCV) in a quarter, taking the total yearly order book at $31.6 billion, a 17.1% growth compared to previous financial year.

For the financial year ended March 2021, the company's consolidated revenues grew 4.6% to Rs 1,64,177 crore and net profit rose 0.28% to Rs 32,430 crore. The company's board has proposed a final dividend of Rs 15 per share.

NBCC (India) advanced 3.39%. NBCC (India) said it has been awarded the work order for engagement as Project Management Consultant (PMC) for Construction of FCIL office building at Noida, Sector -1 on April 9, 2021. NBCC is the Project Management Consultant for this project value of Rs. 65.10 crore at PMC fee of 7%.

Yes Bank rose 1.04%. Yes Bank said that Sebi vide its Order dated April 12, 2021 has imposed a penalty of Rs. 25 crore against the Bank under Section 15 HA of SEBI Act, 1992 for the alleged mis-selling of AT-1 Bonds in the secondary market. The bank shall be preferring an appeal before the Securities Appellate Tribunal, it said.

Hindustan Copper gained 3.2% to Rs 135.50. Hindustan Copper closed its qualified institutional placement issue and approved the issue price of Rs 119.60 per equity share for the issue.

Satin Creditcare Network lost 4.96%. The company's AUM stood at Rs 7,274 crores as on 31st March 2021, a growth of 5.3% QoQ.

Global Markets:

Asian stocks edged higher on Tuesday following a muted finish overnight on Wall Street.

U.S. stocks hovered near their record levels on Monday as dull trading resumed before the release of widely-watched inflation data and the start of first-quarter corporate earnings.

Fed Chairman Jerome Powell on Sunday reiterated that the Fed wants to see inflation rise above its 2% for an extended period before officials move to raise interest rates. He added that amid an accelerated Covid-19 vaccine rollout and strong fiscal support, the U.S. economy appears to be at a turning point.

Back home, domestic equity indices ended with sharp losses on Monday, as surging COVID-19 cases in the country triggered fears of fresh lockdowns. The barometer index, the S&P BSE Sensex, slumped 1,707.94 points or 3.44% at 47,883.38. The Nifty 50 index tanked 524.05 points or 3.53% at 14,310.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,746.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 232.76 crore in the Indian equity market on 12 April, provisional data showed.