At 11:31 IST, the barometer index, the S&P BSE Sensex, was up 121.27 points or 0.25% at 48,201.73. The Nifty 50 index gained 35.25 points or 0.24% at 14,441.30. Gains were capped amid concerns that climbing new COVID-19 cases in the country could derail the economic recovery.
The broader market outperformed the main indices. The S&P BSE Mid-Cap index rallied 0.97% while the S&P BSE Small-Cap index was up 1.25%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1787 shares rose and 846 shares fell. A total of 136 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 909.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 849.98 crore in the Indian equity market on 22 April, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 144,408,954 with 3,069,570 deaths.
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India reported 24,28,616 active cases of COVID-19 infection and 186,920 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Metal index added 0.87% to 4,499.75, rising for third consecutive trading session. The index has rallied 3% in three days.
Vedanta (up 2.27%), National Aluminium Company (up 2.03%), Steel Authority of India (up 1.7%), Coal India (up 1.48%), Tata Steel (up 0.97%), Hindustan Zinc (up 0.94%) and Hindalco Industries (up 0.91%) were top gainers.
Stocks in Spotlight:
Tata Motors rose 0.27%. The auto major said that the Castle Bromwich and Halewood manufacturing plants of Jaguar Land Rover UK will be operating a limited period of non-production from Monday, 26 April 2021. The company said its wholly-owned subsidiary, Jaguar Land Rover UK is currently experiencing some COVID-19 supply chain disruption, including the global availability of semi-conductors, which is having an impact on its production schedules and ability to meet global demand for some of their vehicles. As a result, JLR have adjusted production schedules for certain vehicles which means that the Castle Bromwich and Halewood manufacturing plants will be operating a limited period of non-production from Monday, 26 April 2021.
Angel Broking rose 1.98% to Rs 371.35 after the company said its board has appointed Narayan Gangadhar as the chief executive officer (CEO) effective 26 April 2021. Earlier this week, the company informed about the passing away of Vinay Agrawal, the whole-time director and CEO of the firm.
Cadila Healthcare fell 1.08%. The drug maker on Friday announced that it has received final approval from the USFDA to arket Propafenone Hydrochloride extended-release capsules. Propafenone is known as an anti-arrhythmic drug. It works by blocking the activity of certain electrical signals in the heart that can cause an irregular heartbeat. The drug will be manufactured at the group's formulation manufacturing facility at the SEZ, Ahmedabad.
Global Markets:
Asian stocks were trading mixed on Friday following an overnight drop on Wall Street.
US markets ended lower amid reports that the US government will propose a hike in capital gains tax rate on wealthy individuals.
US President Joe Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans. The proposal would hike the capital gains rate to 39.6% for those earning $1 million or more, up from 20% currently, as per reports.
On the economic front, the number of Americans applying for unemployment aid fell last week to 547,000, a new low since the pandemic struck and a further encouraging sign that layoffs are slowing on the strength of an improving job market. The Labor Department said on Thursday that applications declined 39,000 from a revised 586,000 a week earlier.
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