At 11:29 IST, the barometer index, the S&P BSE Sensex, added 485.87 points or 0.99% at 49,430.19. The Nifty 50 index was up 126.1 points or 0.86% at 14,779.85.
In broader market, the S&P BSE Mid-Cap index was up 0.71% while the S&P BSE Small-Cap index was up 0.88%.
The market breadth was strong. On the BSE, 1776 shares rose and 890 shares fell. A total of 155 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,454.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,463.44 crore in the Indian equity market on 27 April, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 148,353,905 with 3,131,636 deaths.
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India reported 29,78,709 active cases of COVID-19 infection and 201,187 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Auto index jumped 2.63% to 9963.90, rising for third trading session in a row. The index has rallied 3.8% in three days.
Eicher Motors (up 4.19%), Motherson Sumi Systems (up 4.13%), Bajaj Auto (up 4.08%), Hero MotoCorp (up 3.15%) Mahindra & Mahindra (up 2.67%), Escorts (up 1.93%), Tata Motors (up 1.92%), Bosch (up 1.81%) and Exide Industries (up 1.39%) were top gainers in automobile segment.
TVS Motor Company soared 14.3% after the company's standalone net profit surged 292% to Rs 289 crore in Q4 FY21 from Rs 74 crore in Q4 FY20. Revenue from operations grew by 53% at Rs 5,322 crore for the quarter under review against Rs 3,481 crore reported in the fourth quarter of 2019-20. Profit before tax in Q4 March 2021 stood at Rs 387 crore, up by 331% from Rs 90 crore in Q4 March 2020. The overall two-wheeler and three-wheeler sales including exports registered a growth of 47% at 9.28 lakh units in the quarter ended March 2021 as against 6.33 lakh units registered in the quarter ended March 2020.
Stocks in Spotlight:
Jamna Auto Industries gained 2.22% to Rs 69.05 after ratings agency ICRA revised outlook on the long-term rating from negative to stable. ICRA reviewed the credit rating assigned to Jamna Auto Industries and reaffirmed the long-term rating at [ICRA] AA- and the short-term rating at [ICRA] A1+. Credit rating assigned to commercial paper is reaffirmed at [ICRA] A1+.
Bank of India rose 0.98%. The bank said that a meeting of board of directors of the bank is scheduled on 30 April 2021 to consider and approve fund raising plan. The board of directors of the state-run bank would consider the proposal of raising capital including by way of a further issue of equity shares and BASEL III Compliant Additional Tier-I, Tier-II bonds etc.
Global Markets:
Asian stocks were mixed on Wednesday ahead of the US Federal Reserve's policy decision on Wednesday.
Japan's retail sales rose 5.2% in March as compared with a year ago, according to government data.
In US, the S&P 500 closed little changed near its record level on Tuesday as investors braced for a big batch of tech earnings.
The Federal Reserve kicked off its two-day policy meeting Tuesday. The central bank is reportedly likely to hold and keep its asset-buying program in place at the same levels for the rest of 2021, despite growing concerns about an overheating economy.
Consumer confidence climbed sharply to hit a pandemic high with The Conference Board's index jumping to 121.7, the highest since February 2020.
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