The domestic equity barometers advanced further and hit fresh intraday high in early afternoon trade. Auto shares witnessed value buying after a two-day losing streak. The Nifty was trading above 14,500 mark. Tata Group stocks were in demand after the country's apex court ruled in favor of the Group in the Tata-Mistry case.
At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 592.29 points or 1.22% to 49,032.41. The Nifty 50 index added 203.05 points or 1.42% to 14,527.95.
In the broader market, the S&P BSE Mid-Cap index gained 1.62% while the S&P BSE Small-Cap index rose 1.11%.
The market breadth was strong. On the BSE, 1722 shares rose and 998 shares fell. A total of 186 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 6.14% to 21.30. The Nifty 29 April 2021 futures were trading at 14,601, at a premium of 73.05 points as compared with the spot at 14,527.95.
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On the weekly options front, the Nifty option chain for 1 April 2021 expiry showed maximum Call OI of 33.8 lakh contracts at the 15,000 strike price. Maximum Put OI of 33.8 lakh contracts was seen at 14,000 strike price.
On the monthly options front, the Nifty option chain for 29 April 2021 expiry showed maximum Call OI of 20.7 lakh contracts at the 15,000 strike price. Maximum Put OI of 32 lakh contracts was seen at 14,000 strike price.
Tata Group SC Verdict:
Shares of Tata Group companies surged after the Supreme Court ruled in the favour of Tata Group junking appeals by Cyrus Investments.
Among the Tata Group stocks, Tinplate Company of India (up 5.7%), Tata Motors (up 4.36%), Tata Power (up 4.36%), Tata Investment Corporation (up 3.08%), Tata Chemicals (up 3.05%), Titan Company (up 3%), Tata Coffee (up 2.84%), Tata Communications (up 2.75%), Tata Metaliks (up 2.58%), Tata Elxsi (up 2.22%), Tata Consumer Products (up 2.05%), Voltas (up 2.05%) and TCS (up 0.92%) advanced.
Meanwhile, shares of Pallonji Group's Sterling and Wilson Solar tumbled 4.09% to Rs 261.25.
A Supreme Court (SC) bench headed by Chief Justice S A Bobde and also comprising Justices A S Bopanna and V Ramasubramanian ruled in favour of the Tatas in their battle with the Mistry group by setting aside the National Company Law Appellate Tribunal (NCLAT) order which had re-instated Mistry on Tata Sons' board and had termed current Chairman N Chandrasekaran's as ''illegal".
The country's apex court also rejected Mistry group's plea against the conversion of Tata Sons into a private company. The bench also refused to entertain Mistry group's plea for fair compensation for their 18.5% stake in Tata Sons saying the value of Mistry's stake will depend on valuation of Tata Sons assets and that it would not get into determining what should be a fair value.
SC's verdict in nearly five-year-old case puts an end to the corporate war between Tata Group and the Mistrys. A legal tussle erupted between the two sides after Cyrus Mistry was removed from Tata Sons' chairman post in October 2016.
Buzzing Index:
The Nifty Auto index rose 1.80% to 9,825.55 on bargain buying. The index had declined 5.26% in the past two sessions.
Ashok Leyland (up 4.19%), Ashok Leyland (up 3.65%), Bajaj Auto (up 2.93%), TVS Motor Company (up 2.16%), Mahindra & Mahindra (up 1.93%), Hero MotoCorp (up 0.72%), Eicher Motors (up 0.53%) and Maruti Suzuki (up 0.46%) advanced.
Bajaj Auto added 2.96% at Rs 3605.65. The domestic two-wheeler maker on Friday announced that it is strengthening its strategic cooperation with PIERER Mobility for the development of electric products in the two-wheeler sector to meet the growing demand for innovative e-mobility concepts. The PIERER Mobility Group is Europe's leading manufacturer of powered two-wheelers.
PIERER Mobility AG and Bajaj Auto originally joined forces to make a sizeable and relentless footprint in the international motorcycle industry. The two companies have now decided to jointly explore the zero tailpipe emissions, low maintenance, and long-lasting benefits of light electric vehicles in urban settings and dense metropolitan areas.
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