Nifty regains 17,000; breadth strong

Equity indices opened higher and traded with strong gains in early trade. The Nifty traded above the key 17,000 level. Positive global stocks boosted sentiment in early trade.

At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 418.44 points or 0.74% at 56,881.59. The Nifty 50 index rallied 118.75 points or 0.7% at 17,077.65.

The broader market traded with decent gains. The S&P BSE Mid-Cap index rallied 0.78% while the S&P BSE Small-Cap index added 1.1%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1967 shares rose and 604 shares fell. A total of 90 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,871.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,980.81 crore in the Indian equity market on 19 April, provisional data showed.

Stocks in Spotlight:

ACC gained 2.19%. The cement maker's consolidated net profit dropped 29.66% to Rs 396 crore on a 2.58% increase in net sales to Rs 4,322 crore in Q1 March 2022 over Q1 March 2021. Profit before tax declined 29.44% to Rs 532 crore in Q1 March 2022 over Q1 March 2021. Consolidated EBITDA declined 26.16% to Rs 635 crore in Q1 March 2022 as against Rs 860 crore in Q1 March 2021. EBITDA margin stood at 14.7% during the quarter as against 20.4% in the corresponding quarter last year.

Sona BLW Precision added 2.08%. The company formed a strategic partnership with Canada-based Enedym Inc. Enedym Inc. develops next generation switched reluctance motors (SRMs), electric propulsion, and electrified powertrains. Enedym's patented SRM drive technology requires no permanent magnets or other rare earth metals and offers high performance, power density, and efficiency.

Under the agreement, the parties will develop SRM drive platforms for Indian road and usage conditions targeting 3-wheeler electric vehicles (10-30kW peak power), 2-wheeler high-performance motorcycles (10-20kW peak power) and 4-wheeler cargo delivery electric vehicles (20-40kW peak power).

Global markets:

Asian stocks were trading higher on Wednesday as China defied expectations by keeping its benchmark lending rate unchanged. China on Wednesday kept its one-year loan prime rate unchanged at 3.7%, while also holding steady on the five-year LPR at 4.6%.

US stocks surged on Tuesday on the back of stronger-than-expected corporate earnings, but bleak forecasts on global economic growth pushed bond yields up and drove oil down.

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