Key benchmark indices are trading on a strong note in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 548.63 points or 1.11% at 50,129.36. The Nifty 50 index was up 168.65 points or 1.13% at 15,091.80. The Sensex regained the psychological 50,000 mark in early trade. The Nifty regained the psychological 15,000 mark in opening trade. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 1.28%. The S&P BSE Small-Cap index was up 0.94%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1749 shares rose and 542 shares fell. A total of 103 shares were unchanged.
Stocks in news:
Bharti Airtel fell 1.12%. On a consolidated basis, Bharti Airtel's net profit stood at Rs 759 crore in Q4 March 2021 compared with net loss of Rs 5,237 crore in Q4 March 2020. The consolidated revenues at Rs 25,747 crore grew 17.6% YoY on a comparable basis and 11.9% YoY on a reported basis. EBITDA rose 28.9% to Rs 12,583 crore in Q4 FY21 over Q4 FY20. EBITDA margin increased to 48.9% in Q4 FY21 compared with 42.4% in Q4 FY20.
HCL Technologies rose 0.56%. HCL Technologies announced the expansion of investment in the United Kingdom with the hiring of 1,000 technology professionals to support its clients in the UK and around the world. The company plans to hire these professionals in the fields of digital transformation, cloud, artificial intelligence and cybersecurity for its London, Greater London and Manchester offices.
Reliance Industries (RIL) rose 1.02%. Reliance Jio Infocomm (Jio) is constructing the largest international submarine cable system centered on India. Jio, in conjunction with several key global partners and world-class submarine cable supplier SubCom, is currently deploying two next generation cables to support the extraordinary growth in data demand across the region.
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Hero MotoCorp rose 0.27%. Hero MotoCorp has extended the duration of all its warranty and free services. For the benefit of all its existing customers, the company has extended the duration of the services that were getting exhausted during the ongoing period by 60 days.
Gland Pharma advanced 3.71%. The company posted 34% rise in net profit to Rs 260.4 crore on 40% jump in revenue from operations to Rs 887.7 crore in Q4 FY21 over Q4 FY20.
Zuari Agro Chemicals rose 1.28%. Zuari Agro Chemicals informed that the fertilizer plant of the company situated at Zuarinagar, Goa was impacted on May 16, 2021 by Cyclone-Tauktae and there could be some damages caused to the fertilizer plant at Goa.
Global Markets:
Asian stocks are trading higher on Tuesday, as investors reacted to the release of Japan's first quarter gross domestic data.
Japan's economy shrank at an annualized rate of 5.1% in January to March, government data showed Tuesday. On a seasonally adjusted basis, gross domestic product in January-March fell 1.3% quarter-on-quarter. That came as resurgent Covid infections in the country snapped two quarters of consecutive growth.
Wall Street stocks ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy.
On the coronavirus front, the World Health Organization warned Monday that the global pandemic isn't over yet despite high Covid vaccination rates in some countries. In Asia, places such as Singapore and Taiwan have seen a recent resurgence in local infections, prompting authorities to tighten restrictions in a bid to stem the virus' spread.
Back home, the domestic equity benchmarks ended with strong gains on Monday, supported by rally in banks stocks. The barometer index, the S&P BSE Sensex, advanced 848.18 points or 1.74% to 49,580.73. The Nifty 50 index added 245.35 points or 1.67% to 14,923.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,255.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,948.48 crore in the Indian equity market on 17 May, provisional data showed.
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