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Sensex, Nifty advance in early trade on positive Asian stocks

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Last Updated : Apr 01 2021 | 9:50 AM IST

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 291.36 points or 0.59% at 49,800.51. The Nifty 50 index was up 76.55 points or 0.52% at 14,767.25. Upbeat Asian stocks boosted sentiment.

The S&P BSE Mid-Cap index was up 0.79%. The S&P BSE Small-Cap index was up 1.16%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1557 shares rose and 441 shares fell. A total of 71 shares were unchanged.

Stocks in news:

NTPC rose 1.55%. NTPC informed that consequent upon successful commissioning and due approvals, first part capacity of 70 MW of 85 MW Bilhaur Solar PV Project at Bilhaur, Uttar Pradesh, is declared on Commercial Operation with effect from 28 March 2021. With this, the commissioned as well as commercial capacity of NTPC and NTPC group has become 51725 MW and 64490 MW respectively.

HCL Technologies advanced 2.6%. HCL Technologies announced an agreement with Tenneco Inc., a leading Fortune 500 global tier-1 automotive supplier and manufacturer, for a multi-year, integrated application development, modernization, and operations services contract. As part of this engagement, HCL will help Tenneco enhance their IT simplification, modernization and transformation journey while helping to reduce technical complexities and support the global IT application portfolio.

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Hindustan Aeronautics surged 4.02%. Hindustan Aeronautics recorded a revenue in excess of Rs. 22,700 crores (provisional and unaudited) for the financial year ended on March 31, 2021. The corresponding figure for the previous year stood at Rs. 21,438 crores. The company has posted a revenue growth of around 6% in FY 2020-21.

Indian Overseas Bank jumped 5.31%. The bank has received a capital infusion of Rs.4,100 crore from Government of India towards contribution of Central Government in the preferential allotment of equity shares of the Bank during the Financial Year 2020-21, as Government's Investment.

Sunteck Realty advanced 4.71%. The company has secured a marquee approx 7 acre land parcel at Borivali (West), Mumbai. Sunteck Realty would develop a luxury residential project in the upmarket residential locality.

Global Markets:

Overseas, Asian stocks are trading higher on Thursday as US President Joe Biden announced a multi-trillion-dollar infrastructure investment plan.

A private survey released Thursday showed slowing growth of Chinese factory activity in March. The Caixin/Markit manufacturing Purchasing Managers' Index (PMI) for March came in at 50.6, compared to February's reading of 50.9.

Japan's factory activity expanded at a faster pace in March. The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 52.7 in March from the previous month's 51.4 reading.

In US, the S&P 500 and Nasdaq rose on Wednesday, boosted by gains in technology shares as investors positioned themselves for President Joe Biden's massive infrastructure plan.

U.S. President Joe Biden announced a more than $2 trillion infrastructure package on Wednesday. The plan's goals include the revitalization of America's transportation infrastructure as well as manufacturing.

Back home, the benchmark indices snapped two-day rising streak and ended with steep losses on Wednesday. The barometer index, the S&P BSE Sensex, tumbled 627.43 points or 1.25% at 49,509.15. The Nifty 50 index dropped 154.40 points or 1.04% at 14,690.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,685.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,081.52 crore in the Indian equity market on 31 March, provisional data showed.

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First Published: Apr 01 2021 | 9:39 AM IST

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