At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 157.67 points or 0.32% at 49,904.61. The Nifty 50 index was up 58.65 points or 0.39% at 14,923.55.
Trading was volatile as traders roll over positions in F&O segment from the near month April series to May series. The April 2021 F&O contracts will expire today.
In broader market, the S&P BSE Mid-Cap index was up 0.12% while the S&P BSE Small-Cap index was up 0.1%.
The market breadth was almost even. On the BSE, 1257 shares rose and 1276 shares fell. A total of 145 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 149,233,422 with 3,146,803 deaths.
India reported 30,84,814 active cases of COVID-19 infection and 204,832 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. I
On Wednesday, 14 states and UTs recorded their highest single-day case count on Wednesday, with India reporting nearly 3.8 lakh cases in last 24 hours and over 3,000 deaths.
Buzzing Index:
The Nifty Metal index jumped 2.09% to 4,742.35, outperforming other sectoral indices on the NSE. The index corrected 0.3% in the previous session.
Tata Steel (up 4.57%), JSW Steel (up 3.57%), Hindalco Industries (up 3.5%), Steel Authority of India (up 3.09%), National Aluminium Company (up 2.78%), NMDC (up 2.13%), Hindustan Zinc (up 1.64%), Vedanta (up 1.13%), Jindal Steel & Power (up 1.09%) and Coal India (up 0.82%) were top gainers in metal space.
China has announced the removal of VAT rebates on exports of 146 steel products from 1 May. The rebate of 13% of the VAT charged on exports of hot rolled coil, wire rod and rebar will no longer apply from May. Cold rolled steel sheet, hot-dip galvanized sheet and narrow strip were also on the list of products that have had the rebate removed.
Results Today:
Bajaj Auto (up 0.78%), HUL (up 0.58%), Titan Company (up 0.36%), Bank of Maharashtra (up 1.68%), Coromandel International (up 0.12%), Exide Industries (up 1.02%), IndiaMart InterMesh (up 0.52%), L&T Finance (up 0.49%), Motilal Oswal (up 3.67%), Shriram Transport Finance (up 1.25%), Persistent Systems (up 1.05%) and Zensar Technologies (up 0.2%) will announce quarterly results today.
Earnings Impact:
Biocon rose 1.32% to Rs 396.10 after the company reported 105% jump in consolidated net profit to Rs 254 crore in Q4 FY21 from Rs 123 crore in Q4 FY20. Revenue from operations rose 18% year-on-year (YoY) to Rs 1,839 crore during the quarter. On the segment front, revenue from generics was Rs 578 crore (up 3% YoY), revenue from biosimilars was Rs 664 crore (up 53% YoY) and revenue from research services was Rs 659 crore (up 8% YoY) in the fourth quarter. EBITDA increased by 68% to Rs 641 crore in Q4 FY21 as against Rs 382 crore in Q4 FY20.
Carborundum Universal jumped 4.03% to Rs 517.55 after the company's consolidated net profit rose 2.4% to Rs 96.19 crore on a 28% surge in net sales to Rs 750.26 crore in Q4 FY21 over Q4 FY20. Consolidated sales were driven by steady performance across business segments. On a consolidated basis, segmental profitability for the year recorded growth across all the business segments.
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