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 382.84 points or 0.77% at 49,947.70. The Nifty 50 index was up 116.65 points or 0.78% at 15,022.70. The Nifty regained the psychological 15,000 mark in early trade. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.8%. The S&P BSE Small-Cap index was up 0.79%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1789 shares rose and 477 shares fell. A total of 76 shares were unchanged.
Stocks in news:
HPCL jumped 5.16%. On a consolidated basis, HPCL reported a net profit to Rs 3,060.70 crore in Q4 FY21 compared with a net loss of Rs 27.63 crore in Q4 FY20. Net sales increased by 13.09% year-on-year (YoY) to Rs 74,605.76 crore during the quarter.
Zee Entertainment Enterprises (ZEE) rose 1.41%. On a consolidated basis, Zee Entertainment Enterprises (ZEE) reported net profit of Rs 275.80 crore in Q4 FY21 compared with net loss of Rs 766.70 crore in Q4 FY20. Operating revenue grew 0.8% to Rs 1965.8 crore in Q4 FY21 over Q4 FY20. Advertising revenue grew 8.09% year-on-year (YoY) to Rs 1122.96 crore driven by the continued recovery in macro advertising environment.
Havells India dropped 2.86%. The company reported 70.95% rise in consolidated net profit to Rs 303.83 crore on 50.83% increase in total income to Rs 3,375.87 crore in Q4 FY21 over Q4 FY20.
Mindtree fell 0.43%. Mindtree announced that it has signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group.
JK Lakshmi Cement surged 5.43%. JK Lakshmi Cement reported 54.22% rise in consolidated net profit to Rs 152.91 crore on 25.5% increase in total income to Rs 3,375.87 crore in Q4 FY21 over Q4 FY20.
Torrent Power rose 0.73%. On a consolidated basis, Torrent Power reported a net profit to Rs 396.93 crore in Q4 FY21 compared with a net loss of Rs 274.92 crore in Q4 FY20. Net sales increased by 3.17% year-on-year (YoY) to Rs 3,116.54 crore during the quarter.
Exide Industries rose 0.62%. Exide Industries informed that with the rampant spread of the second wave of COVID-19 and lockdowns enforced in various states/parts of the country, the operations at some of the company's manufacturing units are temporarily affected and have been scaled down. The uncertainties have been increased as the customer orders have started getting impacted.
Global Markets:
Overseas, Asian stocks are trading higher on Friday following an overnight bounce on Wall Street.
U.S. stocks rose on Thursday, rebounding from three straight days of losses as technology shares staged a comeback, while the latest jobless claims totaling a fresh pandemic-era low also boosted sentiment.
U.S. Federal Reserve chief Jerome Powell turned up the heat on cryptocurrencies on Thursday, saying they pose risks to financial stability, and indicating that greater regulation of the increasingly popular electronic currency may be warranted.
The Treasury Department, meanwhile, flagged its concerns that wealthy individuals could use the largely unregulated sector to avoid tax and said it wanted big crypto asset transfers reported to authorities.
The number of Americans filing new claims for unemployment benefits dropped further below 500,000 last week. Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 444,000 for the week ended May 15, the Labor Department said. That was the lowest since mid-March 2020 and held claims below 500,000 for two straight weeks.
Meanwhile, Israel and Hamas has reportedly agreed to a cease-fire Thursday, halting a bruising 11-day war that caused widespread destruction in the Gaza Strip, brought life in much of Israel to a standstill and left more than 200 people dead.
Back home, the domestic equity benchmarks declined for the second consecutive session on Thursday. The barometer index, the S&P BSE Sensex, declined 337.78 points or 0.68% to 49,564.86. The Nifty 50 index lost 124.10 points or 0.83% at 14,906.05.
Foreign portfolio investors (FPIs) bought shares worth Rs 71.04 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 876.06 crore in the Indian equity market on 20 May, provisional data showed.
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