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 545.77 points or 1.1% at 50,279.61. The Nifty 50 index was up 372.50 points or 1.08% at 15,025.55. The Sensex regained the psychological 50,000 mark in opening trade. The Nifty regained the psychological 15,000 mark in early trade.
The S&P BSE Mid-Cap index was up 0.78%. The S&P BSE Small-Cap index was up 0.86%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1587 shares rose and 566 shares fell. A total of 106 shares were unchanged.
F&O expiry:
Trading could be volatile today as traders roll over positions in the F&O segment from the near month April series to May series. The April 2021 F&O contracts will expire today, 29 April 2021.
Exit polls:
On the political front, with West Bengal slated to hold its eight and final phase of polling today, all eyes will be glued to the exit polls for four states and one Union Territory. Exit polls for West Bengal, Assam, Tamil Nadu, Kerala and Puducherry can be published today an hour after polls close. Votes will be counted on 2 May.
Stocks in news:
Reliance Industries (RIL) rose 1.61%. RIL has reportedly held talks with Saudi Aramco on a cash and share deal for sale of a 20% stake in its oil refining and petrochemical arm. The deal was to conclude by March 2020 but has been delayed for reasons not disclosed by either company.
Tata Communications fell 1.75%. The company posted a consolidated net profit of Rs 299.20 crore in Q4 March 2021 as against net loss of Rs 275.02 crore in Q4 March 2020. Total income for Q4 March 2021 fell 6.83% year-on-year to Rs 4,132.10 crore.
SIS advanced 2.67%. SIS posted a consolidated net profit of Rs 102.27 crore in Q4 March 2021 as against net loss of Rs 4.05 crore in Q4 March 2020. Total income for Q4 March 2021 rose 23.7% year-on-year to Rs 2,795.70 crore.
KSB advanced 4.73%. The company said its consolidated net profit jumped 302.75% to Rs 43.90 crore on 44.49% increase in total income to Rs 390.70 crore in Q1 FY21 over Q1 FY20.
GHCL gained 2.7%. GHCL said its consolidated net profit rose 30.97% to Rs 111.14 crore on 11.04% increase in total income to Rs 833.79 crore in Q1 FY21 over Q1 FY20.
Global Markets:
Overseas, Asian stocks are mostly trading higher on Thursday, as investors react to the U.S. Federal Reserve's decision to keep its easy money policy in place. Markets in Japan are closed on Thursday for a holiday.
Wall Street ended lower on Wednesday after the U.S. Federal Reserve held interest rates and its monthly bond-buying program steady and gave no sign it was ready to reduce its support for the recovery.
The Fed left its benchmark short-term rate near zero, where it's been since the pandemic erupted nearly a year ago, to help keep loan rates down to encourage borrowing and spending. It also said in a statement after its latest policy meeting that it would keep buying $120 billion in bonds each month to try to keep longer-term borrowing rates low.
In a statement Wednesday, the Fed said the economy and job market have strengthened, and while inflation has risen, Fed policymakers ascribed the increase to temporary factors.
Back home, domestic equity market extended gains for the third consecutive session, boosted by strong Q4 results and vaccine optimism. The S&P BSE Sensex, jumped 789.70 points or 1.61% at 49,733.84. The Nifty 50 index gained 211.50 points or 1.44% at 14,864.55.
Foreign portfolio investors (FPIs) bought shares worth Rs 766.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 436.20 crore in the Indian equity market on 28 April, provisional data showed.
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