Barometers scale fresh intraday high

The market further extended gains and hit fresh intraday high in mid-morning trade amid positive cues from other Asian markets. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 347.22 points or 1.08% at 32,461.74. The Nifty 50 index was up 101.35 points or 1.08% at 9,482.25.

Buying was broad based. Nifty Metal (up 3.24%), Nifty PSU Bank (up 1.87%), Nifty Media (up 1.85%), Nifty Auto (up 1.83%), Nifty IT (up 1.54%), Nifty Financial Services (up 1.52%), Nifty Realty (up 1.1%), Nifty Pharma (up 0.65%), Nifty Bank (up 0.49%), Nifty Private Bank (up 0.47%) and Nifty FMCG (up 0.17%) edged higher.

Among broader indices, the S&P BSE Mid-Cap index was up 1.09% while the S&P BSE Small-Cap index was up 1%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1236 shares rose and 716 shares fell. A total of 129 shares were unchanged. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 3,183,903 so far with 218,010 deaths while 956,064 patients have recovered. India reported over 31,332 cases of COVID-19 infection and over 1007 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Maharashtra remained the worst hit state with 9318 confirmed cases.

Buzzing Index:

The Nifty Auto index gained 1.8% to 5,545.05, rising for third consecutive trading session. The index has gained 3.12% in three sessions.

Ashok Leyland (up 7.98%), Mahindra & Mahindra (up 3.23%), Hero MotoCorp (up 3.08%), SML Isuzu (up 2.62%), Escorts (up 1.79%), Bajaj Auto (up 1.32%) and Maruti Suzuki India (up 0.53%) were top gaienrs in auto segment.

Stocks in Spotlight:

Biocon surged 1.62% after it announced the launch of Fulphila, a biosimilar to Neulasta (pegfilgrastim). Fulphila is approved by Health Canada to decrease the incidence of infection, as manifested by febrile neutropenia, in patients with non-myeloid malignancies receiving myelosuppressive anti-neoplastic drugs.

Larsen & Toubro (L&T) rose 0.89% to Rs 864.60 after the company said it raised Rs 2500 crore through issue of unsecured redeemable non-convertible debentures. L&T said it allotted 25,000, 7.70% rated listed unsecured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each aggregating to Rs 2500 crore. The NCDs will mature on 28 April 2025. The said debentures are proposed to be listed on the National Stock Exchange of India

Ujjivan Small Finance Bank on Tuesday (28 April) said it appointed Biswamohan Mahapatra as part-time chairman (non-executive) of the bank for three years from 28 April 2020. Biswamohan Mahapatra has been on the board of the bank since January 2017 as an independent director. Shares of Ujjivan Small Finance Bank gained 0.85% to Rs 29.55 on BSE.

Global Markets:

Asian markets were higher on Wednesday as investors await the US Federal Reserve's decision on interest rates. Markets in Japan are closed for a holiday.

The US Fed is expected to announce its interest rate decision later in the global day. Investors will look for guidance on the US central bank's future path of interest rates as the country looks toward gradually reopening its economy.

In US, Wall Street's major indexes lost ground on Tuesday as investors moved out of market-leading growth stocks, though a rotation into cyclical value stocks indicated hopes of economic revival as states began to relax restrictions enacted to fight the deadly COVID-19 pandemic

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