Benchmarks trade firm; breadth remains strong

The headline equity indices were trading near the day's high with strong gains in mid-morning trade. Positive global cues boosted sentiment after the US Federal Reserve's latest policy decision was on expected lines, averting concerns of larger-than-expected hikes. The Nifty was trading above 16,800 mark. All the sectoral indices on the NSE edged higher. Banks, autos and IT shares were in demand.

At 11:35 IST, the barometer index, S&P BSE Sensex was up 636.75 points or 1.14% to 56,305.78. The Nifty 50 index rose 190.40 points or 1.14% to 16,868.

In the broader market, the S&P BSE Mid-Cap index rose 0.66% while the S&P BSE Small-Cap index gained 0.79%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2146 shares rose while 1011 shares fell. A total of 128 shares were unchanged.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 1.87%. The railways business of L&T Construction has secured a contract from the National High-Speed Rail Corporation (NHSRCL) to construct 116 route km of high-speed ballastless trackworks (Package No: T3) for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project, popularly referred to as the bullet train project.

State Bank of India rose 2.49%. The bank's oard is scheduled to meet on 10 May 2022 to consider decide on long term fund raising in single/multiple tranches upto $2 billion, through a public offer and / or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2022 - 23.

Tata Consumer Products fell 3.23%. The FMCG company reported a substantial growth in consolidated net profit of Rs 231.57 crore in Q4 FY22 as against a net profit of Rs 96.97 crore in Q4 FY21, mainly aided by growth in underlying profitability and lower exceptional costs. Net sales in the fourth quarter stood at Rs 3,175.41 crore, rising 4.5% from Rs 3,037.22 crore reported in the same period last year, mainly driven by growth in the India branded business.

Buzzing Segment:

The Nifty Auto index rose 1.65% at 10,836.95. The index fell 4.74% in the past three session.

Among the components of the Nifty Auto index, Hero MotoCorp (up 4.45%), Ashok Leyland (up 2.49%), Tata Motors (up 2.18%), Bajaj Auto Ltd (up 2.16%), Mahindra & Mahindra (up 2%), Bharat Forge (up 1.85%), Bosch (up 1.28%), TVS Motor Company (up 1.19%) and Maruti Suzuki India (up 1.07%) advanced.

Sona BLW Precision Forgings (Sona Comstar) rose 2.73%. Sona Comstar has partnered with US-based C-Motive Technologies ("C-Motive") to develop electrostatic drive motors for electric vehicle (EV) applications. The serial production of electrostatic drive motors will likely start in 2026. The proposal, amongst others, involves participation in C-Motive's latest financing round.

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