Market nudges higher in early trade; breadth strong

Key benchmark indices are trading with modest gains in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 92.97 points or 0.19% at 48,811.49. The Nifty 50 index was up 24.75 points or 0.17% at 14,658.90. Asian stocks were trading mixed.

The S&P BSE Mid-Cap index was up 0.86%. The S&P BSE Small-Cap index was up 0.84%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1564 shares rose and 470 shares fell. A total of 87 shares were unchanged.

Stocks in news:

ICICI Bank fell 1.33%. ICICI Bank said that the Reserve Bank of India (RBI) has, by an order dated May 03, 2021, imposed a monetary penalty of Rs 3 crore on the bank . This penalty has been imposed under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949 for shifting certain investments from HTM category to AFS category in May 2017.

L&T Technology Services tumbled 7.37%. The company reported 4.5% rise in consolidated net profit to Rs 194.50 crore on 2.8% rise in revenue to Rs 1440.50 crore in Q4 March 2021 (Q4FY21) over Q3 December 2020 (Q3FY20).

Tata Chemicals lost 7.15%. Tata Chemicals reported 99.82% drop in consolidated net profit to Rs 11.77 crore on 68.81% slide in total income to Rs 2,710.44 crore in Q4 March 2021 (Q4FY21) over Q4 March 2020 (Q4FY20).

Motherson Sumi Systems advanced 2.48%. The company has successfully completed the acquisition of Bombardier's Electrical Wiring Interconnection Systems (EWIS) business in Huehuetoca, Mexico. Motherson Sumi Systems (MSSL), via its Mexican subsidiary, Motherson Rolling Stocks S. de R.L. de C.V. (MRS), has successfully completed the acquisition of assets and activities of Electrical Wiring Interconnection Systems (EWIS) performed at Bombardier Transportation's manufacturing site in Huehuetoca, Mexico (BT Ensambles Mico).

JSW Energy gained 2.95%. JSW Energy informed that JSW Future Energy (formerly JSW Solar) (100% subsidiary of JSW Energy) had received Letter of Awards for total Blended Wind capacity of 810 MW from Solar Energy Corporation of India (SECI) in respect of the Tariff based Competitive Bid invited by SECI for setting up of 2500 MW ISTS-connected Blended Wind Power Projects (Tranche - IX).

Zuari Agro Chemicals rose 2.36%. Zuari Agro Chemicals informed that the Ammonia and Urea Plants have been shutdown for annual maintenance effective from 3rd May 2021.

Global Markets:

Overseas, Asian stocks are trading mixed on Tuesday with major markets in Japan and China still closed for holidays.

In US, the S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under pressure from declines in some high-flying growth stocks, as the rotation into cyclical and economy reopening stocks continued.

New York Governor Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.

The U.S. economy is doing better but is not out of the woods yet, Federal Reserve Chair Jerome Powell reportedly said on Monday in remarks that flagged an upcoming central bank study documenting the disproportionate blow suffered by the less educated and working parents during the coronavirus downturn.

U.S. manufacturing activity grew at a slower pace in April. The ISM's index of national factory activity fell to a reading of 60.7 last month after surging to 64.7 in March, which was the highest level since December 1983.

Back home, the 30-share Sensex staged a strong recovery in late trade and ended with small losses after a volatile session on Monday. The Nifty ended almost flat near the 14,650 level after opening below the 14,500 mark. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities capped gains. The barometer index, the S&P BSE Sensex, fell 63.84 points or 0.13% to 48,718.52. The Nifty 50 index rose 3.05 points or 0.02% to 14,634.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,289.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 552.92 crore in the Indian equity market on 3 May, provisional data showed.

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