Sensex spurts above 49,500; breadth strong

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 367.74 points or 0.75% at 49,574.21. The Nifty 50 index was up 119.80 points or 0.81% at 14,942.95. The Sensex regained the key 49,500 mark in early trade.

The S&P BSE Mid-Cap index was up 0.51%. The S&P BSE Small-Cap index was up 0.91%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1624 shares rose and 515 shares fell. A total of 110 shares were unchanged.

Stocks in news:

Avenue Supermarts rose 1.32%. The company's consolidated net profit surged 52.7% to Rs 414 crore on 18.4% rise in net sales to Rs 7412 crore in Q4 FY21 over Q4 FY20.

Housing Development Finance Corporation (HDFC) gained 1.74%. HDFC on Friday entered into a share purchase agreement for sale of 44,12,000 equity shares of Rs 10 each in HDFC ERGO General Insurance for a cash consideration of Rs 236.48 crore to ERGO International AG.

Maruti Suzuki India slipped 0.03%. The company said that the maintenance shutdown, which was till the 9th May, 2021, is being extended till the 16th May, 2021 keeping in view the current pandemic situation.

Ultratech Cement fell 1.74%. Ultratech Cement reported 45.2% drop in consolidated net profit to Rs 1775.23 crore in Q4 FY21 as against Rs 3240.23 crore in Q4 FY20. Net sales during the quarter increased 32.7% year-on-year (YoY) to Rs 14405.61 crore. Profit before tax in Q4 FY21 stood at Rs 2638.98 crore, up 80.8% from Rs 1459.43 crore in Q4 FY20. Current tax outgo increased 93.9% to Rs 478.20 crore in Q4 FY21 over Q4 FY20.

CSB Bank jumped 6.12%. On a standalone basis, CSB Bank reported a net profit of Rs 42.89 crore in Q4 FY21 as against net loss of Rs 59.68 crore in Q4 FY20. The bank's total income grew by 28.2% year on year to Rs 609.45 crore in Q4 FY21 as against Rs 475.49 crore in Q4 FY20.

Bandhan Bank lost 2.36%. Bandhan Bank reported an 80% fall in net profit to Rs 103.03 crore on 25.5% rise in total income to Rs 3787.91 crore in Q4 FY21 over Q4 FY20.

Kansai Nerolac Paints declined 0.81%. Kansai Nerolac Paints reported 78.8% jump in standalone net profit to Rs 127.80 crore on 34.7% increase in net sales to Rs 1321.09 crore in Q4 FY21 over Q4 FY20.

EIH fell 1.5%. EIH reported a consolidated net loss of Rs 48.87 crore in Q4 FY21 compared with net profit of Rs 27.92 crore in Q4 FY20. Net sales during the quarter dropped 47.3% year-on-year (YoY) to Rs 216.26 crore.

Great Eastern Shipping Company advanced 4.12%. On a consolidated basis, the company's net profit stood at Rs 49.01 crore in Q4 FY21 as against a net loss of Rs 50.68 crore in Q4 FY20. Net sales dropped 26.7% to Rs 739.95 crore in Q4 FY21 over Q4 FY20.

Global Markets:

Overseas, Asian stocks are trading broadly higher on Monday following a big miss in the April U.S. jobs report.

US stocks notched a record close on Friday in what proved to be a volatile day in financial markets following a much weaker than expected jobs report.

The S&P 500 climbed 0.7% to 4,232.60, hitting a record high. The Dow Jones Industrial Average rose 229.23 points, or 0.7%, to 34,777.76 to reach another closing high. The tech-heavy Nasdaq Composite rose 0.9% to 13,752.24.

U.S. job growth unexpectedly slowed in April, likely restrained by shortages of workers, the Labor Department report on Friday showed. US employers hired 266,000 new workers in April, according to the labour department's monthly non-farm payrolls report, far below the level that economists had expected. The unemployment rate rose to 6.1% last month amid an escalating shortage of available workers. Meanwhile, March's originally estimated total of 916,000 was revised down to 770,000.

Back home, domestic indices ended with decent gains on Friday amid positive global cues. The S&P BSE Sensex, rose 256.71 points or 0.52% to 49,206.27. The Nifty 50 index gained 98.35 points or 0.67% to 14,823.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,142.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,468.09 crore in the Indian equity market on 7 May, provisional data showed.

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