You are here: Home » Markets » News

Sensex gains 257 pts, ends above 49K; Nifty holds 14,800; Nifty Metal up 5%

Tata Steel, Hindalco, JSW Steel, Adani Ports, SBI Life, M&M, and HDFC were the top Nifty gainers

Topics
MARKET WRAP | Markets | Sensex

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

stock market, markets, bull, bear, trading, nse, bse, sensex, nifty, rally, coronavirus, covid, lockdown
Stock market updates: Firm global cues and healthy corporate earnings back home helped domestic equity indices to settle higher for third straight day on Friday. In Europe, stocks hit a record high as strong economic data from Germany and other major economies as well as upbeat earnings underpinned hopes of a swift economic recovery from the pandemic.

The pan-European STOXX 600 index rose 0.3 per cent while the German DAX rose 0.9 per cent. France's CAC 40 hit its highest level since November 2000 and the UK's FTSE 100 breached the 7,100 mark for the first time since February 2020.

Earlier in Asia, the Nikkei share average ticked up 0.09 per cent while the broader Topix rose 0.29 per cent. South Korea's Kospi added 0.6 per cent and Australia's S&P/ASX200 index gained 0.3 per cent.

Domestically, the frontline indices gained little over 0.5 per cent as volatility gauge, India VIX, eased 5.5 per cent, propelled largely by metal stocks. The Nifty Metal index advanced 5 per cent on the NSE while all other sectoral indices clocked gains between 0.04 per cent and 1 per cent. The Nifty PSU Bank index was the only loser, down 0.14 per cent.

Against this backdrop, the benchmark shut shop at 14,823 levels, up 98 points. On the BSE, the 30-share index closed 257 points higher at 49,206 levels.

Individually, Tata Steel, Hindalco, JSW Steel, Adani Ports, SBI Life, M&M, and were the top Nifty gainers of the day while Tata Consumer Products, Bajaj Auto, Hero MotoCorp, Bajaj Finance, and Eicher Motors declined up to 3.5 per cent.

Trading in the broader markets, however, remained mixed. The S&P BSE MidCap index dipped 0.04 per cent while the SmallCap index ended 0.15 per cent higher.

Buzzing stocks
Shares of Tata Steel moved higher by 8 per cent to Rs 1,185, their fresh record high on the BSE, in intra-day trade on Friday. The stock has gained 11 per cent in the past two trading days after the company reported its best-ever performance across metrics such as revenue, Ebitda, and net profit (excluding exceptional items). With the past two days' gain, Tata Steel has now rallied 97 per cent since the Finance minister presented the Union Budget 2021-22 on February 1. READ MORE

Shares of SBI Life Insurance rallied 7 per cent to hit a record high of Rs 1,040 on the BSE in intra-day trade on Friday after more than 40 million shares or 4 per cent equity of the insurance company changed hands via block deals. The stock surpassed its previous high of Rs 1,030 touched on October 30, 2019. READ MORE

Vedanta shares rallied 7 per cent and hit a three-year high of Rs 287.50 on the BSE in intra-day trade on Friday on healthy and improving operating performance, supported by stable volume across business segments and increased commodity prices. The stock was trading at its highest level since May 2018. Vedanta was trading higher for the fourth straight day, surging 12 per cent in that period. READ MORE

Shares of Tata Consumer Products dipped 6 per cent to Rs 614.25 on the BSE in the intra-day trade on Friday after the company reported a per cent rise in its consolidated earnings before interest, taxes, depreciation, and amortization (Ebitda) at Rs 317 crore for the quarter ended March 2021 (Q4FY21). Ebitda margin, too, contracted by 253 basis points (bps) to 10.44 per cent from 12.97 per cent in Q4FY20. READ MORE

  

CATCH ALL THE LIVE UPDATES

Auto Refresh