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Market regains positive zone amid volatility

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Volatility hit bourses in early trade as the key benchmark indices once again regained positive zone soon after reversing initial gains. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 150.62 points or 0.31% at 49,309.94. The Nifty 50 index was up 51.05 points or 0.35% at 14,688.85.

The S&P BSE Mid-Cap index was up 0.7%. The S&P BSE Small-Cap index was up 0.58%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1351 shares rose and 580 shares fell. A total of 85 shares were unchanged.

Stocks in news:

Maruti Suzuki India rose 0.58%. The company's total production jumped to 172,433 units in March 2021 from 92,540 units in March 2020. The production of passenger vehicles rose to 170,036 units in March 2021 compared with 91,602 units in March 2020. Production of light commercial vehicles surged to 2,397 units in March 2021 from 938 units in March 2020.

Avenue Supermarts rose 0.36%. Avenue Supermarts said that standalone revenue from operations for the quarter stood at Rs 7,303.13 crore as compared to Rs 6,193.53 crore in the same period last year. The total number of stores as of 31 March 2021 stood at 234.

IRCON International advanced 2.58%. The board of directors of IRCON International approved and recommended the issuance of one bonus share for each share held.

Sobha jumped 7.34%. The company has achieved best ever total sales volume of 1,337,707 square feet of super built-up area valued at Rs 10.72 billion in Q4 2021.

Panacea Biotec surged 20%. The Russian Direct Investment Fund (RDIF, Russia's sovereign wealth fund) and Panacea Biotec has agreed for cooperation to produce 100 million doses per year of Sputnik V, the world's first registered vaccine against coronavirus.

Trident fell 1.07%. Trident said that the major fire has been broken out on Monday in the Cotton warehouse located in the manufacturing facilities at Budhni, Madhya Pradesh.

Ucal Fuel Systems rose 0.04%. The company has fully lifted the lockdown at the plant situated at Puducherry with effect from 5th April 2021.

Global Markets:

Overseas, Asian stocks are trading mixed on Tuesday, after major indexes on Wall Street surged to record closing highs overnight stateside. Markets in Hong Kong are closed today for a holiday.

China's services sector activity grew in March, according to a private sector survey released Tuesday. The Caixin/Markit services Purchasing Managers' Index for March came in at 54.3, as compared to February's reading of 51.5.

U.S. stocks rallied on Monday with the Dow and S&P 500 closing at record levels, as a round of strong economic data buoyed investor optimism for the economic reopening.

The Dow Jones Industrial Average rose 373.98 points to 33,527.19, a record closing high. The S&P 500 gained 1.4% to 4,077.91, also hitting a new record close. The tech-heavy Nasdaq Composite also climbed 1.7% to 13,705.59.

Treasury Secretary Janet Yellen on Monday pushed for a global minimum corporate tax in an effort to keep companies from relocating to find lower rates.

Meanwhile, a measure of U.S. services industry activity soared to a record high in March. The Institute for Supply Management's non-manufacturing activity index jumped to a reading of 63.7 last month. That was the highest in the survey's history and followed 55.3 in February.

Back home, the domestic equity benchmarks ended with significant cuts on Monday, led by weakness in banks and financial shares. A spike in domestic coronavirus cases and fresh curbs imposed by the Maharashtra government dented investors' sentiment. The S&P BSE Sensex, slumped 870.51 points or 1.74% to 49,159.32. The Nifty 50 index tumbled 229.55 points or 1.54% to 14,637.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 931.66 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 75.48 crore in the Indian equity market on 5 April, provisional data showed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 06 2021. 09:32 IST