Volatility struck bourses in early trade as the key benchmark indices regained positive zone soon after opening lower. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 47.04 points or 0.09% at 50,240.37. The Nifty 50 index was up 21 points or 0.14% at 15,129.10.
The S&P BSE Mid-Cap index was up 0.82%. The S&P BSE Small-Cap index was up 0.69%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1573 shares rose and 673 shares fell. A total of 106 shares were unchanged.
Stocks in news:
Tata Motors lost 4.86%. On a consolidated basis, Tata Motors reported net loss of Rs 7,605.40 crore in Q4 FY21 lower than net loss of Rs 9,894.25 crore in Q4 FY20. Total revenue from operations during the quarter increased 41.8% year-on-year (YoY) to Rs 88,627.90 crore in Q4 FY21.
During the period ended March 2020, an exceptional charge of Rs 14,994.30 crore was recognized under the Jaguar Land Rover (JLR)'s reimagine strategy. It comprised of asset write downs of Rs 9,606.11 crore in relation to models cancelled and restructuring costs of Rs 5,388.19 crore.
Axis Bank rose 0.4% to Rs 714.50. The Specified Undertaking of the Unit Trust of India (SUUTI) proposes to sell up to 3.60 crore equity shares of Axis Bank at a floor price of Rs 680 per share. The offer for sale will open on 19 May for non-retail investors and on 20 May for retail investors with an option to additionally sell 2.20 crore equity shares.
Larsen & Toubro rose 0.57%. Larsen & Toubro International FZE (LTIFZE), a wholly owned subsidiary of Larsen & Toubro (L&T) has entered into a Share Purchase Agreement to purchase, 6.35% stake in Help Lightning INC., a Delaware Corporation.
Torrent Pharmaceuticals surged 5.23%. On a consolidated basis, Torrent Pharmaceuticals' net profit rose 3.18% to Rs 324 crore on 0.15% increase in net sales to Rs 1,915 crore in Q4 March 2021 over Q4 March 2020.
JSW Energy rose 1.21%. JSW Hydro Energy, a wholly owned subsidiary of JSW Energy, has raised US$ 707 million by allotment of US$ denominated senior secured notes.
Laxmi Organic Industries advanced 2.37%. Laxmi Organic Industries said its board of directors has approved proposal to set-up a wholly owned subsidiary (WOS) company in United States. The WOS will be engaged in trading of chemical products manufactured by the company.
Global Markets:
Overseas, Asian stocks are trading lower on Wednesday, with some markets in the region closed for holidays. Markets in Hong Kong and South Korea are closed on Wednesday for holidays.
Meanwhile, China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement.
U.S. stock indexes wiped out earlier gains and closed at their session lows on Tuesday as Big Tech stocks reversed lower, while data showing housing starts dropped sharply last month also weighed on sentiment.
Housing starts tumbled 9.5% to a seasonally adjusted annual rate of 1.569 million units last month, the Commerce Department said on Tuesday.
Back home, the domestic equity barometers ended with strong gains on Tuesday, supported by firmness in autos and private banks. The barometer index, the S&P BSE Sensex, advanced 612.60 points or 1.24% to 50,193.33. The Nifty 50 index added 184.95 points or 1.24% to 15,108.10.
Foreign portfolio investors (FPIs) bought shares worth Rs 618.49 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 449.52 crore in the Indian equity market on 18 May, provisional data showed.
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