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 168.59 points or 0.34% at 49,369.98. The Nifty 50 index was up 64.75 points or 0.44% at 14,748.25.
The S&P BSE Mid-Cap index was up 0.6%. The S&P BSE Small-Cap index was up 0.81%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1461 shares rose and 591 shares fell. A total of 81 shares were unchanged.
The Reserve Bank of India (RBI) is slated to announce its first bi-monthly monetary policy of the 2021-22 fiscal today, 7 April 2021 after a three-day meeting of the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das.
Stocks in news:
Reliance Industries (RIL) rose 1.81%. Bharti Airtel gained 1.74%. Bharti Airtel announced an agreement with Reliance Jio lnfocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio. Through this agreement, Airtel will receive a consideration of Rs 1037.6 crore from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 459 crore relating to the spectrum.
Tata Steel advanced 2.21%. The company has achieved highest ever quarterly crude steel production of 4.75 mn tons with a 3% QoQ growth in Q4FY21. Full year FY21 production was lower by 7%YoY primarily due to the disruption caused by COVID-19 pandemic in H1FY21.
Tata Steel Long Products (TSLP) surged 4.17%. The company has achieved the highest ever quarterly crude steel production of 186 thousand tons with a growth of 7% QoQ and 19% YoY on the back of debottlenecking at steel melting shop and arcing.
INOX Leisure fell 0.71%. The company's board of directors approved to raise funds upto Rs. 300 crore through issue of securities either by way of a public issue or by way of rights issue or by way of a private placement (including but not limited through a qualified institutional placement).
Wonderla Holidays slipped 0.75%. Wonderla Bangalore has announced the closure of water rides effective from 7th April till further notice, following the government directive. All land rides will be functional as normal.
Overseas, Asian stocks are trading mixed on Wednesday after Wall Street pulled back from record highs reached in previous sessions.
U.S. stocks fell from record levels on Tuesday as the recent rally driven by signs of strong economic rebound took a pause.
On Tuesday, California Governor Gavin Newsom said that the state will reopen its economy by June 15 provided that coronavirus vaccine and hospitalization cases remain stable.
The IMF on Tuesday projected an impressive 12.5% growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic. The Indian economy is expected to grow by 6.9% in 2022.
The IMF revised up its forecast for the world economy. On Tuesday, the organization said it expects growth at 6% in 2021, up from a January prediction of 5.5%, and Chief Economist Gita Gopinath said that despite lingering uncertainties around the pandemic, a way out of this health and economic crisis is increasingly visible.
Back home, key equity indices ended with small gains after a volatile session on Tuesday. Gains were capped amid a spike in COVID-19 cases in the country. The barometer index, the S&P BSE Sensex, rose 42.07 points or 0.09% to 49,201.39. The Nifty 50 index added 45.70 points or 0.31% to 14,683.50.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,092.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 416.59 crore in the Indian equity market on 6 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.)