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 286.18 points or 0.56% at 51,401.40. The Nifty 50 index was up 99.85 points or 0.65% at 15,437.70. The Nifty hit record high of 15,455.55 mark in early trade. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.33%. The S&P BSE Small-Cap index was up 0.45%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1590 shares rose and 751 shares fell. A total of 94 shares were unchanged.
GST Council meeting :
All eyes will be glued to the 43rd Goods and Services Tax (GST) Council meeting later in the day. After nearly eight months, Union Finance Minister Nirmala Sitharaman will chair the meeting via video conferencing at 11 am. The GST Council is likely to discuss a reduction in the tax rate on Covid medicines, vaccines and medical equipment as well as means to make up for the shortfall in revenues promised to states.
Meanwhile, the government is reportedly planning a stimulus package and direct, immediate relief for sectors such as hospitality and Medium, Small and Micro Enterprises (MSME), which are India's biggest employers and have been battered by COVID-19.
Stocks in news:
Tata Consultancy Services (TCS) rose 0.35%. TCS said that the company has completed acquisition of GE's stake in TCS Saudi Arabia on May 26.
Sun Pharmaceutical Industries fell 2.57%. On a consolidated basis, Sun Pharmaceutical Industries' net profit surged 123.62% to Rs 894.15 crore on 4.13% increase in total revenue from operations to Rs 8,522.98 crore in Q4 March 2021 over Q4 March 2020.
The profit was impacted by an exceptional loss worth Rs 672.80 crore related to various litigation settlements pertaining to some of its subsidiaries.
Eicher Motors gained 2.49%. On a consolidated basis, Eicher Motors' net profit surged 72.91% to Rs 526.14 crore on 32.83% increase in total revenue to Rs 3,123.27 crore in Q4 March 2021 over Q4 March 2020.
Metropolis Healthcare jumped 5.28%. On a consolidated basis, Metropolis Healthcare's net profit surged 296.06% to Rs 61.35 crore on 39.87% increase in total revenue to Rs 293.80 crore in Q4 March 2021 over Q4 March 2020.
Hester Biosciences surged 11.06%. Hester Biosciences said that an MOU has been signed between Bharat Biotech International and GCVC towards contract manufacturing for the Drug Substance for COVAXIN. Hester has estimated an outlay of Rs 40 crore for this project.
Goodyear India advanced 5.15%. Goodyear India said its standalone net profit surged 240.31% to Rs 43.22 crore on a 51.84% jump in revenue from operations to Rs 569.34 crore in Q4 March 2021 over Q4 March 2020.
Meanwhile, the board has declared a final dividend of Rs 18 per equity share for FY 2020-21. The board has also approved a special dividend of Rs 80 per equity share.
Global Markets:
Overseas, Asian stocks are trading higher on Friday after solid U.S. economic data and President Joe Biden's federal spending plans spurred a rally on Wall Street in cyclical shares.
U.S. stocks advanced on Thursday, as data showing improvement in the labor market helped bolster expectations in the economic recovery and spurred a minor rotation towards stocks seen as more likely to benefit from the rebound.
On Thursday, Senate Republicans unveiled their $928 billion infrastructure counteroffer to President Joe Biden's $1.7 trillion proposal. Republicans again rejected Biden's call to raise corporate taxes, contending they could cover infrastructure costs with funds already allocated by Congress or with transportation user fees.
The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided. Initial claims for state unemployment benefits fell 38,000 to a seasonally adjusted 406,000 for the week ended May 22, the Labor Department said. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks.
In a separate report, the Commerce Department left its initial estimate on first-quarter gross domestic product unchanged at 6.4%
Back home, equity indices ended a volatile session with small gains on Thursday. The S&P BSE Sensex, rose 97.70 points or 0.19% at 51,115.22. The Nifty 50 index gained 36.40 points or 0.24% at 15,337.85, its record closing high level.
Foreign portfolio investors (FPIs) sold shares worth Rs 660.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 112.38 crore in the Indian equity market on 27 May, provisional data showed.
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