The benchmark indices were trading near the day's high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, soared 365.86 points or 0.74% at 50,027.62. The Nifty 50 index rallied 146.25 points or 0.99% at 14,965.30.
Larsen & Toubro (up 1.96%) , HDFC (up 1.42%), TCS (up 1.41%) and Reliance Industries (up 0.62%) boosted the indices.
The broader market rallied. The S&P BSE Mid-Cap index rose 1.11%. The S&P BSE Small-Cap index added 1.17%.
Buyers outnumbered sellers. On the BSE, 1,920 shares rose and 882 shares fell. A total of 162 shares were unchanged.
Investors risk appetite improved after the minutes of last month's meeting of the U.S. Federal Reserve suggested that Fed officials were united on the need to see more progress on economic recovery before scaling back their bond-buying program.
Domestic sentiment also received a boost after the Reserve Bank of India (RBI) on Wednesday kept its monetary policy accommodative to support economic growth.
Foreign portfolio investors (FPIs) bought shares worth Rs 227.42 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 381.08 crore in the Indian equity market on 7 April 2021, provisional data showed.
Total COVID-19 confirmed cases worldwide stood at 13,31,31,285 with 28,87,888 deaths. India reported 9,10,319 active cases of COVID-19 infection and 1,66,862 deaths while 1,18,51,393 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India detected 1,26,789 new cases of the novel coronavirus in the last 24 hours, the highest so far. Of the total, Maharashtra recorded a new high of 59,907 cases, while Chhattisgarh's count went past the 10,000-mark for the first time. Karnataka and Uttar Pradesh, too, reported more than 6,000 cases. The country also recorded 685 related deaths.
The initial public offer (IPO) of Macrotech Developers received bids for 1.05 crore shares as against 3.64 crore shares on offer, according to the stock exchange data at 13:00 IST on Thursday (8 April 2021). The issue was subscribed 0.28 times.
The issue opened for bidding on Wednesday, 7 April 2021, and it will close on Friday, 9 April 2021. The price band for the IPO is set at Rs 483-486 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.
Gainers & Losers:
JSW Steel (up 9.91%), Tata Steel (up 7.04%), Hindalco Industries (up 4.23%), Shree Cement (up 3.97%) and Tata Motors (up 3.38%) were major gainers in Nifty 50 index.
Bajaj Auto (down 0.52%), State Bank of India (SBI) (down 0.39%), Bajaj Finance (down 0.38%) and HCL Technologies (down 0.08%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Bharti Airtel rose 0.84%. The telecom major launched 'Airtel IoT' - an integrated platform that enables enterprises to harness the power of Internet of Things (IoT) and be ready for the emerging era of connected things. Airtel IoT is an end-to-end platform with the capability to connect and manage billions of devices and applications in a highly secure and seamless fashion.
Barbeque-Nation Hospitality hit an upper circuit of 20% to Rs 708.45 after UTI Mutual Fund purchased 0.67% stake in the company via bulk deal on NSE yesterday. As per the bulk deal data on the NSE, UTI Flexi Cap Mutual Fund purchased 2,50,924 shares, or 0.67% stake in Barbeque-Nation Hospitality at an average price of Rs 579.62 per share. Simultaneously, Integrated Core Strategies Asia sold 4,01,815 shares, 1.07% stake in the company at an average price of Rs 545.15 per share. Integrated Core Strategies Asia held 1.89% in the fast-food chain as on 5 April 2021.
Shares in Europe and Asia advanced on Thursday. Meanwhile, shares in Japan declined amid concerns that Tokyo is reportedly planning stricter steps to curb rising virus infections.
In the US, the S&P 500 gained to hit a record high on Wednesday. The U.S. Federal Reserve released minutes from its March 16-17 meeting during which it kept its accommodative policy in place. The meeting summary indicated that while officials saw the economy was gaining considerably, they see much more progress needed before ultra-easy policy changes.
President Joe Biden recently unveiled details of his $2 trillion infrastructure plan that includes a corporate tax rate hike to 28%. He said Wednesday that he is willing to negotiate on the proposed tax increase.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)