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Sensex regains 50,000 mark; breadth strong

Capital Market 

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 362.82 points or 0.73% at 50,024.58. The Nifty 50 index was up 112.25 points or 0.76% at 14,931.30. The Sensex regained the psychological 50,000 mark in early trade.

The S&P BSE Mid-Cap index was up 0.51%. The S&P BSE Small-Cap index was up 0.7%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1573 shares rose and 490 shares fell. A total of 99 shares were unchanged.

Stocks in news:

Bharti Airtel rose 1.11%. Bharti Airtel 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.

Muthoot Finance gained 1.91%. Muthoot Finance has announced its 25th series of Public Issue of Secured Redeemable Non-Convertible Debentures of face value of Rs. 1,000 each (Secured NCDs). The issue is with a base issue size of Rs 100 crore with an option to retain oversubscription upto Rs 1600 crore aggregating upto tranche limit of Rs 1700 crore.

Ashok Leyland advanced 3.38%. Ashok Leyland through its subsidiary Switch Mobility, the U.K. based EV producer of buses and vans announced its global expansion plans into India and its plan to create two subsidiary companies. The first, Switch Mobility Automotive, is being formed to carry on the EV strategy in India, which forms part of its global entity. The second is OHM Global Mobility, which will focus on providing mobility as a service offering.

Godrej Consumer Products slipped 0.37%. Godrej Consumer Products in its 4QFY21 update said that the company expects to deliver sales growth around the thirties in India, driven by strong volume growth and calibrated price increases. Sales growth was quite broad based across key categories of Soaps, Household Insecticides and Hair Colours.

UCO Bank rose 0.18%. UCO Bank informed that the board of directors of the bank approved the proposal for the issue of equity shares on preferential basis to Government of India against capital infusion of Rs.2,600 crore.

Indian Overseas Bank fell 0.31%. Indian Overseas Bank informed that the meeting of the board of directors of the bank is scheduled on 12 April 2021, to consider and approve issue of equity shares against capital infusion of Rs 4100 crore.

Global Markets:

Asian stocks are trading mixed on Thursday after the S&P 500 nudged higher to a record closing high overnight.

In US, the S&P 500 gained slightly to hit a record high on Wednesday. The moves on Wall Street came as 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.

Back home, the domestic equity benchmarks ended with strong gains on Wednesday, led by banks shares. Shares climbed after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme. All the sectoral indices on the NSE ended in the green. The barometer index, the S&P BSE Sensex, advanced 460.37 points or 0.94% to 49,661.76. The Nifty 50 index added 135.55 points or 0.92% to 14,819.05.

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, 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: Thu, April 08 2021. 09:35 IST
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