The key equity barometers continued to trade with strong gains near the day's high in mid-morning trade. Auto shares advanced. The Nifty marched towards the 15,000 mark.
At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 376.22 points or 0.76% to 50,037.98. The Nifty 50 index added 124.35 points or 0.84% to 14,943.40.
In broader market, the S&P BSE Mid-Cap index gained 1.01% while the S&P BSE Small-Cap index rose 1.10%.
The market breadth was strong. On the BSE, 1914 shares rose and 702 shares fell. A total of 138 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.
Total COVID-19 confirmed cases worldwide stood at 132,975,654 with 2,886,573 deaths.
India reported 910,319 active cases of COVID-19 infection and 166,862 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
The Nifty Auto index rose 1.39% to 10,075.55, advancing for third day in a row. The index has added 3.15% in three sessions.
Ashok Leyland (up 6.04%), Tata Motors (up 3.38%), Eicher Motors (up 1.75%), Hero MotoCorp (up 1.50%), Mahindra & Mahindra (up 1.34%), Bharat Forge (up 1.11%) and Maruti Suzuki (up 0.94%) advanced.
The Federation of Automobile Dealers Associations (FADA), apex national body representing automobile dealers in India, on Thursday released monthly vehicle registration data for March 2021. Auto registrations tumbled by 28.64% year on year in March 2021 to 16,49,678 units. However, auto registrations grew 10.05% last month as against February 2021.
Stocks in Spotlight:
Kalyan Jewellers India jumped 4.65% to Rs 73.15. The jewellery maker witnessed a robust increase in consumer demand in Q4 FY 2021, resulting in a revenue growth of approximately 60% for India operations, as compared to the same quarter in the prior year.
The company believes a significant driver of recent revenue growth momentum in India has been a meaningful shift in consumer demand from the unorganized to the organized segment, which has been evident in the increase in footfalls seen across the company's store network.
Cadila Healthcare rose 2.18% to Rs 471.30 after the pharma company announced that it has received final approval from the USFDA to market macitentan tablets, 10 mg. The drug is used to manage the symptoms of pulmonary arterial hypertension.
Asian markets were trading higher on Thursday. Meanwhile, shares in Japan declined amid concerns that Tokyo is reportedly planning stricter steps to curb rising virus infections.
In 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.
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