Stocks

Indices near day’s high, led by metal and auto stocks

Our Bureau Mumbai | Updated on May 06, 2021

Sensex up 274 pts intraday, Nifty above 14,700

Benchmark indices were trading in the green Thursday afternoon, led by metal and auto stocks.

The market, after recording gains in the early session, remained volatile in the first half amid mixed global cues. The US market ended on a mixed note overnight. Asian shares were also trading mixed.

At 1:02 pm, the BSE Sensex was ruling at day’s high of 48,961.28, up 283.95 points or 0.56 per cent. It hit an intra-day low of 48,614.11. The Nifty 50 was also ruling at day’s high of 14,718.35, up 100.45 points or 0.67 per cent. It hit an intra-day low of 14,611.50.

The volatility is likely to remain as a rise in Covid-19 cases continues to be a concern, with lockdowns and harsher restrictions in place in several key States, according to experts. The decision by the US to back India and South Africa’s proposal before the World Trade Organization to waive Covid-19 vaccine patents to temporarily boost supply is a major positive. The market has also welcomed new liquidity measures announced by the RBI on Wednesday.

Hindalco, Wipro, Hero MotoCorp, Bajaj Auto and Tata Steel were among the top gainers on the Nifty 50 while PowerGrid, UPL, Asian Paints, Sun Pharma and Shree Cements were among the top laggards.

Tata Steel records fresh highs

Tata Steel recorded a fresh 52-week high of ₹1,129.00 on the NSE on the back of strong Q4 results.

The company has reported a consolidated net profit of ₹7,162 crore for the quarter ended March against net loss of ₹1,615 crore logged in the same period last year. The company has announced dividend of ₹25 a share. A dividend of ₹6.25 will be paid on partly paid-up shares.

IT stocks shine

On the sectoral front, IT metal and auto stocks recorded gains while pharma and bank stocks lagged behind. All indices except Nifty Pharma, Nifty PSU Bank and Nifty Private Bank, were in the green.

Nifty IT was up 2.25 per cent. Nifty Metal and Nifty Auto were up 1.98 per cent and 1.39 per cent respectively.

Nifty Pharma was down 0.68 per cent while Nifty PSU Bank and Nifty Private Bank shed 0.81 per cent and 0.14 per cent, respectively.

Broader indices

All broader indices were also in the green.

Nifty Midcap 50 was up 0.83 per cent while Nifty Smallcap 50 was up 0.30 per cent. The S&P BSE Midcap was up 0.51 per cent while the S&P BSE Smallcap was up 0.44 per cent.

The volatility index was down by 1.12 per cent to 21.72.

Published on May 06, 2021

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