Sensex rises over 200 points in early trade; Nifty above 14,350

PTI Mumbai | Updated on April 13, 2021

‘Domestic equities look to be modestly good at the moment’

Equity benchmark Sensex jumped over 200 points in early trade on Tuesday, tracking gains in index majors Reliance Industries, ICICI Bank and HDFC twins amid largely positive cues from Asian peers.

The 30-share BSE index was trading 236.71 points or 0.49 per cent higher at 48,120.09.

Also read: Market may open positive on strong Asian markets

Similarly, the broader NSE Nifty advanced 68.55 points or 0.48 per cent to 14,379.35.

ONGC was the top gainer in the Sensex pack, rising over 3 per cent, followed by M&M, PowerGrid, Bajaj Finance, L&T, ICICI Bank and Bajaj Finserv.

On the other hand, TCS, Tech Mahindra, Infosys, Dr Reddy’s and HCL Tech were among the laggards.

In the previous session, the Sensex sank 1,707.94 points or 3.44 per cent to end at 47,883.38, and the Nifty plunged 524.05 points or 3.53 per cent to finish at 14,310.80.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹1,746.43 crore on Monday, according to provisional exchange data.

Domestic equities look to be modestly good at the moment, said Binod Modi Head-Strategy at Reliance Securities.

“While a sharp increase in Covid-19 daily cases in the country and possibility of larger economic restrictions has dented investors’ sentiments, 4QFY21 earnings began on a strong note with TCS delivering strong earnings performance with encouraging management commentaries.

“This should help IT stocks to remain in focus in the near term,” he noted.

US equities finished with moderate losses overnight ahead of March inflation data and quarterly earnings of key lenders.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading on a positive note in mid-session deals, while Shanghai was in the red.

Meanwhile, international oil benchmark Brent crude was trading 0.49 per cent higher at $63.59 per barrel.

Published on April 13, 2021

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