Markets trade bullish amid global cues; Sensex tops 425 pts, Nifty 50 over 14,840; Metal outperforms; HDFC twins, TCS, IndusInd, M&M shine

In the early deals, Sensex has soared nearly 468 points with an intraday high of 49,417.64, while Nifty 50 jumped over 138 points with an intraday high of 14,863.05.

May 07, 2021 09:05 IST India Infoline News Service

Stock Market Up
Indian markets recorded a positive opening on Friday tracking positive global cues as the latest economic data of some countries boosted the performance. A broad-based buying was seen across sectoral indices on Sensex and Nifty 50 with metal, banking and financial stocks outperforming. In the early deals, Sensex has soared nearly 468 points with an intraday high of 49,417.64, while Nifty 50 jumped over 138 points with an intraday high of 14,863.05. Both Sensex and Nifty traded near the day's high.

At around 09.50 am, Sensex was performing at 49,377.98  up by 428.22 points or 0.87%. Nifty 50 was trading at 14,842.65 higher by 117.85 points or 0.8%.

Sensex gainers were - IndusInd Bank surging 2.5% followed by M&M advancing 1.5%. HDFC, HDFC Bank and HUL followed with 1.4% upside each. Stocks like TCS, Asian Paint, Axis Bank and Ultratech Cement climbed more than 1% each.

Sensex underperformers were - Bajaj Auto tumbling by 1.1% followed by Power Grid lower by 0.4%. Tech Mahindra traded marginally down.

Stocks like HDFC, Ultratech Cement and Dabur India will focus ahead of their March 2021 (Q4FY21) quarterly result scheduled for today.

Other companies that are set to announce their Q4 today are - Automobile Corporation of Goa, Cholamandalam Investment and Finance Company, Duncan Engineering, EIH, Great Eastern Shipping, Glance Finance, Godrej Agrovet, Grindwell Norton, Indo-City Infotech, Kansai Nerolac Paints, Navin Fluorine International, Nitta Gelatin India, Pioneer Distilleries, Ponni Sugars (Erode), Reliance Home Finance, Reliance Power, R Systems International, Sacheta Metals, Steel Strips Wheels, Sutlej Textiles & Industries, Tanfac Industries, and Yash Trading & Finance.

In terms of the sectoral indices, on NSE, Nifty Metal outperformed by soaring 2.5%. Nifty Bank, Nifty Financial Services and Nifty Realty gained around 1% each.

Amid positive global cues, Indian markets escaped the brunt of rising Covid cases. India continues to report more than 4 lakh new Covid cases daily. In the last 24 hours, the country posted over 4.14 lakh new Covid cases with 3.927 deaths. This would be for the tenth-consecutive day where the daily death count has stayed over 3,000-mark.

On the global front, Asian stocks were trading broadly on a bullish note India and Hong Kong shares outperforming. The Asian counterparts tracked a sharp rally of Wall Street overnight. Economic recovery hopes overshadowed inflation risk concerns. The latest trade data of China pointed out that exports increased better-than expectations, meanwhile, imports recorded the fastest growth since 2011. Markets participants buying sentiments also indicated unaffected from the reports overnight which stated that the Biden administration may likely preserve limits on U.S. investments in certain Chinese companies.

Overnight, US indices settled higher with Dow Jones witnessing fresh new all-time highs on the back of stronger than expected jobs data.

Notably, investors also shrugged off the US Federal Reserve views on stretched valuations and gains in U.S stocks on positive economic data. The Fed in its semi-annual financial stability report stated that rising appetite for risk across a variety of asset markets is stretching valuations and creating vulnerabilities in the U.S.

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