Markets trade higher after RBI announcements; Sensex tops 185 pts, Nifty 50 above 14,690; Metal outperforms; Bajaj twins, ITC, HDFC lead

In the last few hours, India recorded 4,12,262 new Covid-19 cases with 3,29,113 discharges and 3,980 deaths.

May 06, 2021 09:05 IST India Infoline News Service

Bull Market
Indian markets traded on a positive note during Thursday's opening bell after the Reserve Bank of India (RBI) governor Shaktikanta Das announced key measures to boost the economy amid the ongoing Covid situation. The domestic equities recorded a broad-based buying with metal stocks outperforming. IT and pharma stocks were among the laggards during the early trade. Notably, RBI's economic push has offset the concerns arising from the rapid rise in the Coronavirus with the country recording over 4 lakh new cases in the last 24 hours. Corporate earnings also play a role in swaying investors sentiments.

At around 09.46 am, Sensex was trading at 48,865.53 up by 187.98 points or 0.39%. The index has touched an intraday high of 48,898.68 in early trade.

Nifty 50, meantime, was performing at 14,693.50 higher by 75.65 points or 0.52%. The index has clocked an intraday high of 14,617.85.

Sensex gainers were - Bajaj Auto surging by 2.2% followed by Bajaj Finance and ITC soaring by 1.6% each. Maruti and HDFC jumped by 1.5% each. M&M and Titan gained more than 1% each.

Sensex underperformers were - HCL Tech, Power Grid, IndusInd Bank, TCS and HUL plunging between 0.2-1%.

Stocks like Hero MotoCorp, Adani Power and Adani Transmission are in focus ahead of their March 2021 quarterly result scheduled for later today. Other companies that are set to announce Q4 result today are - Apcotex Industries, Blue Star, Caplin Point Laboratories, Century Textiles & Industries, Coforge, CreditAccess Grameen, Hindoostan Mills, ICRA, IIFL Finance, Jost's Engineering, Ludlow Jute & Specialities, Procter & Gamble Health, Praj Industries, Raymond, Solara Active Pharma Sciences, Sundram Fasteners, Tata Consumer Products, Five X Tradecom, Foseco India, Hikal, Ashika Credit Capital and Bombay Burmah Trading Corporation.

In terms of sectoral indices, on BSE, the Metal index outperformed by strengthening 547 points. Auto and Consumer Durables index jumped 344 points and 291 points respectively.

RBI governor on Wednesday, said, "We are committed to go unconventional and devise new responses as and when the situation demands. We must also stay focused on our future, which appears bright even at this juncture, with India set to emerge as one of the fastest-growing economies in the world."

"We must remain resolutely focused on a post-pandemic future of strong and sustainable growth with macroeconomic and financial stability. I call upon all stakeholders to come forward once again to address the challenges posed by the current wave of the pandemic while remaining on guard against future waves," Das said in his concluding remark.

In the last few hours, India recorded 4,12,262 new Covid-19 cases with 3,29,113 discharges and 3,980 deaths.

On the global front, Asian markets were broadly higher except for China and Australia shares. China has announced to suspend regular economic dialogue with Australia, amid Beijing’s growing frustration with Canberra.

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