Markets trade higher; Metal, Bank outperforms; Coal India, Hindalco lead; RIL, Wipro, HUL limit gains

In its early deals, Sensex has touched an intraday high of 48,996.53. While Nifty 50 has clocked the day's high of 14,723.40.

May 04, 2021 09:05 IST India Infoline News Service

Stock market report with bull and bear
Indian Market shrugged off the brunt of sell-off and was trading on a positive note during Tuesday's session with Sensex eyeing to reclaim 49,000-mark. Nifty 50 races towards 14,700-level. A broad-based buying was recorded across sectoral indices except for FMCG and pharma stocks. India's daily Covid-19 cases have started to take a downside slope marginally. The corporate earnings season continues to remain in focus.

At around 09.39 am, Sensex is trading at 48,795.26  up by 76.74 points or 0.16%. Nifty 50 was trading at 14,664.30 higher by 30.15  points or 0.21%.

In its early deals, Sensex has touched an intraday high of 48,996.53. While Nifty 50 has clocked the day's high of 14,723.40.

Gainers on Nifty 50 are - Hindalco (+3.5%) followed by Coal India, Indian Oil, BPCL and Axis Bank climbing between 1.6-2%.

Underperforming stocks on Nifty 50 are - Shree Cement, Wipro, Reliance Industries, Titan and HUL plunging around 1% each.

Adani Ports and Alembic Pharma are in focus ahead of their March 2021 (Q4FY21) quarterly result scheduled for later today.

Other companies that are set to announce their Q4 result today are - Apollo Pipes, Adani Total Gas, Bhagiradha Chemicals, DCM Shriram, Dr Agarwals Eye Hospital, EIH Associated Hotels, Elango Industries, Elantas Beck India, Greaves Cotton, IIFL Securities, Larsen & Toubro Infotech, Morepen Laboratories, Procter & Gamble Hygiene & Health Care, RBL Bank, Skipper, Srikalahasthi Pipes, Suven Life Sciences, and Vikas WSP.

In terms of sectoral indices, in percentage terms, Nifty Metal and Nifty PSU Bank outperformed by 1.6% and 2.5% respectively. Nifty Auto, Nifty Private Bank and Nifty Realty index jumped around 1% each and further added to the gains.

Bank Nifty advanced by 312 points.

In the last 24 hours, India reported 3,55,998 new cases which are lower compared to Sunday's count. However, India's overall case count has surpassed the 2cr mark taking the second-highest Covid cases spot in the world. The US takes the top spot with more than 3.3cr cases, while Brazil holds the third spot with near 1.5cr cases.

Asian markets are trading on a mixed note with Taiwan shares underperforming the most. Hong Kong, Indian and Austrailia stocks rose modestly, while South Korean shares edged lower.

Japan and China markets were closed for holidays.

The Asian counterparts tracked weakness in Wall Street fueled by technology giants. U.S. contracts dived after the S&P 500 settled near session lows overnight, whereas shares such as Tesla Inc. and weighed down on the Nasdaq 100.

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