Markets trade higher; Sensex reclaims 49k, Nifty 50 above 14,650; IT outperforms; Asian Paint, HCL Tech, Ultratech top gainers

Benchmarks Sensex and Nifty 50 formed an upward movement driven by IT, auto, consumer durables and capital goods stocks.

Apr 16, 2021 09:04 IST India Infoline News Service

After witnessing a lacklustre opening, the Indian markets picked up the pace on Friday as both benchmarks Sensex and Nifty 50 formed an upward movement driven by IT, auto, consumer durables and capital goods stocks. The domestic equities performance also comes amid positive cues at the broader Asian front after surprisingly strong American economic data which boosted buying in US indices to record levels. Further, a drop in the US benchmark 10-year Treasury yields also lifted the mood in equities.

At around 09.50 am, Sensex is trading at 49,007.14 up by 203.46 points or 0.42%. Nifty 50 was trading at 14,656.35 higher by 74.90 points or 0.51%.

In the early deals, Sensex has touched an intraday high of 49,026.16 and Nifty 50 clocked the day's high of 14,665.35.

Sensex gainers were - Asian Paints surging by 2.6% followed by Ultratech Cement higher by 2.4% and HCL Tech advancing by 2.1%. Other stocks like Power Grid, ONGC, M&M, Tech Mahindra, HDFC and Maruti Suzuki climbed around 1% each.

Sensex underperformers were - ICICI Bank and RIL tumbled around 1% each. Stocks like Bajaj Finance, Sun Pharma and Axis Bank marginally down.

Wipro surged nearly 8% after registering a whopping 27.78% rise in net profit to Rs2,972.3cr for the quarter ending March 2021 (Q4FY21), compared to a profit of Rs2,326.1cr a year ago same period. The tech giant's revenue from operations was at Rs16,245.4cr in the quarter under review, increasing by 3.4% from Rs15,711cr in the corresponding period of the previous year.

Companies that are set to announce their Q4 result today are - Mindtree, Den Networks, GTPL Hathway, MMTC, and AAR Commercial Company.

Investors focus will remain on fourth-quarter performance for fiscal FY21.

However, the consistent speedy surge in Covid-19 cases continues to play a spoilsport for markets upside. India has already crossed a milestone of more than 2 lakh Covid cases in a day. Major states like Maharashtra and Delhi have already announced stricter restrictions with weekend curfews and weekdays lockdown imposed. 

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