Sensex jumps 55 points at open, Nifty above15,760; IT & FMCG stocks rally

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Indian benchmark equity indices Sensex and Nifty opened in the green on Tuesday amid positive global cues, declining Covid cases and pick up in vaccination drive. The 30-share Sensex advanced 55 points or 0.11% at 52,383, while the 50-share Nifty rose 11 points, or 0.07% to 15,762.

Tech Mahindra, up over 1.5%, was the top Sensex gainer followed by NTPC (up 1.37%), HCL Tech (up 1.08%), Infosys (up 1.04%) and Bajaj Finance (up 0.92%). On the downside, ICICI Bank, IndusInd Bank, SBI, Kotak Mahindra Bank and Axis Bank were among the laggards.

Among sectoral indices, the Nifty IT index rallied 0.82%, Nifty Realty jumped 0.52% and the Nifty FMCG index rose 0.34% and the Nifty Auto index was up 0.14%. On the contrary, Nifty Metal and Nifty Bank were down 0.66% and 0.55% respectively.

The broader market outperformed benchmark indices as BSE MidCap index rose 0.38% and was trading at 22,773  after hitting a fresh high of 22,822. Similarly, BSE SmallCap was trading at 22,773 up by 0.42%. The market breadth favoured the bulls as 1,151 shares advanced compared to 634 stocks declining while 461 scrips remained unchanged.

Earnings today

Engineers India, Petronet LNG, Max Financial Services, Essar Shipping, Galaxy Surfactants, Hester Biosciences, Ion Exchange (India), Jindal Hotels, KM Sugar Mills, Manaksia Aluminium Company, PTC India Financial Services, Prestige Estates Projects, Shemaroo Entertainment, Surana Telecom And Power, Surya India, Suven Pharmaceuticals, Talbros Automotive Components, Titagarh Wagons, Vipul Organics, Winsome Textile Industries, and Wonderla Holidays will release quarterly earnings on June 8.

Stocks in spotlight

Infosys announced a collaboration with Archrock, Inc. (Archrock), the leading provider of natural gas compression services in the U.S., to integrate digital technologies and mobile tools for its field service technicians. As part of this engagement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application to streamline and enhance the efficiencies of Archrock’s field services and operations.

Coal India’s e-auction sales up 52.5 per cent in April-May, Central Bank of India, IOB could be the two state-run banks to be privatised in current fiscal, Infosys Collaborates with Archrock for Digital Technology Integration

Indiabulls Housing Finance (IBH) and Indiabulls Commercial Credit (ICCL) has entered into a strategic co-lending partnership with Central Bank of India to offer secured retail loans and secured MSME loans respectively at competitive rates.

Jindal Steel & Power (JSPL) said steel production increased by 31% y-o-y to 13.71 lakh tonnes in Apr-May 21 (April 6.81 lakh tonnes and May 6.90 lakh tonnes) as compared to 10.44 lakh tonnes in the same period last year.

Bank of India said the Reserve Bank of India (RBI) advised the bank to pay a penalty of Rs.4 crore for non-compliance with certain provisions of the RBI directions with respect to “KYC norms/AML standards/CFT/obligation of banks under PMLA, 2002”.

Surya Roshni said that the company has received order of Rs 170.52 crore for coated line pipes for gas grid pipeline project from Indradhanush Gas Grid (IGGL).

Global markets

Overseas, Asian stocks are trading mixed on Tuesday, as investors reacted to the release of Japan’s revised first-quarter gross domestic product figures.

Revised government data released Tuesday showed Japan’s economy shrank 3.9% in the first quarter, an improvement from the initial estimate of a 5.1% contraction.

US stocks clawed back much of their early losses and ended mixed on Monday. Investors are focused on inflation data in the week ahead, with May’s Consumer Price Index (CPI) scheduled to be released Thursday.