Sensex reclaims 50,000-mark, Nifty crosses 15,000

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Benchmark Indian equity indices opened on a strong footing for the fourth consecutive as the US Fed kept key policy rates unchanged and gave no sign it was ready to reduce its support for the recovery. In opening trade, Sensex rallied 620 points or 1.25% crossing the 50,000-mark at 50,354 while the broader market index Nifty reclaimed 15,000 at 15,034 up 170 points or 1.14%.

Barring HCL Tech & Sun Pharma all other shares were trading with gains. IndusInd Bank, Axis Bank, Bajaj Finserv, Bajaj Finance & ONGC were the top gainers on the Sensex gaining up to 2.25%.

On the sectoral front, Nifty Pharma was marginally down by 0.03%. Nifty Metal was shining bright soared 2.53% followed by Nifty Bank was gained 1.39%, while Nifty FMCG, Nifty IT, Nifty Auto and Nifty Realty rallied between 0.40-0.75%.

Market breadth favoured the bulls as 1,326 shares advanced compared to 404 declining whereas 506 scrips remained unchanged. In the broader markets, the S&P BSE MidCap and BSE SmallCap indices gained 0.80% each.

Earnings today:

HUL, Bajaj Auto, Titan, Ambuja Cements, Inox Leisure, Bank of Maharashtra and Rain Industries are amongst others companies are slated to post their March quarter results today.

Stocks in spotlight:

Reliance Industries (RIL) has reportedly held talks with Saudi Aramco on a cash and share deal for sale of a 20% stake in its oil refining and petrochemical arm. The deal was to conclude by March 2020 but has been delayed for reasons not disclosed by either company.

Tata Communications posted a consolidated net profit of Rs 299.20 crore in Q4 March 2021 as against net loss of Rs 275.02 crore in Q4 March 2020. Total income for Q4 March 2021 fell 6.83% year-on-year to Rs 4,132.10 crore.

SIS posted a consolidated net profit of Rs 102.27 crore in Q4 March 2021 as against net loss of Rs 4.05 crore in Q4 March 2020. Total income for Q4 March 2021 rose 23.7% year-on-year to Rs 2,795.70 crore.

KSB said its consolidated net profit jumped 302.75% to Rs 43.90 crore on 44.49% increase in total income to Rs 390.70 crore in Q1 FY21 over Q1 FY20.

Bombay Dyeing & Manufacturing Company posted a consolidated net loss of Rs 166.74 crore in Q4 March 2021 as against net profit of Rs 48.57 crore in Q4 March 2020. Total income for Q4 March 2021 rose 59.6% year-on-year to Rs 507.78 crore.

GHCL said its consolidated net profit rose 30.97% to Rs 111.14 crore on 11.04% increase in total income to Rs 833.79 crore in Q1 FY21 over Q1 FY20.

Trident said that the company has issued commercial paper worth Rs 50 crore with tenure of 61 days at a coupon rate of 4.4% per annum.

Global markets:

Overseas, Asian stocks are mostly trading higher on Thursday, as investors react to the U.S. Federal Reserve’s decision to keep its easy money policy in place. Markets in Japan are closed on Thursday for a holiday.

Wall Street ended lower on Wednesday after the U.S. Federal Reserve held interest rates and its monthly bond-buying program steady and gave no sign it was ready to reduce its support for the recovery.

The Fed left its benchmark short-term rate near zero, where it’s been since the pandemic erupted nearly a year ago, to help keep loan rates down to encourage borrowing and spending. It also said in a statement after its latest policy meeting that it would keep buying $120 billion in bonds each month to try to keep longer-term borrowing rates low.

In a statement Wednesday, the Fed said the economy and job market have strengthened, and while inflation has risen, Fed policymakers ascribed the increase to temporary factors.