Sensex zooms 406 points; Nifty above 14,800

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Indian benchmark equity indices opened the fiscal year 2021-22 with a gap up amid positive global cues on the back of  US President Joe Biden announced a multi-trillion-dollar infrastructure investment plan. In opening trade, Sensex rallied 406 points at 49,915; while the broader market index Nifty 50 is at 14,808 zooming 118 points.

28 out of 30 Sensex stocks opened in the green on the first day of the new financial year. HCL Tech, Maruti, Bajaj Auto, NTPC & IndusInd Bank were the top gainers on the Sensex. On the downside, HDFC Bank & Nestle were the losers.

Barring Nifty Realty all other sectoral indices were trading with gains. Nifty IT was jumped 1.51%, ahead of monthly sales number Nifty Auto rallied 1.25%, Nifty Metal index was up 1.18% and Nifty Bank rose 0.31%.

Market breadth was in favour of the bulls as 1,469 shares advanced compared to 279 stocks declining whereas 491 scrips remained unchanged.

The broader market outperformed benchmark indices as the BSE MidCap index rallied 0.81% and BSE SmallCap jumped 1.18%.

Stocks in spotlight:

Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for March starting from today, 1 April 2021.

NTPC informed that consequent upon successful commissioning and due approvals, first part capacity of 70 MW of 85 MW Bilhaur Solar PV Project at Bilhaur, Uttar Pradesh, is declared on Commercial Operation with effect from 28 March 2021. With this, the commissioned as well as commercial capacity of NTPC and NTPC group has become 51725 MW and 64490 MW respectively.

Hindustan Aeronautics recorded a revenue in excess of Rs. 22,700 crores (provisional and unaudited) for the financial year ended on March 31, 2021. The corresponding figure for the previous year stood at Rs. 21,438 crores. The company has posted a revenue growth of around 6% in FY 2020-21.

Indian Overseas Bank informed that the bank has received a capital infusion of Rs.4,100 crore from Government of India towards contribution of Central Government in the preferential allotment of equity shares of the Bank during the Financial Year 2020-21, as Government’s Investment.

Sunteck Realty has secured a marquee ~7 acre land parcel at Borivali (West), Mumbai. Sunteck Realty would develop a luxury residential project in the upmarket residential locality.

Likhitha Infrastructure said that a contract of Rs 34.63 crore (Excl. of GST) has been received from Indian Oil Adani Gas for laying Pipeline from Thrissur Geographical Area to Ernakulam Geographical Area.

Global markets:

Overseas, Asian stocks are trading higher on Thursday as US President Joe Biden announced a multi-trillion-dollar infrastructure investment plan.

A private survey released Thursday showed slowing growth of Chinese factory activity in March. The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) for March came in at 50.6, compared to February’s reading of 50.9.

Japan’s factory activity expanded at a faster pace in March. The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) rose to a seasonally adjusted 52.7 in March from the previous month’s 51.4 reading.

In the U.S., S&P 500 and Nasdaq rose on Wednesday, boosted by gains in technology shares as investors positioned themselves for President Joe Biden’s massive infrastructure plan.

U.S. President Joe Biden announced a more than $2 trillion infrastructure package on Wednesday. The plan’s goals include the revitalization of America’s transportation infrastructure as well as manufacturing.