Sensex opens above 48,500; Nifty at 14,585

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Benchmark equity indices opened on a strong footing ahead of the address by RBI Governor Shaktikanta Das scheduled for 10 AM today.  In opening trades, Sensex jumped 314 points or 0.65% at 48,568 while the broader market index Nifty at 14,585  up 88 points or 0.61%.

28 out of 30 Sensex traded in the green. ONGC, Axis Bank, NTPC, Bharti Airtel & IndusInd Bank were trading with gains of up to 3%. Bajaj Auto & HDFC lost 0.25% and 0.02% respectively.

All sectoral indices were up with the Nifty PSU Bank index leading the pack surging around 1.99%, followed by the Nifty Metal index jumped 1.66% and Nifty Bank soared 0.92%. Nifty Auto, Nifty IT and Nifty FMCG were rose up to 0.50%.

The market breadth favoured the bulls as 1,299 stocks advanced compared to 425 shares declining and 500 scrips remained unchanged. Broader market mirrored the gains of benchmark indices BSE MidCap & BSE SmallCap gained over 0.65% each.

Earnings today:

Adani Enterprises, Adani Green, Angel Broking, CEAT, OFSS, Tata Steel and others will be announcing their quarterly results today.

Stocks in spotlight:

Banks and financial stocks will be in focus as the Reserve Bank of India Governor Shaktikanta Das will make an unscheduled address at 10:00 IST today.

Wipro announced the setting up of an Innovation Centre in Holborn, London. Wipro will invest £16 million over the next four years in the 20,000 sq. ft. Innovation Centre which will serve as Wipro’s flagship centre in the United Kingdom and offer technology expertise to companies in the UK and globally.

On a consolidated basis, Adani Ports & Special Economic Zone (APSEZ) posted 285% jump in net profit to Rs 1287.80 crore on 21.1% rise in total income to Rs 4072.42 crore in Q4 FY21 over Q4 FY20. On a consolidated basis, profit before tax soared by 500% to Rs 1539 crore in Q4 FY21 as against Rs 256.73 crore in Q4 FY20. The company’s operating revenue grew 24% year on year to Rs 3,608 crore in Q4 FY21. EBITDA (excluding forex gain of Rs 24 crore in Q4 FY21 versus forex loss of Rs 1,004 crore in Q4 FY20) jumped 39% year on year to Rs 2287 crore in Q4 FY21.

On a consolidated basis, Larsen & Toubro Infotech posted 5.1% rise in net income to Rs 545.70 crore on 3.7% rise in revenue to Rs 3269.40 crore in Q4 FY21 over Q3 FY20.

On a standalone basis, Procter & Gamble Hygiene and Health Care posted 7.94% rise in net profit to Rs 98.33 crore on 15.49% rise in total income to Rs 774.41 crore in Q4 FY21 over Q4 FY20.

On a consolidated basis, Adani Total Gas posted an 18.38% rise in net profit to Rs 143.73 crore on a 27.36% rise in total income to Rs 603.66 crore in Q4 FY21 over Q4 FY20.

Hindustan Aeronautics Limited (HAL) and Rolls-Royce have signed an MoU to establish packaging, installation, marketing and services support for Rolls-Royce MT30 marine engines in India. Through this MoU. Rolls-Royce and HAL will expand their long-standing partnership in India and work together in the area of marine applications for the first time.

Interglobe Aviation said that the meeting of the board of directors of the company is scheduled on 7 May 2021, to consider and approve raising of funds by issue of equity shares through qualified institutions placement.

Aarti Industries informed that the meeting of the board of directors of the company is scheduled on 11 May 2021, to consider and approve the issue of bonus shares.

Global markets:

Overseas, Asian shares are trading lower on Wednesday as sentiment took a knock from a selloff in large-cap Wall Street tech stocks, even as some of the other major Asia-Pacific markets are closed for the day. Markets in China and Japan remain closed for public holidays. South Korean markets are also shut.

In the U.S., the Nasdaq fell more than 2% on Tuesday as steep declines in mega cap growth stocks pushed Wall Street below record trading levels, with investors seeking shelter in more defensive parts of the market.

U.S. Treasury Secretary Janet Yellen said Tuesday that interest rates may have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on in part by trillions of dollars in government stimulus spending. The former Fed chair later tempered her comments somewhat on the need for higher rates, saying she respects the Federal Reserve’s independence and was not trying to influence decision-making there.