Stock market update: Sensex rises 670 points; metal shares advance
On the BSE, 1744 shares rose and 1142 shares fell. A total of 164 shares were unchanged.
The key equity indices extended gains in mid-afternoon trade, tracking positive global cues. Metal stocks were in demand. The Nifty marched towards the 14,550 mark.
At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 669.73 points or 1.38% to 49,109.85. The Nifty 50 index surged 209.60 points or 1.46% to 14,534.50.
The broader market was trading higher. The S&P BSE Mid-Cap index rose 1.77%. The S&P BSE Small-Cap index added 1.15%.
Buyers outnumbered sellers. On the BSE, 1744 shares rose and 1142 shares fell. A total of 164 shares were unchanged.
Numbers to Track:
In the commodities market, Brent crude for May 2021 settlement gained $1.43 to $63.38 a barrel. The contract lost 3.82% or $2.46 to settle at $61.95 a barrel in the previous session.
The yield on India’s 10-year benchmark federal paper rose to 6.133% as compared to its previous close of 6.131%.
In the foreign exchange market, the partially convertible rupee rose to 72.4150, compared with its previous closing of 72.62.
MCX Gold futures for 5 April 2021 settlement shed 0.36% to Rs 44,532.
The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, rose 0.25% to 92.76.
Buzzing Index:
The Nifty Metal index rose 4.08% to 3,870.15. The index has added 0.99% in one week while the benchmark Nifty 50 index has declined by 1.50% during the same period.
Tata Steel (up 6.62%), SAIL (up 6.30%), Jindal Steel & Power (up 5.74%), Hindustan Zinc (up 5.38%), Hindalco Industries (up 4.24%), APL Apollo Tubes (up 3.42%) and Welspun Corp (up 3.11%) NMDC (up 2.78%), JSW Steel (up 2.44%), National Aluminum Co. (up 2.40%), Mishra Dhatu Nigam (up 2.07%), MOIL (up 1.80%), Hindustan Copper (up 1.68%), Ratnamani Metals Tubes (up 1.34%) and Coal India (up 0.94%) advanced.
Stocks in Spotlight:
Godrej Properties rose 2.47% to Rs 1364.65 after the realty major announced that it has sold over 275 residences worth Rs 475 crore within one day at the launch of its project, Godrej Woods, in Noida.
Dilip Buildcon rose 1.07% to Rs 559.45. The company has incorporated a special purpose vehicle, DBL Poondiyankuppam Highways, which will undertake a road construction order worth Rs 1,228 crore. The project involves four laning of Puducherry-Poondiyankuppam section of NH-45A under the Phase I of the Bharatmala Pariyojana Project on HAM mode in the state of Tamil Nadu and the union territory of Puducherry.
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