Sensex jumps 123 points, Nifty above 14,650

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Benchmark equity indices opened in the green on Tuesday amid mixed global cues. In opening trades, Sensex was at 48,841 up 123 points or 0.25% while the broader market index Nifty jumped 44 points or 0.31% at 14,678.

Axis Bank, SBI, ONGC, Bajaj Finance & ICICI Bank were the top gainers on the Sensex up around 1.5%. On the downside, HUL, Reliance Industries, PowerGrid, Titan and Infosys lost in the range of 0.50-1.10%.

On the sectoral front, Nifty Metal was shining with gains of 1.81%. While Nifty Bank rose over 1%, Nifty Auto jumped 0.69% and the Nifty IT index was marginally up by 0.13%. On the downside, Nifty FMCG lost 0.24%.

Market breadth was positive as 1,177 shares advanced while 736 stocks declined and 383 scrips remained unchanged. The broader market outperformed benchmark indices as BSE MidCap & BSE SmallCap gained 0.65% & 0.66% each.

Earnings today: Adani Ports and Special Economic Zone, Alembic Pharmaceuticals, Apollo Pipes, Adani Total Gas, Bhagiradha Chemicals, DCM Shriram, Dr Agarwals Eye Hospital, EIH Associated Hotels, Elango Industries, Elantas Beck India, Greaves Cotton, IIFL Securities, Larsen & Toubro Infotech, Morepen Laboratories, Procter & Gamble Hygiene & Health Care, RBL Bank, Skipper, Srikalahasthi Pipes, Suven Life Sciences, and Vikas WSP will declare their quarterly earnings today.

Stocks in spotlight: ICICI Bank said that the Reserve Bank of India (RBI) has, by an order dated May 03, 2021, imposed a monetary penalty of Rs 3 crore on the bank . This penalty has been imposed under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949 for shifting certain investments from HTM category to AFS category in May 2017.

L&T Technology Services reported 4.5% rise in consolidated net profit to Rs 194.50 crore on 2.8% rise in revenue to Rs 1440.50 crore in Q4 March 2021 (Q4FY21) over Q3 December 2020 (Q3FY20).

Tata Chemicals reported 99.82% drop in consolidated net profit to Rs 11.77 crore on 68.81% slide in total income to Rs 2,710.44 crore in Q4 March 2021 (Q4FY21) over Q4 March 2020 (Q4FY20).

Motherson Sumi Systems has successfully completed the acquisition of Bombardier’s Electrical Wiring Interconnection Systems (EWIS) business in Huehuetoca, Mexico. Motherson Sumi Systems (MSSL), via its Mexican subsidiary, Motherson Rolling Stocks S. de R.L. de C.V. (MRS), has successfully completed the acquisition of assets and activities of Electrical Wiring Interconnection Systems (EWIS) performed at Bombardier Transportation’s manufacturing site in Huehuetoca, Mexico (BT Ensambles México).

JSW Energy informed that JSW Future Energy (formerly JSW Solar) (100% subsidiary of JSW Energy) had received Letter of Awards for total Blended Wind capacity of 810 MW from Solar Energy Corporation of India (SECI) in respect of the Tariff based Competitive Bid invited by SECI for setting up of 2500 MW ISTS-connected Blended Wind Power Projects (Tranche – IX).

Bafna Pharmaceuticals said the company has added two fully automated packaging lines to its existing capacity and they have been approved by the UK-MHRA (Medicines and Healthcare products Regulatory Agency) for the United Kingdom and the European Union (EU).

Zuari Agro Chemicals informed that the Ammonia and Urea Plants have been shutdown for annual maintenance effective from 3rd May 2021.

Global markets: Overseas, Asian stocks are trading mixed on Tuesday with major markets in Japan and China still closed for holidays.

In U.S., the S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under pressure from declines in some high-flying growth stocks, as the rotation into cyclical and “economy reopening” stocks continued.

New York Governor Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.

The U.S. economy is doing better but is “not out of the woods yet,” Federal Reserve Chair Jerome Powell reportedly said on Monday in remarks that flagged an upcoming central bank study documenting the disproportionate blow suffered by the less educated and working parents during the coronavirus downturn.

U.S. manufacturing activity grew at a slower pace in April. The ISM’s index of national factory activity fell to a reading of 60.7 last month after surging to 64.7 in March, which was the highest level since December 1983