Key benchmarks extended early gains and hit fresh intraday high in morning trade on positive global stocks amid recovery in crude prices. At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 292.88 points or 0.93% at 31,672.43. The Nifty 50 index was up 97.55 points or 1.06% at 9,284.85.
The broader market outperformed the key benchmarks. The S&P BSE Mid-Cap index was up 2.45% while the S&P BSE Small-Cap index was up 2.13%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1360 shares rose and 432 shares fell. A total of 113 shares were unchanged. In Nifty 50 index, 41 stocks advanced while 9 stocks declined.
The Nifty Metal index surged 2.76% to 1,719.55, rising for second session.
The index outperformed other sectoral indices on the NSE.
Jindal Steel & Power (up 4.12%), Tata Steel (up 3.41%), Steel Authority of India (up 3.04%), JSW Steel (up 2.86%), National Aluminium Company (up 2.82%), Hindalco Industries (up 2.77%), Vedanta (up 2.76%), NMDC (up 2.55%), Coal India (up 2.38%) and Hindustan Zinc (up 1.86%) were top gainers in metal segment.
Q4 Results Today:
Bharti Infratel (up 1.55%), Hathway Cable & Datacom (up 15.71%), Mahindra CIE Automotive (up 3.58%), Alembic Pharmaceuticals (up 2.79%), TV 18 Broadcast (up 0.98%) and Network 18 Media (up 0.63%) will announce their quarterly result today.
On a consolidated basis, Reliance Industrial Infrastructure (RIIL) reported a 19.6% jump in net profit to Rs 2.69 crore in Q4 March 2020 as against Rs 2.25 crore posted in Q4 March 2019. RIIL’s consolidated net sales declined 6.9% to Rs 19.47 crore in Q4 March 2020 as against Rs 20.92 crore registered in the same period last year.
Shares of RIIL were down 1.88% at Rs 284.90. The scrip witnessed profit booking after rallying 14.88% in yesterday’s trading session.
Stocks in Spotlight:
Welspun Corp gained 1.08%. The company has partially resumed production from pipe facilities at Jamunia, Near Bhopal (Madhya Pradesh), with full compliance to the safety conditions of operation, as stipulated in the administrative permission received w.r.t. COVID-19.
Tanla Solutions was locked in 5% upper circuit at Rs 66.40. The company’s board approved buyback of equity shares at Rs 81 per equity share, payable in cash, for an aggregate amount not exceeding Rs 154 crore. The board of directors also noted the intention of the promoters and members of the promoter group of the company of not participating in the proposed buyback.