Equity gauges trade higher, metal stocks gain
Apr 29, 2021
Mumbai (Maharashtra) [India], April 29 : Equity markets maintained positive undertone during early hours on Thursday supported by the US Fed decision to keep policy loose and firm global markets cues.
At 10:15 am, the BSE S&P Sensex was up by 155 points or 0.31 per cent at 49,889 while the Nifty 50 edged higher by 56 points or 0.38 per cent to 14,920.
Sectoral indices at the National Stock Exchange were mixed with Nifty metal up by 1.7 per cent and FMCG by 0.4 per cent. But Nifty PSU bank, private bank, financial service and auto were in the red.
Metal stocks continued their upward trajectory with Tata Steel gaining by 4.5 per cent to Rs 1,015.45 per share while JSW Steel rose by 2.8 per cent to Rs 684.15 and Hindalco by 1.8 per cent to Rs 369.15.
Bajaj Finance was up by 2.1 per cent, Bajaj Finserv by 1.9 per cent, HCL Technologies by 1.2 per cent and Tata Consultancy Services by 0.9 per cent.
However, among the losers were ICICI Bank, Kotak Mahindra Bank, Hero MotoCorp, Eicher Motors, Bharti Airtel and Cipla.
Meanwhile, Asian shares rose after the US Federal Reserve said it was too early to consider rolling back emergency support for the economy and as President Joe Biden unveiled plans for a 1.8 trillion dollar stimulus package.
MSCI's broadest index of Asia Pacific shares outside Japan was up 0.1 per cent. Hong Kong's Hang Seng index moved up 0.7 per cent and Seoul's Kospi added 0.37 per cent.
Markets in Japan were closed for a holiday but Nikkei futures edged 0.05 per cent higher.
