Equity indices trade higher, banks and financials lead
May 21, 2021
Mumbai (Maharashtra) [India], May 21 : Equity benchmark indices traded firm during early hours on Friday with banking and financial stocks leading the rally.
At 10:15 am, the BSE S&P Sensex was up by 538 points or 1.09 per cent at 50,103 while the Nifty 50 moved ahead 160 points or 1.07 per cent to 15,066.
All sectoral indices at the National Stock Exchange were in the green with Nifty realty rallying by 2.6 per cent, private bank by 1.9 per cent, PSU bank by 1.3 per cent, financial service by 1.6 per cent and metal by 1 per cent.
Among stocks, private sector lenders made gains with IndusInd Bank up by 3.5 per cent to Rs 1,009.75 per share. ICICI Bank advanced by 2.2 per cent, HDFC Bank by 2.1 per cent, Kotak Mahindra Bank and Axis Bank by 1.9 per cent each.
Analysts said the gains rode on expectations that when the economic cycle turns decisively, credit growth will pick up smartly for well-capitalised private banks. Bajaj Finance and HDFC were also in the positive terrain.
Hindustan Petroleum Corporation was up by 4.2 per cent to Rs 277.65 per share after reporting many-fold jump in its March quarter (Q4 FY21) net profit to Rs 3,018 crore on the back of inventory gains and rise in refining margins.
DLF and Godrej Properties moved up by 2.5 per cent each while Parsvnath Developers gained by 1.7 per cent. However, Power Grid Corporation, Dr Reddy's, IndianOil Corporation, SBI Life and Britannia traded with a negative bias.
Meanwhile, Asia shares were mixed even as receding inflation fears lifted Wall Street overnight.
Japan's Nikkei index was up 0.46 per cent but Hong Kong's Hang Seng index slipped 0.26 per cent. South Korea's Kospi also fell 0.38 per cent.
