MARKET UPDATE:Sensex up 300 points at 50,045 level while Nifty up 87 points at 14,960

Published On: Thursday, April 29, 2021 | By:

MARKET UPDATE:Sensex up 300 points at 50,045 level while Nifty up 87 points at 14,960

Indian benchmark indices extended their bull run to the fourth straight day today(29th April 2021) supported by the US Fed decision to keep policy loose and firm global markets cues, Starting gap-up, frontline indices reclaimed major psychological marks in the early deals. The indices, however, pared gains marginally with the benchmark S&P BSE Sensex up 300 points to quote at 50,045 level while the Nifty50 was at 14,960, up 87 points. Earlier in the day, the indices hit respective day highs of 50,376 and 15,044, respectively. The Sensex index is back above 50,000 after 12 trading sessions while the Nifty has reclaimed the 15,000-mark for the first time since March 16. The benchmark indices leaned on Reliance Industries, HDFC twins, Axis Bank, ICICI Bank, and Bajaj Finance to support the fresh breakouts. All the heavyweights were up in the range of 2 percent to 2.5 percent.

Individually, Tata Steel, IndusInd Bank, Hindalco Industries, Axis Bank, and JSW Steel were the top gainers on the Nifty, rising up to 3 per cent. Tata Consumer Products and Eicher Motors were the only losers on the 50-share index, down up to 0.4 per cent.

In the broader markets, the S&P BSE MidCap and SmallCap indices gained 0.83 per cent and 0.93 per cent, respectively.

All the key sectoral indices were trading in the green amid across-the-board buying. The Nifty Metal index zoomed 2 per cent, trailed by the Nifty Bank index, up 1.5 per cent.

Thirty six companies including HUL, Bajaj Auto, Titan, Ambuja Cements, Inox Leisure, Bank of Maharashtra and Rain Industries are slated to post their March quarter results today.

Analysts expect HUL to post high double-digit growth in both net profit and revenues of the company on a yearly basis, supported by a lower base and improved traction in the out of home (OOH) and personal care segments.

Bajaj Auto is expected to post a solid growth in revenue and sales volume. However, the company‚Äôs Ebitda margin could come under pressure due to higher commodity prices and lower product mix on a quarterly basis, say analysts. 

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