Nifty above 10,500 mark; Pharma, Metal stocks lead
Equity benchmark indices opened higher led by gains in metal, pharma, PSU Bank and realty stocks.
Benchmark indices extended gains amid global clues and macro data, as investors await Infosys Q4 earnings due later in the day.
At 11:05 AM, the BSE Sensex was trading at 34,260, up 158 points, while the Nifty50 index was trading at 10,505, up 47 points.
The BSE Midcap and the BSE Smallcap indices were up by 0.67% and 0.73%, respectively.
On the economy front, retail inflation rose 4.28% in March vs 4.4% in February. IIP grew at 7.1% in February, driven by strong manufacturing growth, as against 7.4% in January.
Shares of Hindalco and Vedanta gained after aluminium prices on the London Metal Exchange rose for seventh day in a row.
Shares of Fortis Healthcare were trading higher after the company, late yesterday night, received an offer from offices of Munjals and Burmans. Media reports also suggest that Kuala Lumpur-based IHH Healthcare has also sent a letter to board of the Fortis Healthcare indicating that it would be willing to offer Rs160 per share to acquire controlling stake in the company.
Reliance Industries stock advanced 1% after the company said it executed definitive agreements to acquire majority shareholding constituting 72.69% (on fully diluted basis) from existing investors of Individual Learning Pvt Ltd (Embibe), a leading AI-based education platform leveraging data analytics to deliver personalized learning outcomes to each student.
Volatility index India VIX was down 1.80% to 14.2975.
Adani Ports (+2.5%), Indiabulls HF (+2%), Infratel (+1.7%), Vedanta (++1.3%) and Eicher (+1.2%) were the top gainers on Nifty50.
HCL Tech (-1.6%), Tata Motors (-0.80%), HUL (-0.70%), BPCL (-0.49%) and Bajaj Finserv (-0.44%) were the top losers in today’s trade.
Out of 2,032 stocks traded on the NSE, 1,059 advanced, 514 declined and 352 remained unchanged today.
A total of 24 stocks registered a fresh 52-week high in trade today, while 14 stocks touched a new 52-week low on the NSE.
Asian indices opened with gains aping the US indices, which ended in green. The return of volatility in the US is seeing money chase Asian stocks as strong US$ sees money exit equities & enter debt. Weekend blues to keep markets quiet, as US/Russia rhetoric over Syria could see escalation.