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Sensex Rallies Over 400 Points; Tata Steel Hits Yearly High – Unblendednews

Sensex Rallies Over 400 Points; Tata Steel Hits Yearly High

Metal shares are trading strong, with Tata Steel, JSW Steel and Hindalco surging 2-4 per cent each on BSE

The domestic stock markets have opened strong, continuing with the momentum witnessed on the previous day, due to favourable global cues. At 9:17 am, the BSE Sensex was at 49,367.17, higher by 413.55 points or 0.85 per cent and NSE Nifty was at 14,848.15, up 110.35 points or 0.86 per cent. The BSE MIdcap index and BSE Smallcap index have gained 0.1 per cent and 0.5 per cent respectively.

The Dow Jones closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while vaccine makers dipped after U.S. President Joe Biden backed plans to waive patents on COVID-19 shots. The Dow Jones rose 0.93 per cent, while the S&P 500 gained 0.82 per cent and Nasdaq Composite climbed 0.37 per cent.

Meanwhile, oil prices edged up in early Asian trade after a 1 per cent dip in the previous session, as global economic recovery and easing travel curbs in the United States and Europe buoyed the fuel demand outlook. Brent crude futures for July were at $68.17 a barrel by 0052 GMT, up 8 cents, while U.S West Texas Intermediate (WTI) crude for June rose 9 cents to $64.80.

On the stock -specific front, Tata Steel has continued with its recent dream run to top the gainer’s list this morning. Tata Steel shares touched a 52-week high of Rs 1,146.60, up 4 per cent on the BSE, after foreign broking houses raised its target price post March quarter earnings. Other metal stocks are also going strong, with JSW Steel and Hindalco gaining more than 2 per cent each. And HDFC has gained more than 1 per cent ahead of its Q4 earnings scheduled to be announced later in the day.

On the other hand, Tata Consumer Products has weakened by 5.7 per cent at Rs 615.80 on the BSE after the company reported consolidated profit of Rs 53.9 crore in the quarter ended March 2021 as against a loss of Rs 76.49 crore in the same quarter last year.

Hero MotoCorp has shed 1 per cent after the two-wheeler reported that its standalone net profit rose 39.4 per cent to Rs 865 crore in the March quarter compared to Rs 620.7 crore in the same quarter last year.

On the earnings front, HDFC, UltraTech Cement and Dabur India will announce their Q4 numbers during the day.

The BSE market breadth was strong. Out of 2,226 stocks traded on the BSE, there were 1,541 advancing stocks as against 592 declines.

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