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The frontline indices were trading with strong gains in early trade on buying demand in index pivotals. Positive global cues boosted investors sentiment. The Nifty traded above the 17,100 level. Realty, metal and IT stocks advanced while media and FMCG stocks declined.
The barometer index, the S&P BSE Sensex, was up 442.67 points or 0.77% to 58,077.51. The Nifty 50 index gained 131.70 points or 0.78% to 17,117.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.85% while the S&P BSE Small-Cap index gained 0.98%.
The market breadth was strong. On the BSE, 1,999 shares rose and 584 shares fell. A total of 84 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 282.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,051.45 crore in the Indian equity market on 16 March, provisional data showed.
Stocks in Spotlight:
Tata Consultancy Services (TCS) shed 0.06%. Rajesh Gopinathan, Chief Executive Officer and Managing Director of TCS has tendered his resignation, which will be effective from the close of business hours on 15 September 2023. The Board of Directors appointed K. Krithivasan as the Chief Executive Officer Designate, with effective from 16 March 2023. He shall take over as the Chief Executive Officer and Managing Director of the Company in the next financial year.
Infosys rose 1.65%. Infosys Finacle, part of EdgeVerve Systems, a fully owned subsidiary of Infosys and ABN AMRO, a leading financial services provider in the Netherlands, announced the implementation and go-live of the Infosys Finacle Liquidity Management Solution for the bank's corporate customers.
Dr. Reddy's Laboratories added 0.97%.The company along with its subsidiaries announced the signing of a deal to divest certain non-core brands of the company in the dermatology segments to Eris Lifesciences. Under the agreement, Eris Lifesciences will be assigned the trademark of these brands by Dr. Reddy's for a consideration of Rs. 275 crore.
Voltas gained 1.61%. Universal MEP Projects & Engineering Services (UMPESL), a 100% subsidiary of Voltas has bagged multiple SITC project orders worth about Rs 1770 crore in the Electrical Power Distribution business for FY 22-23, including a solar power project.
Glenmark Pharmaceuticals rose 0.72%. Glenmark Specialty SA, the subsidiary of Glenmark Pharmaceuticals received acceptance from the U.S. Food and Drug Administration (FDA) on its Investigational New Drug application to proceed with a Phase 1/2, first-in-human, clinical study of for the treatment of patients with advanced solid tumors and lymphomas.
Buzzing Index:
The Nifty Realty index gained 2.10% to 395.40. The index advanced 3.24% in the two trading sessions.
DLF (up 3.47%), Phoenix Mills (up 2.72%), Prestige Estates Projects (up 2.69%), Godrej Properties (up 1.7%), Sobha (up 1.38%), Oberoi Realty (up 1.34%), Indiabulls Real Estate (up 1.22%), Brigade Enterprises (up 1.01%), Sunteck Realty (up 0.25%) and Macrotech Developers (up 0.04%).
Numbers to track:
The yield on India's 10-year benchmark federal paper rose to 7.378 from 7.352 in previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.5050, compared with its close of 82.76 during the previous trading session.
MCX Gold futures for 5 April 2023 settlement gained 0.36% to Rs 58,213.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.21% to 104.12.
The United States 10-year bond yield declined 0.27% to 3.573.
In the commodities market, Brent crude for May 2023 settlement advanced 78 cents or 1.04% to $75.48 a barrel.
Global Markets:
Asian stocks were trading higher on Friday after major Wall Street banks pledged a deposit of $30 billion in First Republic Bank in an attempt to bolster confidence in the banking system. The group of 11 banks, included Bank of America, Wells Fargo, Citigroup and JPMorgan Chase.
US stocks finished solidly higher Thursday after a consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic.
Meanwhile, U.S. Treasury Secretary Janet Yellen said the U.S. banking system remains sound and Americans can feel confident that their deposits will be there when needed.
The European Central Bank followed through with the 50 basis point rate hike it flagged at its prior meeting, despite ongoing volatility in the banking sector. It takes the bank's main rate to 3%.
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