SENSEX JUMPS 674 PTS, NIFTY GAINS 1.13%; STRONG MARKET BREADTH

The domestic equity benchmarks traded with strong gains in early trade, as the bourses witnessed across the board buying in key index pivotals. The Nifty traded above the 17,250 mark. Shares across sectors advanced, with oil & gas, IT and bank stocks rising the most.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 674.41 points or 1.16% to 58,634.50. The Nifty 50 index gained 192.50 points or 1.13% to 17,273.20.

Reliance Industries (up 2.66%), HCL Tech (up 2.48%), ICICI Bank (up 2.12%), Tech Mahindra (up 2.06%) and Adani Enterprises (up 1.96%) were the top Nifty gainers.

Asian Paints (down 0.41%), Sun Pharma (down 0.23%), ITC (down 0.20%), Britannia (down 0.18%) and Divi`s Lab (down 0.11%) were the top Nifty laggards.

In the broader market, the S&P BSE Mid-Cap index added 0.80% while the S&P BSE Small-Cap index advanced 1.05%.

The market breadth was strong. On the BSE, 2145 shares rose and 476 shares fell. A total of 126 shares were unchanged.

Stocks in Spotlight:

Tata Power Company rose 2.85%. Tata Power Solar Systems (TPSSL), wholly owned subsidiary of Tata Power Renewable Energy (TPREL), has received the letter of award (LoA) of Rs 1,755 crore for setting up 300 MW Domestic Content Requirement (DCR) based EPC project for NLC India.

DLF added 1.87%. The company announced that CRISIL Ratings has upgraded the rating on the long term (LT) bank facilities of the company at `CRISIL AA/Stable` from `CRISIL AA-/Positive` and reaffirmed the short term (ST) rating at `CRISIL A1+`.

Aurobindo Pharma advanced 1.12%. The drug maker said that it has signed voluntary sub-licensing with Medicines Patent Pool for developing and marketing Cabotegravir tablets & long acting injectables, for the prevention of HIV in 90 low and middle-income countries, including India.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced to 7.290 from 7.296 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.1050, compared with its close of 82.3400 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement rose 0.26% to Rs 59,426.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.02% to 102.17.

The United States 10-year bond yield gained 0.26% to 3.560.

In the commodities market, Brent crude for May 2023 settlement lost 14 cents or 0.18% to $78.46 a barrel.

Global Markets:

Asian stocks are trading higher on Friday as technology stocks continued to see renewed interest and led gains on Wall Street, with some shaking off concerns of a further banking crisis.

US stocks rose on Thursday as investors are looking towards more clarity from US regulatory agencies on struggling banks and shares of technology and bank stocks mostly remained flat.

President Joe Biden urged federal regulators Thursday to take up a set of reforms to safeguard the banking system, following the failures of Silicon Valley Bank and Signature Bank.

The administration wants regulators to take a range of steps to reinstate safeguards for banks with assets between $100 billion and $250 billion and �strengthen oversight and regulation of larger banks so that we are not in this position again,� the White House said on Thursday.

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