Pedestrians walk past the Bombay Stock Exchange (BSE) building in Mumbai, India (Photographer Dhiraj Singh/Bloomberg)
5 years ago
Apr 26, 2021
The S&P BSE Sensex added little over 1% to 48,386.51, its biggest advance in nearly two weeks. The NSE Nifty 50 Index also gained a similar magnitude. Both indices on Friday capped their third consecutive weekly declines as India's deadly wave of coronavirus infections raised investor concerns over the pace of business recovery.
The broader market slightly underperformed their larger peer. The S&P BSE MidCap Index gained 0.6% while the S&P SmallCap rose 0.9%. Eighteen of the 19 sector sub-indices compiled by BSE Ltd. climbed, led by a gauge of real estate firms. The S&P BSE Healthcare index was the lone loser, down 0.64%.
The market breadth was skewed in favour of the bulls. About 1,882 stocks gained, 1,103 declined and 224 remained unchanged on the BSE Ltd.
Tamil Nadu state has allowed Vedanta Ltd. to restart only its oxygen plant at its closed copper complex in the state for four months, the local government said in a statement.
The state government will supply electricity to the plant for four months and the oxygen produced from the factory will be prioritized for use in Tamil Nadu
The government may extend the operation of the plant beyond the time allowed if the current pandemic situation continues
The Indian rupee advances for the first day in five amid a strong rebound in equities, and as a weaker dollar supported emerging Asian currencies. Sovereign bonds are little changed.
“The dollar-rupee pair is likely to take little cues from the decline in the dollar and stronger EMs,” Amit Pabari, managing director at CR Forex says in a note. “Any reversal from the peak of the current Covid wave can cool off the risk sentiments and rupee might join the league of stronger EMs”
Inflows pertaining to IPOs worth Rs 8,700 crore from Power Grid and Wellness Forever could cap any sharp decline past 75.50 levels
Short-term range for the dollar-rupee is expected to be formed within 74.50 to 75.50 levels
PowerGrid Infrastructure Investment Trust, sponsored by state-owned Power Grid Corp., plans to offer Rs 4,993 crore worth of fresh units in an IPO, while the selling unit holder will offload Rs 2,742 crore of units, according to an advertisement in the Financial Express newspaper Monday.
Investors can bid for minimum 1,100 units in the sale, which opens April 29 and closes May 3
ICICI Securities, Axis Capital, Edelweiss Financial and HSBC Securities are advisers on the sale
