Experts said the FM’s decision to go for asset monetisation, instead of an increase in taxation, helped soothe investors’ nerves | Photo: PTI
: Bucking the weak trend in Asian markets, domestic fairness indices started higher on Tuesday amid a healthy buying in metal, realty, and pharma counters.
Among key indices, the benchmark S&P BSE Sensex quoted at 48,549 levels, up 162 points, in morning deals. Tech M, Bajaj Finance, Reliance Industries, and Power Grid were the top gainers on the Sensex while Kotak Mahindra Bank, Axis Bank, Asian Paints, and HDFC were leading the list of losers.
On the NSE, the Nifty50 hovered around 14,522 levels.
Individually, Tech Mahindra gained 1.7 per cent on the BSE after the IT major on Monday reported net profit of Rs 1,081 crore for the fourth quarter ended March 31, 2021, up 34.6 per cent year-on-year (YoY). On a sequential basis, the figure was once down 17.4 per cent from Rs 1,309.8 crore.
SBI Card, meantime, rallied 1.3 per cent on a net profit of Rs 175 crore in the March quarter of FY21, up 110 per cent in comparison to Rs 84 crore in the same period final year.
Broader markets were once again outperforming the frontline indices. The S&P BSE MidCap index was once up 0.5 per cent and the S&P BSE SmallCap index added 0.7 per cent.
Among key sectors, barring the Nifty Bank index (down 0.16 per cent), all other indices were trading in the green. The Nifty Metal index gained 1.2 per cent on the NSE, followed by the Nifty Realty index (1 per cent), and the Nifty IT and Pharma indices, up 0.5 per cent every.
A complete of 28 companies are set to outline their March quarter results today including largecap names such as Axis Bank, Maruti Suzuki, Bajaj Finance, Britannia and HDFC AMC.