Closing Bell: Nifty ends near 17,400, Sensex gains 874 pts; all sectors in green

Resurgence of investor interest in IT and Banking space along with support from heavyweights and global peers helped in strengthening the market. However geopolitical worries, inflation fears and likely hike in fed rates is pressurising the foreign investors to continue their selling spree.

Increasing oil prices on concerns over potential EU ban on Russian imports will be a short term headwind resulting in volatility in the market.

Bulls came back strongly today after a pretty long wait helped by the Energy sector which is seeing robustness in gross refining margins.

Almost all sectoral indices led by Automobiles traded in the Green with the volatility index cooling off. Accumulation seen in some of the big boys which led the fall during the last one week helped the Bulls get back strongly today.

Indian equity market ended on positive note on April 21 helped by buying across the sectors.

At Close, the Sensex was up 874.18 points or 1.53% at 57,911.68, and the Nifty was up 256.10 points or 1.49% at 17,392.60. About 2252 shares have advanced, 1089 shares declined, and 96 shares are unchanged.

Eicher Motors, Coal India, M&M, Maruti Suzuki and Adani Ports were among the top Nifty gainers. Cipla, Hindalco Industries, Tata Steel, ONGC and JSW Steel were the top losers.

All the sectoral indices ended in the green with bank, pharma, auto, IT, power, realty and capital goods indices up 1-2 percent. The BSE midcap and smallcap indices rose 1 percent each.

Le Merite is coming out with an IPO (Initial Public Offer) of 6400000 equity shares of Rs. 10 each at a fixed price of Rs. 75 per share to mobilize Rs. 48 crores.

The issue opens for subscription on April 25, 2022, and will close on April 28, 2022.

Minimum application to be made is for 1600 shares and in multiples thereon, thereafter. The issue constitutes 27.62% of the post issue paid up equity capital of the company.

Post allotment the shares will be listed on NSE SME Emerge platform. The issue is lead managed by Fedex Securities Pvt. Ltd. and Bigshare Services Pvt. Ltd. is the registrar to the issue.

Indian equity benchmarks opened in green and extended their previous session’s gains despite mixed Asian market peers. During the afternoon session markets continued to trade firm in early deals led by buying in IT, TECH and Capital Goods stocks apart from this gains in frontline blue chip stocks such as Asian Paints, Reliance Industries and Infosys also helped to lift the markets.

Sentiments also were upbeat as International Monetary Fund said a high growth rate for India, as projected in the latest World Economic Outlook, is not only healthy for the country but also positive news for the world. India is projected to be the fastest growing large economy in the world in current year.

Oil prices rose on Thursday as concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports, days after diminished supplies from Libya rocked the market.

Brent crude futures rose $1.11, or 1%, to $107.91 a barrel at 0852 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 87 cents, or 0.9%, to 103.06 a barrel.

State-owned NTPC has partnered with Delhi Jal Board to convert sludge produced in latter's sewage treatment plants into energy. In Delhi-NCR alone, Sewage Treatment Plants (STPs) produce up to 800 MT of sludge per day. The disposal of the sludge is a major challenge as it contributes towards environmental pollution.

NTPC was quoting at Rs 162.55, up Rs 2.10, or 1.31 percent on the BSE.