Stock Markets Live: Sensex, Nifty Hold Steady Gains As Rally In Metal Stocks Continues

• Tata Steel options volume 2.3x the 20-day average, with 100,540 calls changing hands vs 62,550 puts
  • Stock up 2.8%, volume 1.4x the 20-day average for this time of day
• Hero MotoCorp options volume 2x the average, with 15,432 calls vs 5,769 puts
  • Stock up 3.7%, volume 2.1x the average
• Cipla options volume 1.8x the average, with 34,468 calls vs 7,627 puts
  • Stock down 0.4%, volume 1.4x the average
• Bajaj Auto options volume 1.5x the average, with 8,646 calls vs 2,283 puts
  • Stock up 2.9%, volume 1x the average
• India VIX Index down 1.2%

Sovereign bonds are mixed as traders watch for the cut-off yields at a Rs 10,000 crore ($1.4 billion) operation twist, where the Reserve Bank of India buys longer-tenor bonds and sells shorter notes.

• The RBI plans to buy 6.97% 2026 bond, 7.17% 2028 bond, and 5.85% 2030 bond on Thursday while selling an equivalent amount of 182-day Treasury bills

The RBI will have to balance its objective of supporting economic recovery on one hand, while remaining mindful of inflation pressures on the other, according to an HSBC note.

Shares of Tata Steel Ltd. jumped 5.5% to a new record high of Rs 1,129 after its profit surged on higher sales and prices.

The steelmaker’s consolidated net profit rose 79.7% over the preceding quarter to Rs 6,644 crore in the three months through March, the steelmaker said in its exchange filing. That, however, was below the Rs 7,422-crore consensus estimate of analysts tracked by Bloomberg.

While the bottom line missed estimates, operating performance surpassed estimates.

[Read the full earnings report here]

CLSA says

• Q4 consolidated Ebitda 11% above estimates with a beat across all segments.
• The outlook for steel prices, Europe profitability and the timeline for expansion will be key.
• Net debt fell Rs 10,700 crore partly helped by proceeds from a share issuance.
• Best-ever standalone profitability boosted by inter-company iron sales.
• Q1 likely to be even stronger.
• Deleveraging on track, focus shifts to expansion projects.
• Rated 'Buy' with a target price of Rs 1,064.