Sensex Recovers After 2-Day Losses, Global Markets Higher

Benchmark indices saw a recovery in trade, after 2-days of losses, with Asian markets too recouping some losses, after the US Fed jolt on interest rates.

The Sensex was up 200 points in trade, while the Nifty was up 58 points in trade. Leading the set of gainers were some of the banking stocks, which had fallen in the last 2-days.

Tube Investments shares gained after the company reported a standalone net profit at Rs 129.12 crore for the quarter ending March 31, 2021. The company had reported standalone profit after tax at Rs 73.55 crore during corresponding quarter previous year.

Power Grid Corporation of India too saw its shares rally after net profits at the company were up over six per cent rise at Rs 3,526.23 crore for the March 2021 quarter, when compared Rs 3,313.47 crore in the quarter ended on March 31, 2020,

Hindustan Media Ventures shares dipped 1% after the company reported a 20.1 per cent decline in its consolidated net profit to Rs 22.07 crore for the fourth quarter ended March 31.

"Domestic Market may consolidate for some-time before resuming its rally. Technically too, the trend remains intact till Nifty holds above 15,700 for an up move towards 16k mark. Globally, investors would cautiously track what action does other Central Banks take following Fed hawkish announcement. Domestically, monsoon, opening up of the economy in a phased manner and the pace of vaccination going forward would decide the further direction of the market," says Siddhartha Khemka of Motilal Oswal.