Indices Open Higher, Global Cues Remain Strong

It was another day of strong openings for the markets, as global cues continued to remain robust despite rising cases of Covid-19 infections across the country. Global markets took heart from the fact that bond yields in the US are likely to be depressed after the US jobs reported disappointed.

The Sensex was trading with gains of 300 points, while the Nifty was higher by 98 points. Shares in Avenue Supermarts, which operates the DMART stores gained 1 per cent after the company reported sharply higher profit at Rs 414.2 crore in the last quarter of 2021 against Rs 271.5 crore in Q4FY20. However, the company has warned of serious disruptions taking place in the coming quarter due to lockdowns.

Shares in Bandhan Bank fell after the bank reported sharply lower profit at Rs 103 crore in Q4FY21 against Rs 517.3 crore in Q4FY20, and provisions at the bank rose. The stock was down almost 1 per cent in trade.

Among the Nifty gainers in trade were Tata Steel, Dr Reddy's, Hindalco, UPL and JSW Steel. Ultratech Cement and HeroMoto Corp were among the losers in trade.

In Japan, the Nikkei rose, while the Topix too gained around 1% and so did South Korea's Kospi.