Markets Open Higher, L&T Rallies Post Numbers

Benchmark indices opened the day higher, even as Asian markets were trading mixed and Covid-19 cases in the country continuing to dip, in view of the lockdowns across the country.

Asian markets reacted to a slew of Chinese economic data, including China's industrial output which rose 9.8% year-on-year in April, in line with expectations. Chinese markets were trading higher, while stocks in Japan fell and Korea dropped.

The Sensex was trading with gains of around 250 points, while the Nifty was up 72 points in trade.

Shares in engineering conglomerate, L&T gained after the company reported higher consolidated profit at Rs 3,293 crore for the quarter ending March 31, 2021, against Rs 3,197 crore in Q4FY20. Brokerage firm Motilal Oswal has a buy on the stock with a target price of Rs 1,700.

Shares in Cipla, however, lost ground after the company reported a higher consolidated net profits. The stock was up 2 per cent in trade.

Among the Nifty gainers in trade today were stocks like UPL, ITC, ONGC and State Bank of India. While stocks that lost ground from the Nifty were JSW Steel, Cipla, Tata Steel and Hindalco.

Analysts expect the markets to move in tandem with the global markets, which are likely to move in tandem with bond yields.