Markets See Some Recovery in Early Trade

The stock markets were seen to clear some of its previous day losses in the early trade on April 13. The Sensex opened higher by 172 points at 48,055.38, while the NSE index added 54.40 points at 14,365.20. Around 848 shares opened with gains and nearly 357 shares declined at market opening on Tuesday.

The 30-share pack Sensex posted gains in 23 shares out of 30 with ONGC and M&M being its top gainers at the market opening as they surged over three per cent in the early trade. Shares of Reliance and HDFC Bank also added over a per cent each.

Shares of ONGC shooted up over three per cent in the morning trade after the company on Monday, April 12 said that it is inviting bids for the sale of initial 2 million standard cubic meters per day of gas from its KG basin fields at a minimum price of USD 6.6 per mmBtu.

Barring IT and Pharma, all other sectors witnessed buying and were trading with gains on Tuesday morning trade after a massive bloodbath in the previous session. The Nifty PSU Bank index gained over two per cent in the early trade as shares of Canara Bank and Bank of India advanced over three per cent each.

On the broader market front, BSE Midcap and Smallcap rallied nearly a per cent each to recover their losses posted on Monday led by advances in shares of Oberoi Realty and Shriram Transport Finance in the Midcap space as they added over four per cent at market opening.

TCS reached its day's low of Rs 3,100 and was trading lower by over three per cent after the company posted a 6.3 per cent QoQ growth in its net profit at Rs 9,246 crore. Consolidated revenue during the quarter advanced by 4 per cent to Rs 43,705 crore.

In the global markets, the U.S markets closed with losses ahead of their quarter earnings which are to be released soon, and also tracking the inflation report which is to be released later this week. However, amid mutes U.S markets, the Asian markets edged higher as Nikkei 225 was up nearly a per cent.

Moving further, analysts predict that the recovery is looking muted in the near future as the rising cases in the country are playing the spoilsport, and also the macroeconomic data continues to hint about the stress on the economic growth in 2021 as the IIP (Index of Industrial Production) fell 3.6 per cent and the retail inflation has gone up over five per cent.