Key barometers were trading in a narrow range with strong gains in the afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, soared 523.21 points or 1.09% at 48,401.66. The Nifty 50 index gained 147.35 points or 1.03% at 14,488.70.
HDFC (down 0.25%), HDFC Bank (down 0.61%) and HCL Technologies (down 3.16%) were major drags. ICICI Bank (up 4.70%), Reliance Industries (up 2.11%) and Axis Bank (up 3.71%) supported the indices.
The broader market lagged the benchmarks. The S&P BSE Mid-Cap index rose 0.76%. The S&P BSE Small-Cap index added 0.90%.
Buyers outpaced sellers. On the BSE, 1,905 shares rose and 932 shares fell. A total of 202 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,360.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,695.59 crore in the Indian equity market on 23 April 2021, provisional data showed.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 147,195,389 with 3,109,449 deaths. India reported 2813658 active cases of COVID-19 infection and 195123 deaths while 14304382 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The US government has decided to lift the export ban on the essential raw materials required by the vaccine manufacturer in India for production of COVID-19 vaccine. This development comes after several US lawmakers voiced their concerns over the COVID-19 situation in India. They exerted pressure on the Biden administration to extend assistance, release vaccines and other raw materials critical for India. White House said, US has identified sources of specific raw material urgently required for Indian manufacture of the Covishield vaccine that will immediately be made available for India.
Meanwhile, the government will continue giving COVID-19 vaccine doses from its 50% quota to the states and Union Territories for free during the phase three of the vaccination drive. These vaccines will continue to be administered by States and Union Territories.
Gainers & Losers:
Axis Bank (up 3.71%), JSW Steel (up 3.65%), Ultratech Cement (up 3.30%) and Tata Steel (up 3.12%) were major gainers in Nifty 50 index.
Cipla (down 2.75%), Britannia Industries (down 2.53%), Maruti Suzuki India (down 0.92%) and Sun Pharmaceutical Industries (down 0.82%) were major losers in Nifty 50 index.
Nifty Result Today:
Tech Mahindra was down 0.62% ahead of its quarterly financial results today.
Earnings Impact:
HCL Technologies declined 2.93% after the company reported 25.6% drop in consolidated net profit to Rs 2,962 crore on 1.8% rise in revenues to Rs 19,642 crore in Q4 FY21 over Q3 FY21. The IT firm's consolidated net profit declined 6.1% while revenues jumped 5.7% in Q4 FY21 over Q4 FY20. In dollar term, the company's revenue rose 3% quarter-on-quarter (Q-o-Q) while in constant currency terms, the revenue increased 2.5% sequentially in the fourth quarter.
EBITDA contracted 6.4% to Rs 5,097 crore in Q4 FY21 compared with Rs 5,443 crore in Q3 FY21. EBITDA margin stood at 26.1% in Q4 FY21 compared with 28.2% in Q3 FY21. HCL Technologies recorded 17.6% rise in consolidated net profit to Rs 13,011 crore on 6.7% increase in revenues to Rs 75,379 crore in the year ended March 2021 over the year ended March 2020.
ICICI Bank spurted 4.70% after the private lender reported net profit of Rs 4,403 crore in Q4-2021, up 260.61% compared with net profit of Rs 1,221 crore in Q4-2020. Total income during the quarter increased by 2.2% year-on-year (Y-o-Y) to Rs 23,953.02 crore. Net interest income (NII) increased by 17% YoY to Rs 10,431 crore in Q4-2021 from Rs 8,927 crore in Q4-2020. The net interest margin was at 3.84% as on 31 March 2021 as against 3.87% as on 31 March 2020.
On the asset quality side, gross non-performing assets (NPAs) stood at Rs 41,373.42 crore as on 31 March 2021 as against Rs 34,860.43 crore as on 31 December 2020 and Rs 41,409.16 crore as on 31 March 2021. The gross NPA ratio declined to 4.96% as on 31 March 2021 from 5.42% (on a proforma basis) as on 31 December 2020 and 5.53% as on 31 March 2020. The net NPA ratio declined to 1.14% as on 31 March 2021 from 1.26% (on a proforma basis) as on 31 December 2020 and 1.41% as on 31 March 2020.
Stocks in Spotlight:
Karur Vysya Bank rose 1.11% after the bank opened a new branch at Tiruchirappalli in Tamil Nadu on 26 April 2021.
Mphasis advanced 2.79% after private equity funds managed by Blackstone Group Inc. have entered into definitive agreements to acquire a majority stake in the Indian IT outsourcing services provider. A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments (Office of the Chief Investment Officer of The Regents, University of California) and others will co-invest along with Blackstone. This transaction has triggered a mandatory open offer for the purchase of up to 26% additional shares of Mphasis from the public shareholders.
Glenmark Pharmaceuticals fell 1.40%. The company's Ryaltris nasal spray received an approval in Europe for the first line treatment of allergic rhinitis in patients over 12 years of age. The company is concluding the final, national phase of its marketing approval application process to enable launch of its innovative nasal spray in 17 countries in the European Union.
Global Markets:
European shares opened higher while most Asian stocks advanced on Monday, 26 April 2021, as signs the world economic recovery was well on track bolstered risk appetite.
U.S. stocks rebounded on Friday as Wall Street reassessed concerns arising from news that the White House could seek a hike to the capital gains tax. Stocks were supported by data indicating an acceleration in economic activity and even faster growth in new home sales, as investors largely brushed off Thursday's reports that President Joe Biden would propose a large increase on the capital-gains tax for the wealthiest Americans.
In U.S. economic data, the IHS Markit purchasing managers index for the manufacturing sector rose to a record 60.5 in April from 59.1 a month earlier, while the services sector PMI jumped to 63.1 from 60.4. A reading of more than 50 indicates an expansion in activity.
New home sales rose to a seasonally-adjusted annual rate of 1.021 million in March, the U.S. Census Bureau reported the fastest pace since 2006. Month-over-month, sales rose 20.7%. Also, the Census Bureau revised the sales figure for February up to a rate of 846,000, from the originally reported rate of 775,000.
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