The barometer S&P BSE Sensex rose 222.80 points or 0.73% at 30,602.61. The Nifty 50 index added 67.50 points or 0.76% at 8,992.80.
The broader market was trading firm. The S&P BSE Mid-Cap index was up 1.42% while the S&P BSE Small-Cap index was up 1.71%.
The market breadth was strong. On the BSE, 1621 shares rose and 757 shares fell. A total of 150 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.
Buzzing Index:
The Nifty IT index slipped 1.61% to end at 12,498.15, reversing the gains acquired in the previous session. The index had risen 0.79% to end at 12,702.60 in yesterday's session.
Hexaware Technologies (down 5.07%), HCL Technologies (down 3.91%), Tech Mahindra (down 3.91%), Infosys (down 2.33%), Oracle Financial Services Software (down 1.95%), Persistent Systems (down 1.71%) and TCS (down 1.08%) declined.
MphasiS (up 1.68%), MindTree (up 0.87%) and Wipro (up 0.7%) advanced.
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IT major TCS will announce its fourth quarter results today, April 16.
Wipro announced its fourth quarter earnings after market hours yesterday. On a consolidated basis, Wipro's net profit declined 5.29% to Rs 2,326.10 crore on 1.55% increase in revenue to Rs 15,711 crore in Q4 March 2020 over Q3 December 2019. The company's IT services segment revenue was at $2,073.70 million in Q4, registering a decrease of 1% QoQ.
The company estimated that the IT services revenues for Q4 March 2020 were negatively impacted by COVID-19 by approximately $14 -$16 million (0.7%-0.8% of revenues).
"Due to the uncertainty around the course of the COVID-19 pandemic, we do not have visibility into the extent to which it will disrupt our operations, and we have decided to not provide revenue guidance for the quarter ending 30 June 2020. We anticipate that we will resume providing revenue guidance when we have increased certainty of both demand and supply side factors," Wipro said.
Wipro's consolidated net profit rose 7.98% to Rs 9,722.30 crore on 4.16% increase in revenue to Rs 61023.20 crore in the year ended March 2020 (FY20) over the the year ended March 2019 (FY19). IT services segment revenue was at $8,256.2 million in FY20, growing at 1.7% YoY.
Stocks in Spotlight:
Larsen & Toubro (L&T) rose 3.88% to Rs 914 after the company said its heavy engineering arm has won significant contracts in Q4 March 2020. The unit secured orders for key gasification equipment from Wuhan Engineering, China against stiff Chinese competition for Talcher Fertilizer, which is the first-of-its-kind coal gasification project in India. It will produce 1.27 MMTPA of urea through the gasification of the mixed feedstock of Indian coal with high ash content and pet coke.
Indusind Bank added 2.65% to Rs 435.35 after Goldman Sachs (Singapore) on Wednesday (15 April 2020) bought 41 lakh shares, or 0.59% stake, in the private lender at Rs 430.30 each via bulk deal on the NSE.
Hindustan Composites surged 12.19% to Rs 145.85 after the company said it resumed partial operations at Paithan plant, Aurangabad, from 16 April 2020.
Zuari Agro Chemicals rose 1.58% to Rs 89.90. ICRA has upgraded its rating on the company's term loans, long- term fund-based limits, long-term unallocated limits and compulsorily convertible debentures (CCDs) to B with a stable outlook from D. "The ratings upgrade factors in account of regularisation of payment of debt obligations by Zuari Agro Chemicals (ZACL) for a period of more than three months and operationalisation of the urea plant," ICRA said in its note.
Motherson Sumi Systems jumped 14.96% to Rs 81.85. The company in a regulatory filing during market hours today announced that the board of directors has approved the issuance of listed, secured, redeemable, non-convertible debentures (NCDs), with an aggregate amount up to Rs 500 crore on a private placement basis.
JSW Energy (JSWEL) rose 2.34% to Rs 41.55 after Brickwork Ratings (BWR) reaffirmed its ratings of 'BWR A1+' on commercial papers (CP) of the company worth Rs 950 crore. The ratings agency said that the rating reaffirmation continues to factor in the strength of the promoter group, long-term experience of the company in the power sector, long-term power purchase agreements (PPA) for ~81% of the company's consolidated total power generation capacity, and a fair debt/equity and debt/Ebitda ratio.
Biocon gained 4.14% to Rs 350.85 after company's subsidiary Biocon Biologics India received an Establishment Inspection Report from the USFDA for the Pre-Approval Inspection (PAI) conducted at two of its biologics manufacturing facilities in Bengaluru. Subsequent to the inspection, Biocon Biologics has received approvals for the two products Trastuzumab (Drug Product) and Pegfilgrastim (Drug Substance) from the U.S. FDA in 2019. The receipt of the Establishment Inspection Report (EIR) indicates a successful closure of the inspection.
Navin Fluorine International advanced 2.78% to Rs 1438.95 after the company said that it has re-commenced operations at the company's facilities at Bhestan, Gujarat and Dewas, Madhya Pradesh, from 14 April 2020 post obtaining necessary government approvals. At present, limited operations have re-commenced and the same will be ramped up in a phased manner, taking into account all the relevant factors which will be prevailing from time to time.
Global Markets:
Most European shares advanced on Thursday as countries begin plotting an exit from lockdown measures. An increasing number of European countries have cautiously started to ease restrictive measures on public life and businesses this week and Germany is the latest to set out a road map for how it will reopen its economy.
Asian markets ended mostly lower today after a coronavirus-driven plunge in US retail sales and factory production and increasing gloomy economic outlooks for Asia.
In US, stocks fell on Wednesday as dismal economic data and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.
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