Nifty hovers near 14,700; breadth positive

Equity indices traded sideways with near the flat line in morning trade. Metal and IT shares tumbled while FMCG shares jumped.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 63.18 points or 0.13% at 48,753.98. The Nifty 50 index was up 2.1 points at 14,698.60.

In broader market, the S&P BSE Mid-Cap index was down 0.32% while the S&P BSE Small-Cap index was down 0.12%.

The market breadth was positive. On the BSE, 1550 shares rose and 1135 shares fell. A total of 161 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 160,828,503 with 3,340,359 global deaths.

India reported 37,04,893 active cases of COVID-19 infection and 262,317 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India recorded 3.43 lakh new cases and 4,000 deaths.

Economy:

India's retail inflation as measured by the Consumer Price Index (CPI) slowed to 4.29% in the month of April from 5.52% in March, mainly due to easing food prices, government data showed on Wednesday.

While industrial output as measured by the Index of Industrial Production (IIP) grew 22.4% in the month of March 2021 as compared to 16.7% in the year-ago period.

Buzzing Index:

The Nifty PSU Bank index jumped 1.8% to 2,280, extending its winning run to fourth consecutive trading session. The PSU Bank index added 7.74% in four days.

Bank of India (up 6.1%), UCO Bank (up 4.37%), Union bank of India (up 4%), J&K Bank (up 3.77%), Indian Bank (up 3%), Bank of Maharashtra (up 2.57%), PNB (up 2.56%) and Indian Overseas Bank (up 1.22%) were top gainers in PSU Bank space.

Results Today:

Larsen & Toubro (up 0.66%), Cipla (up 1.79%), Dr. Reddy's Lab (up 1.55%), Escorts (down 0.7%), Just Dial (down 1.46%), Rossari Biotech (up 1.25%), SKF India (up 0.75%) and Aditya Birla Capital (up 1.13%) will announce their quarterly results today.

Indigo Paints (up 5.49%) will announce its quarterly result for the first time after listing on bourses on 2 February 2021. Macrotech Developers (up 0.72%) will announce its first quarterly result after listing on bourses on 19 April 2021.

Earnings Impact:

Prince Pipes and Fittings soared 11.73% after the company's net profit surged 244% to Rs 97.2 crore on 76.7% jump in net sales to Rs 761.3 crore in Q4 FY21 over Q4 FY20. The piping solutions & multi polymer manufacturer saw robust volume growth driven by strong performance of plumbing portfolio. The company also witnessed a substantial value growth led by brand premiumisation and favourable product mix spanning plumbing and SWR categories. The company's volume grew by 26% year on year to 41,644 MT in Q4 FY21 from 33,140 MT in Q4 FY20. Profit before tax grew by 226% year on year to Rs 131.2 crore in Q4 FY21 from Rs 40.2 crore posted in Q4 FY20. EBITDA stood at Rs 147 crore in Q4 FY21 as compared to Rs 58 crore in Q4 FY20, rising by 155% year on year. The company's margins grew by 590 basis points to at 19.3% in Q4 FY21 over Q4 FY20.

Indian Energy Exchange (IEX) fell 4.4%. The company reported 35.1% jump in net profit to Rs 61.5 crore on 26% rise in total revenue to Rs 100.3 crore in Q4 FY21 over Q4 FY20. EBITDA increased 34.2% to Rs 83.9 crore in Q4 FY21 compared with Rs 62.6 crore in Q4 FY20.

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