The broader market was mixed. The S&P BSE Mid-Cap index was down 0.01% while the S&P BSE Small-Cap index was up 0.39%.
The market breadth was almost even. On the BSE, 1046 shares rose and 992 shares fell. A total of 180 shares were unchanged. In Nifty 50 index, the breadth was even with 25 stocks advancing while 25 stocks declining.
The market was supported by expectations that India will ease the lockdown following similar lifting of restrictions in Italy, New Zealand and some US states. Prime Minister Modi on Monday (27 April) held talks with the chief ministers of the country's 28 states to decide on a graded exit from the ongoing lockdown which is in place till 3 May.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.52% to 36.7025. The Nifty April 2020 futures were trading at 9,321.95, a premium of 24.65 points compared with the spot at 9,297.30.
On the options front, the Nifty option chain for 30 April 2020 expiry showed maximum call open interest (OI) of 32.92 lakh contracts at the 9,500 strike price. Maximum put OI of 37.11 lakh contracts was seen at 9,000 strike price.
Q4 Results Today:
Axis Bank (up 2.94%) and Atul (up 3.35%) will announce their quarterly result today, 28 April 2020.
Earnings Impact:
IndusInd Bank jumped 8.9%. The bank's net profit fell 16.17% to Rs 301.84 crore on 21.29% rise in total income to Rs 9158.57 crore in Q4 March 2020 over Q4 March 2019. The bank's provisions and contingencies jumped 56.36% to Rs 2440.32 crore in Q4 March 2020 over Q4 March 2019. The bank's gross non-performing assets (NPAs) stood at Rs 5146.74 crore as on 31 March 2020 as against Rs 4578.43 crore as on 31 December 2019 and Rs 3947.41 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 2.45% as on 31 March 2020 as against 2.18% as on 31 December 2019 and 2.10% as on 31 March 2019. The ratio of net NPAs to net advances stood at 0.91% as on 31 March 2020 as against 1.05% as on 31 December 2019 and 1.21% as on 31 March 2019.
The private lender's net profit rose 33.83% to Rs 4417.91 crore on 28.04% rise in total income to Rs 35734.14 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19).
Adani Power fell 3.24% after the company reported a consolidated net loss of Rs 1,312.90 crore in Q4 March 2020 as against net profit of Rs 634.64 crore in Q4 March 2019. Consolidated EBITDA for the quarter was Rs 360 crore compared with Rs 1,964 crore in the corresponding quarter of the previous year. EBITDA for the quarter was lower mainly due to onetime recognition of carrying cost of Rs 1,198 crore during the corresponding previous quarter, additional onetime provision of Rs 184 crore in the quarter, lower EBITDA in APMuL due to lower PLF and unfavourable foreign exchange movement in quarter, as compared to the corresponding quarter of the previous year.
Ambuja Cements was down 1.48%. Ambuja Cements' consolidated net profit rose 11.9% to Rs 554.25 crore on 8.5% decline in net sales to Rs 6,249.66 crore in Q1 March 2020 over Q1 March 2019. The cement manufacturer's consolidated EBITDA for Q1 March 2020 stood at Rs 1,191 crore, rising 19.5% from Rs 997 crore posted in Q1 March 2019. EBITDA margin improved to 19.4% in Q1 March 2020, gaining by 454 basis points.
HDFC Life Insurance declined 0.76%. The company's consolidated net profit dropped 14.54% to Rs 311.65 crore in Q4 March 2020 as compared to Rs 364.68 crore in Q4 March 2019. Consolidated net premium income rose 2.19% to Rs 10,475.95 crore in Q4 March 2020 from Rs 10,251.26 crore in Q4 March 2019.
Sasken Technologies tumbled 8.93% after consolidated net profit fell 59.7% to Rs 9.45 crore on a 5.2% decline in revenues to Rs 112.85 crore in Q4 March 2020 over Q3 December 2019. PAT margins for Q4 March 2020 stood at 8.4% as against 19.7% reported in Q3 December 2019.
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