Key benchmark indices retained positive zone in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 70.50 points or 0.31%, up 62.59 points from the day's low and off 27.52 points from the day's high. The market breadth, indicating the overall health of the market, was strong. The BSE Small-Cap index was up more than 1%.
Wipro edged lower after announcing revenue guidance for Q1 June 2014 at the time of announcing Q4 March 2014 result after market hours on Thursday, 17 April 2014. Bank stocks edged higher with the shares of private sector banking giant ICICI Bank hitting 52-week high. LIC Housing Finance rose after declaring good Q4 result during trading hours today, 21 April 2014. Shares of biotech major Biocon surged.
Key benchmark indices edged higher in early trade after provisional data released by the stock exchanges showed that foreign funds were net buyers of Indian stocks on Thursday, 17 April 2014. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in almost a week. Key benchmark indices moved in a narrow range in positive zone in morning trade. Key benchmark indices retained positive zone in mid-morning trade. A bout of volatility was witnessed as the key benchmark indices recovered from lower level after trimming intraday gains in early afternoon trade. Key benchmark indices retained positive zone in mid-afternoon trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Thursday, 17 April 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 433.40 crore on Thursday, 17 April 2014, as per provisional data from the stock exchanges. The stock market was closed on Friday, 18 April 2014, on account of Good Friday.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month April 2014 series to May 2014 series. The April 2014 F&O contracts expire on Wednesday, 23 April 2014. The stock market remains closed on Thursday, 24 April 2014, on account of Parliamentary elections in Mumbai constituency.
At 14:15 IST, the S&P BSE Sensex was up 70.50 points or 0.31% to 22,699.34. The index jumped 98.02 points at the day's high of 22,726.86 in early trade, its highest level since 15 April 2014. The index rose 7.91 points at the day's low of 22,636.75 in early trade.
The CNX Nifty was up 18.60 points or 0.27% to 6,798. The index hit a high of 6,806.10 in intraday trade, its highest level since 15 April 2014. The index hit a low of 6,786.90 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,698 shares gained and 969 shares fell. A total of 114 shares were unchanged.
The BSE Mid-Cap index was up 71.91 points or 0.98% at 7,411.20. The BSE Small-Cap index was up 104.58 points or 1.39% at 7,628.59. Both these indices outperformed the Sensex.
L&T (up 3.87%), Mahindra & Mahindra (up 3.39%) and Bharat Heavy Electricals (Bhel) (up 3.2%) edged higher from the Sensex pack.
Cipla (down 0.39%), Hindustan Unilever (down 1.66%) and ITC (down 0.93%) edged lower from the Sensex pack.
Bank stocks edged higher. Among private sector banks, Yes Bank (up 4.68%), IndusInd Bank (up 1.66%), Federal Bank (up 1.22%), Kotak Mahindra Bank (up 0.09%) and Axis Bank (up 2.41%) gained. HDFC Bank fell 0.56%.
ICICI Bank rose 1.74% to Rs 1,284 after hitting 52-week high of Rs 1,284.70 in intraday trade.
Among PSU bank stocks, State Bank of India (SBI) (up 2.44%), Canara Bank (up 2.56%), Union Bank of India (up 2.53%), Bank of India (up 4.87%), Bank of Baroda (up 2.12%) and Punjab National Bank (up 3.05%) gained.
Wipro lost 5.99% to Rs 550.50. Wipro's consolidated net profit from continuing operations surged 41% to Rs 2230 crore on 22% growth in revenue from continuing operations to Rs 11700 crore in Q4 March 2014 over Q4 March 2013. The results are as per International Financial Reporting Standards (IFRS). The result was announced after market hours on Thursday, 17 April 2014.
Non-GAAP adjusted net profit from continuing operations rose 42% to Rs 2230 crore in Q4 March 2014 over Q4 March 2013.
IT Services revenue in rupee terms rose 24% to Rs 10620 crore in Q4 March 2014 over Q4 March 2013. IT Services earnings before interest and tax (EBIT) rose 51% to Rs 2610 crore in Q4 March 2014 over Q4 March 2013. IT Services operating margins improved 150 basis points (bps) sequentially to 24.5% in Q4 March 2014.
Wipro's consolidated net profit from continuing operations rose 27% to Rs 7800 crore on 16% growth in revenue from continuing operations to Rs 43760 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
Non-GAAP adjusted net profit from continuing operations rose 28% to Rs 7800 crore in FY 2014 over FY 2013.
IT Services revenue in rupee terms rose 18% to Rs 39950 crore in FY 2014 over FY 2013. IT Services EBIT rose 29% to Rs 9030 crore in FY 2014 over FY 2013. IT Services operating margins expanded 195 bps to 22.6% in FY 2014.
Commenting on the company's financial performance, Azim Premji, Chairman of Wipro said, The steady improvement in global economy, coupled with the exciting pace of technological advancements, presents us with opportunities to create innovative solutions to help our customers differentiate, compete and succeed in their respective markets.
T K Kurien, Executive Director & Chief Executive Officer of Wipro said, Our focus on process simplification, automation and platform-based delivery continues to deliver results and we are seeing the benefits through improved productivity, reduced timelines in execution and greater business agility. It is also gratifying to see that this focus has enabled improved win ratios and has also enhanced customer satisfaction.
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro said, We continue to systematically work on improving our operational efficiencies resulting in expansion of full year IT Services operating margins by 195 basis points.
Wipro has given a forecast of between 0.3% decline to a growth of 2.02% in revenue from IT Services business at between $1.715 billion to $1.755 billion in Q1 June 2014 over Q4 March 2014.
Biocon jumped 10.61% to Rs 502.85 after hitting a record high of Rs 513.65 in intraday trade.
LIC Housing Finance rose 1.61% after net profit rose 17.03% to Rs 370.02 crore on 19.43% increase in total income to Rs 2477.94 crore in Q4 March 2014 over Q4 March 2013. The company announced the results during trading hours today, 21 April 2014.
LIC Housing Finance's net profit rose 28.73% to Rs 1317.18 crore on 21.88% increase in total income to Rs 9334.66 crore in the year ended March 2014 over the year ended March 2013.
On a consolidated basis, the company's net profit rose 25.84% to Rs 1318.20 crore on 21% increase in total income to Rs 9,373.04 crore in the year ended March 2014 over the year ended March 2013.
In the foreign exchange market, the rupee edged lower against the dollar on the back of dollar demand from oil importers. The partially convertible rupee was hovering at 60.37, compared with its close of 60.29/30 on Thursday, 17 April 2014. The foreign exchange market was closed on Friday, 18 April 2014, on account of Good Friday.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
European stock markets were closed today, 21 April 2014, for a holiday.
Mainland Chinese markets led decline in Asian markets on Monday, 21 April 2014. Key benchmark indices in Japan, Indonesia, South Korea and Taiwan were off 0.03% to 0.25%. Singapore's Straits Times rose 0.03%. Markets in Hong Kong, Australia and New Zealand were closed for a holiday.
China's Shanghai Composite Index (SHCOMP) dropped 1.52%, its biggest decline since 10 March 2014, amid concern initial public offerings will draw funds away from existing equities.
Japan's trade deficit widened to 1.45 trillion yen ($14.1 billion) in March, from 802.5 billion yen the previous month, the Ministry of Finance said today, 21 April 2014.
Trading in US index futures indicated that the Dow could advance 17 points at the opening bell on Monday, 21 April 2014.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
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