Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 149.65 points or 0.31% at 48,536.16. The Nifty 50 index was up 184.10 points or 0.28% at 14,525.45. The Nifty regained the key 14,500 level in early trade.
Investors continue to monitor India's Covid situation as the country continues to battle a second wave that is pushing its health-care system to the brink. India reported a record number of Covid-19 cases for the fifth straight day on Monday while the official death toll also jumped. Official data showed there were 352,991 new reported cases over a 24-hour period as total infection numbers crossed 17 million.
The S&P BSE Mid-Cap index was up 0.53%. The S&P BSE Small-Cap index was up 0.77%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1417 shares rose and 518 shares fell. A total of 92 shares were unchanged.
Stocks in news:
Tech Mahindra rose 0.68%. The company's consolidated net profit fell 17.44% to Rs 1,081 crore on 0.9% rise in revenues to Rs 9,730 crore in Q4 FY21 over Q3 FY21. EBITDA grew 2.8% to Rs 1,948 crore in Q4 FY21 over Q3 FY21. EBITDA margin stood at 20% in Q4 FY21 as against 19.6% in Q3 FY21 and 14.2% in Q4 FY20.
The company through its wholly owned subsidiary viz., Tech Mahindra (Americas) Inc. approved the proposal to acquire 100% equity shares in Eventus Solutions Group, LLC, (Eventus) for up to $44 million.
Wipro rose 0.72%. Wipro announced the implementation of a digital experience platform for Bristol Water to modernize critical infrastructure. As part of this implementation, Wipro will develop a new cloud-based solution with capabilities such as instant release, high security, low maintenance, and ability to seamlessly integrate with Bristol Water's existing systems through bespoke Application Programming Interface (API) solutions.
Tata Motors rose 0.14%. Tata Motors said the company remains vigilant about the evolving COVID situation and has scaled up efforts to enhance the wellbeing of its personnel and their supporting ecosystem. The lockdown enforced in various parts of the country is expected to impact vehicle demand temporarily, the company said.
HDFC Life Insurance Company (HDFC Life) fell 0.09%. The company reported 2.38% rise in consolidated net profit to Rs 319.06 crore in Q4 FY21 from Rs 311.65 crore in Q4 FY20. Net premium income increased by 22.85% to Rs 12,869.55 crore in Q4 FY21 over Q4 FY20.
SBI Cards and Payment Services gained 1.17%. On a standalone basis, SBI Cards and Payment Services' net profit soared 109.95% to Rs 175.42 crore on 1.68% decline in total income to Rs 2,468.14 crore in Q4 FY21 over Q4 FY20.
Castrol India jumped 4.91% after the company reported 94.6% surge in net profit to Rs 243.60 crore on 65.5% increase in net sales to Rs 1138.70 crore in Q1 March 2021 as compared to Q1 March 2020.
Global Markets:
Asian stocks are trading lower on Tuesday as investors await the Bank of Japan's interest rate decision. That comes as multiple regions, including Tokyo and Osaka, were recently placed under a new state of emergency to curb the spread of coronavirus infections.
In US, the S&P 500 and Nasdaq closed at record highs on Monday, fueled by Tesla Inc and other heavyweight growth stocks ahead of a deluge of earnings reports this week.
Going ahead, the Federal Reserve, which meets on Tuesday and Wednesday, is expected to defend its policy of letting inflation run hot, while assuring markets it sees the pick-up in prices as only temporary. Chairman Jerome Powell will host a press conference Wednesday afternoon to discuss the Federal Open Market Committee's decision.
Back home, the benchmark indices ended with strong gains on Monday, tracking positive global cues. The S&P BSE Sensex, soared 508.06 points or 1.06% at 48,386.51. The Nifty 50 index gained 143.65 points or 1% at 14,485.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,111.89 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,022.57 crore in the Indian equity market on 26 April, provisional data showed.
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