At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 316 points or 0.65% at 49,260.19. The Nifty 50 index was up 86.95 points or 0.59% at 14,740.85.
In broader market, the S&P BSE Mid-Cap index was up 0.67% while the S&P BSE Small-Cap index was up 0.88%.
The market breadth was strong. On the BSE, 1789 shares rose and 723 shares fell. A total of 127 shares were unchanged.
Gains were capped investors are monitoring the progress on vaccination drive. Trading was also cautious ahead of the US Fed's monetary policy outcome on Wednesday.
Foreign portfolio investors (FPIs)'s outflow from domestic equities also worried investors. FPIs sold shares worth Rs 1,454.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,463.44 crore in the Indian equity market on 27 April, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 148,353,905 with 3,131,636 deaths.
India reported 29,78,709 active cases of COVID-19 infection and 201,187 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Assam Earthquake:
An earthquake of 6.4 magnitude on the Richter scale hit Assam on Wednesday. The National Centre for Seismology said that the epicentre of the quake was Sonitpur district. No casualty has been reported so far. The earthquake reportedly took place at 7.51 am at a depth of 17 km. Tremors were felt in the entire northeast region. Parts of West Bengal also felt the aftershock.
Buzzing Index:
The Nifty Metal index slipped 0.83% to 4,620.70, snapping its two day winning run. The index rose 4.79% in the past two days.
Jindal Steel & Power (down 1.73%), JSW Steel (down 1.7%), Hindustan Zinc (down 1.51%), Hindalco Industries (down 1.46%), National Aluminium Company (down 0.99%), Tata Steel (down 0.93%) and Vedanta (down 0.53%) were top losers in metal space.
Results Today:
Bajaj Finserv (up 1.63%), Biocon (down 1.44%), Bombay Dyeing (up 1.3%), Carborundum Universal (up 1.69%), KPIT Tech (up 0.66%), Maharashtra Scooter (up 2.32%), Mastek (down 0.56%), Tata Communications (down 0.42%) and UTI AMC (up 0.87%) will announce results today.
Earnings Impact:
Axis Bank fell 0.46%. The private lender reported net profit of Rs 2677 crore in Q4 FY21 compared with net loss of Rs 1387.78 crore in Q4 FY20. Total income during the quarter declined marginally by 0.03% to Rs 20,213.46 crore in Q4 FY21 over Q4 FY20. The bank posted a pre-tax profit of Rs 3569.67 crore in Q4 FY21 compared with pre-tax loss of Rs 1878.91 crore in Q4 FY20. The bank's operating profit for the quarter grew 17% YoY and 13% QoQ to Rs 6,865 crore. Net interest income (NII) increased by 11% YoY to Rs 7,555 crore in Q4 FY21. Net interest margin (NIM) for Q4FY21 was 3.56%, as against 3.55% for Q4FY20. Provisions (other than tax) and contingencies stood at Rs 3294.98 crore in Q4 FY21 compared to Rs 7730.02 crore in Q4 FY20.
Bajaj Finance gained 2.67%. The NBFC's consolidated net profit jumped 42% to Rs 1,347 crore on 5% decline in total income to Rs 6,855 crore in Q4 FY21 over Q4 FY20. New loans booked during Q4 FY21 stood at 5.47 million, down by 9% over 6.03 million in Q4 FY20. Customer franchise as of 31 March 2021 was at 48.57 million compared with 42.60 million as of 31 March 2020. Bajaj Finance acquired 2.26 million new customers in Q4 FY21 compared with 1.85 million in Q4 FY20. Net Interest Income (NII) for Q4 FY21 stood at Rs 4,659 crore as against Rs 4,684 crore in Q4 FY20. Interest income reversal for the quarter was at Rs 298 crore as compared to Rs 122 crore in Q4 FY20. Total operating expenses to net interest income for Q4 FY21 stood at 34.5% over 31% in Q4 FY20.
Britannia Industries fell 1.17% to Rs 3,498.45 after the company's net profit fell 3.3% to Rs 360.07 crore on 8.2% rise in net sales to Rs 3,038.13 crore in Q4 FY21 over Q4 FY20. The FMCG company reported a consolidated revenue growth of 13% Y-o-Y (year-on-year) for the year to Rs 12,883 crore. Consolidated operating profit jumped 39% to Rs 2,311 crore in FY21 over FY20. Consolidated operating profit margin recorded an increase of 340 bps in FY21 from FY20. The return on capital employed stood at 40% for the year.
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