Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 576.82 points or 1.2% at 48,455.27. The Nifty 50 index was up 182.50 points or 1.27% at 14,523.85. The Nifty regained the key 14,500 level in early trade.
The S&P BSE Mid-Cap index was up 0.44%. The S&P BSE Small-Cap index was up 0.93%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1614 shares rose and 491 shares fell. A total of 116 shares were unchanged.
Investors continue to watch the Covid situation in India. The Covid situation in India remains severe as the country continues to battle a startling rise in new coronavirus infections. On Sunday, nearly 350,000 new daily infections were registered.
The Biden administration has said it will immediately make raw materials needed for India's coronavirus vaccine production available. The U.S. response comes after Britain, France and Germany also pledged aid to India over the weekend.
Stocks in news:
ICICI Bank advanced 4.82%. The bank reported net profit of Rs 4,403 crore in Q4-2021, up 260.61% compared with net profit of Rs 1,221 crore in Q4-2020. Total income during the quarter increased by 2.2% year-on-year (YoY) to Rs 23,953.02 crore.
Provisions (excluding provision for tax) were Rs 2,883 crore in Q4-2021 compared to Rs 5,967 crore in Q4-2020. Provision coverage ratio was 77.7% at 31 March 2021.
HCL Technologies fell 1.38%. HCL Technologies reported 25.6% drop in consolidated net profit to Rs 2,962 crore on 1.8% rise in revenues to Rs 19,642 crore in Q4 FY21 over Q3 FY21. The IT firm's consolidated net profit declined 6.1% while revenues jumped 5.7% in Q4 FY21 over Q4 FY20.
With respect to FY22 guidance, the company expects revenue to grow in double digits in constant currency for FY'22. It expects EBIT margin to be between 19% and 21% for FY'22.
ONGC gained 2.29%. ONGC said the company's board has appointed Subhash Kumar, director (finance), as chief executive officer (CEO) of the company.
Mahindra & Mahindra Financial Services (M&M Finance) dropped 8.16%. The company reported 8.4% decline in consolidated net profit to Rs 218.84 crore on 3% fall in total income to Rs 3038.37 crore in Q4 March 2021 over Q4 March 2020.
Indiabulls Real Estate rose 3.78%. The company posted a consolidated net profit of Rs 94.42 crore in Q4 March 2021 as against net loss of Rs 109.79 crore in Q4 March 2020.Net sales for Q4 March 2021 zoomed 529% year-on-year to Rs 731.73 crore.
Ramco Systems fell 0.58%. Ramco Systems announced that it has established a wholly-owned subsidiary in Japan to carry on the business operations in the region.
Global Markets:
Asian stocks are trading mixed on Monday as signs the world economic recovery was well on track bolstered risk appetite.
U.S. stocks rebounded on Friday as Wall Street reassessed concerns arising from news that the White House could seek a hike to the capital gains tax. Stocks were supported by data indicating an acceleration in economic activity and even faster growth in new home sales, as investors largely brushed off Thursday's reports that President Joe Biden would propose a large increase on the capital-gains tax for the wealthiest Americans.
In U.S. economic data, the IHS Markit purchasing managers index for the manufacturing sector rose to a record 60.5 in April from 59.1 a month earlier, while the services sector PMI jumped to 63.1 from 60.4. A reading of more than 50 indicates an expansion in activity.
New home sales rose to a seasonally-adjusted annual rate of 1.021 million in March, the U.S. Census Bureau reported the fastest pace since 2006. Month-over-month, sales rose 20.7%. Also, the Census Bureau revised the sales figure for February up to a rate of 846,000, from the originally reported rate of 775,000.
Back home, the benchmark indices ended a volatile session with modest losses on Friday. Selling was triggered by concerns that the spike in COVID-19 cases in the country could derail the economic recovery. The S&P BSE Sensex, declined 202.22 points or 0.42% at 47,878.45. The Nifty 50 index declined 64.80 points or 0.45% at 14,341.35.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,360.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,695.59 crore in the Indian equity market on 23 April, provisional data showed.
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