At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 754.35 points or 2.41% at 32,086.61. The Nifty 50 index was up 215.70 points or 2.36% at 9,370.10.
In the broader market, the S&P BSE Mid-Cap index was up 1.53%. The S&P BSE Small-Cap index was up 1.24%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1213 shares rose and 589 shares fell. A total of 122 shares were unchanged. In Nifty 50 index, 48 stocks advanced and 2 stocks declined.
Economy:
The Reserve Bank of India (RBI) stated that to mitigate the economic impact of COVID-19 and preserve financial stability, it has decided to open a special liquidity facility for mutual funds (SLF-MF) of Rs 50,000 crore. RBI said it will conduct repo operations of 90 days tenor at the fixed repo rate. SLF-MF is on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday (excluding holidays). The scheme is available from 27 April to 11 May 2020 or up to utilization of the allocated amount, whichever is earlier. RBI will review the timeline and amount, depending upon market conditions.
Buzzing Index:
The Nifty Auto index gained 2.27% to 5,499.10. It outperformed other sectoral indices on NSE.
Eicher Motors (up 3.28%), Maruti Suzuki India (up 2.86%), Mahindra & Mahindra (up 2.65%), Bajaj Auto (up 2.44%), Hero MotoCorp (up 1.63%), Escorts (up 1.26%) and Ashok Leyland (up 0.67%) advanced.
Q4 Results Today:
IndusInd Bank (up 1.98%), Ambuja Cement (up 1.52%), HDFC Life (up 4.6%), Adani Power (up 1.47%), and Sasken Technologies (up 2.01%) will announce their Q4 March 2020 results today, 27 April 2020.
Earnings Impact:
Mindtree jumped 7.9% to Rs 842.40 after the company announced decent Q4 numbers after trading hours on Friday, 24 April 2020. On a consolidated basis, Mindtree's net profit rose 4.7% to Rs 206.2 crore on a 4.3% increase in revenue to Rs 2050.5 crore in Q4 March 2020 over Q3 December 2019. Consolidated EBITDA for Q4 March 2020 stood at Rs 351.20 crore, rising 14.7% compared with Rs 3,063 reported in Q3 December 2019. EBITDA margin rose to 17.1% in Q4 March 2020 from 15.6% reported in Q3 December 2019. The board of directors have recommended a final dividend of Rs 10 per share for the financial year ended 31 March 2020.
ICICI Prudential Life Insurance Company surged 7.36% at Rs 361.25 after the company's net premium earned rose 4.16% to Rs 10,475.12 crore in Q4 March 2020 from Rs 10,056.32 crore in Q4 March 2019. Consolidated net profit, however, fell 31.52% to Rs 178.73 crore in Q4 March 2020 as against Rs 261.02 crore in Q4 March 2019. Consolidated net profit fell 6.32% to Rs 1066.98 crore in the year ended March 2020 (FY20) as against Rs 1138.93 crore in the year ended March 2019 (FY19). Profit before Tax (PBT) declined 8.12% to Rs 1066.98 crore in FY20 over FY19. Net premium earned rose 7.52% to Rs 32,878.95 crore in FY20 from Rs 30,578.29 crore in FY19.
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