The benchmark indices were trading with modest gains in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 120.49 points or 0.25% at 48,003.87. The Nifty 50 index gained 32.10 points or 0.22% at 14,342.90.
ICICI Bank (up 2.17%), HDFC (up 1.45%) and HDFC Bank (up 0.91%) boosted the indices.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.37%. The S&P BSE Small-Cap index gained 0.44%.
Buyers outpaced sellers. On the BSE, 1,672 shares rose and 1,051 shares fell. A total of 176 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,746.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 232.76 crore in the Indian equity market on 12 April 2021, provisional data showed.
Monsoon Update:
Private forecaster Skymet Weather has predicted Monsoon rains at 103% of the Long Period Average rains for India, ranging between "normal and above normal", with a model error of 5%. This is the third year in succession that India may see "above normal" rains during the season. The last time it happened was in 1996, 1997, and 1998, Skymet said.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 13,66,76,442 with 29,46,124 deaths.
A total of 1,61,736 new Covid-19 cases have been reported on Tuesday, pushing India's tally of cases to 1,36,89,453, according to data updated by the Health Ministry. With 879 fatalities in the last 24 hours, the death toll increased to 1,71,058. The number of active cases continued to increase for the 34th day in a row to touch 12,64,698 and account for 9.24 per cent of the total infections.
Economy:
The Index of Industrial Production (IIP) showed industrial output in India once again shrink in February, going down by 3.6%. IIP had contracted by an updated 0.9% in January after rising by 1.6% in December.
The all-India general CPI inflation rose to 5.52% in March 2021 (new base 2012=100), compared with 5.03% in February 2021. The corresponding provisional inflation rate for rural area was 4.61% and urban area 6.52% in March 2021 as against 4.19% and 5.96% in February 2021.
Gainers & Losers:
Mahindra & Mahindra (M&M) (up 6.04%), Bajaj Finserv (up 4.47%), Maruti Suzuki India (up 3.98%), ONGC (up 3.82%) and Bajaj Finance (up 3.30%) were major gainers in Nifty 50 index.
Tech Mahindra (down 5.08%), Tata Consultancy Services (TCS) (down 5.01%), Adani Ports & Special Economic Zone (APSEZ) (down 4.42%), Wipro (down 4.08%) and Dr Reddy's Laboratories (down 3.52%) were major losers in Nifty 50 index.
TCS tanked 5.01%. The IT major reported a 6.3% growth in consolidated net profit to Rs 9,246 crore in Q4 March 2021 over Q3 December 2020. Consolidated revenue grew by 4% to Rs 43,705 crore in Q4 March 2021 over Q3 December 2020. On a year-on-year (YoY) basis, TCS' net profit rose 14.87% and revenues rose 9.41% in Q4 March 2021. In constant currency terms, the company's revenues grew 4.2% on a quarter-on-quarter (QoQ) basis and 5.9% on a YoY basis during the March quarter. The IT major's operating margin expanded 0.2% QoQ and 1.7% YoY to 26.8% in Q4 March 2021. TCS' order book at $9.2 billion in Q4 March 2021, was the highest ever total contract value (TCV) in a quarter, taking the total yearly order book at $31.6 billion, a 17.1% growth compared to previous financial year.
All verticals showed good sequential growth, but a couple continue to lag prior year level - BFSI (+7% QoQ, +13.3% YoY), Retail and CPG (+4% QoQ, -0.9% YoY), Life Sciences and Healthcare (+3.8% QoQ, +19.3% YoY), Manufacturing (+3.9% QoQ, +1.3% YoY), Technology & Services (+2.8% QoQ, +3.9% YoY) and Communications & Media (+1.8% QoQ, -4% YoY). The company's board has proposed a final dividend of Rs 15 per share.
Stocks in Spotlight:
Indian Overseas Bank jumped 4.97% after the PSU bank said its board on 12 April 2021 approved issuing equity shares by the bank on preferential basis to the Government of India for the capital infusion of Rs 4,100 crore received during FY 2020-21. The bank will convene extraordinary general meeting (EGM) of shareholders on 12 May 2021. At the EGM, the bank will shareholders' approval to issue 246.54 crore equity shares at Rs 16.63 each to the Government of India on preferential basis.
Inox Leisure fell 1.25%. The multiplex chain operator has commenced the commercial operations of a multiplex cinema theatre taken on lease basis in Bangalore from Tuesday, 13 April 2021.
Larsen & Toubro rose 1.57% after the renewables arm of Larsen & Toubro's power transmission & distribution business has secured the go-ahead to begin constructing the 300 MW Jeddah Solar PV power plant. The turnkey EPC order has been received from the consortium of Masdar, EDF Renewables and Nesma Company. The project was awarded by Saudi Arabia's Renewable Energy Project Development Office (REPDO) to the consortium under design, finance, build and operate mode. The project has now attained financial closure after the signing of the power purchase agreement and thereby the notice to Larsen & Toubro to proceed with the construction.
Global Markets:
Most shares in Europe and Asia advanced on Tuesday, following a muted finish overnight on the Wall Street.
China's exports in dollar terms rose by 30.6% in March from one year earlier while imports jumped 38.1% compared to the same time last year.
US stocks settled near their record levels on Monday as dull trading resumed before the release of widely-watched inflation data and the start of first-quarter corporate earnings.
Fed Chairman Jerome Powell on Sunday reiterated that the Fed wants to see inflation rise above its 2% for an extended period before officials move to raise interest rates. He added that amid an accelerated COVID-19 vaccine rollout and strong fiscal support, the U.S. economy appears to be at a turning point.
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