A bout of volatility was witnessed in morning trade as key benchmark indices trimmed initial gains in morning trade. The market breadth indicating the overall health of the market was quite strong, with more than two gainers for every loser on BSE. The barometer index, the S&P BSE Sensex, was currently up 80.13 points or 0.29% at 27,756.17.
Wipro edged lower after the company reported a muted 2% year-on-year growth in bottom line in Q4 March 2015 and issued a tepid revenue guidance for Q1 June 2015. Many other IT stocks fell after Wipro's tepid revenue guidance for Q1 June 2015. Realty shares were in demand.
Foreign portfolio investors bought shares worth a net Rs 17488.73 crore yesterday, 21 April 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1364.83 crore on yesterday, 21 April 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian shares were mostly higher after Japan reported its first trade surplus in three years, adding optimism to regional sentiment despite mixed cues on Wall Street. US stocks closed mixed yesterday, 21 April 2015, as the Nasdaq jumped back above 5000 but the Dow was dragged lower by mixed earnings news.
At 10:16 IST, the S&P BSE Sensex was up 80.13 points or 0.29% at 27,756.17. The index jumped 151.62 points at the day's high of 27,827.66 in early trade. The index gained 26.73 points at the day's low of 27,702.77 at the onset of trading session.
The CNX Nifty was up 16.60 points or 0.20% at 8,394.35. The index hit a high of 8,423.20 in intraday trade. The index hit a low of 8,380.65 in intraday trade.
The BSE Mid-Cap index was up 31.94 points or 0.30% at 10,538.65. The BSE Small-Cap index was up 65 points or 0.57% at 11,397.89. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong, with more than two gainers for every loser on BSE. 1,280 shares rose and 624 shares fell. A total of 74 shares were unchanged.
Sun Pharmaceutical Industries rose 1.71% to Rs 967.90. With respect to news item titled "Daichi Sankyo to exit Company & Promoter Dilip Sanghvi may buy partial stake for 22500 crs," Sun Pharmaceutical Industries clarified during trading hours today, 22 April 2015, that promoter Dilip Shanghvi has neither purchased nor agreed to purchase any shares of the company in the said transaction. Shares of Sun Pharmaceutical Industries had slumped 8.86% yesterday, 21 April 2015, after Japan's Daiichi Sankyo announced that it has completed the sale of its entire stake in the Indian company. Daiichi Sankyo sold its entire holding of 21.49 crore shares of Sun Pharma. Earlier, Daiichi had received shares of Sun Pharma in March this year following the merger of Ranbaxy Laboratories with Sun Pharma.
IT stocks tumbled. HCL Technologies (down 1.53%), Hexaware Technologies (down 1.08%), Infosys (down 1.04%), Tech Mahindra (down 1.02%), Oracle Financial Services Software (down 0.58%), TCS (down 0.53%), MphasiS (down 0.42%) and CMC (down 0.41%), edged lower. MindTree was up 1.11%
Wipro edged lower after the company reported a muted 2% year-on-year growth in bottom line in Q4 March 2015 and issued a tepid revenue guidance for Q1 June 2015. The stock was off 3.51% at Rs 558.50. The stock hit a high of Rs 563 and a low of Rs 552.65 so far during the day. On a consolidated basis, the company's net profit rose 2% to Rs 2270 crore on 4% growth in total revenue to Rs 12140 crore in Q4 March 2015 over Q4 March 2014. The result hit the market after market hours yesterday, 21 April 2015. The results are as per International Financial Reporting Standards (IFRS).
Wipro's IT Services segment revenue in rupee terms rose 6% to Rs 11240 crore in Q4 March 2015 over Q4 March 2014. IT Services revenue rose 3.2% to $1.774 billion in Q4 March 2015 over Q4 March 2014. Non-GAAP constant currency IT Services revenue in dollar terms rose 1.2% to $1.817 billion, within the company's earlier guidance range of $1.814 billion to $1.850 billion. Wipro expects its revenue from IT services business at between $1.765 billion to $1.793 billion in Q1 June 2015.
Meanwhile, Wipro yesterday, 21 April 2015 announced the appointment of Rishad Premji to its board of directors effective 1 May 2015. Rishad Premji joined Wipro in 2007 and has played a critical role in defining the company's strategy and driving its mergers and acquisitions function, Wipro said in a statement. Rishad will continue to run strategy and mergers & acquisitions in addition to his new responsibilities overseeing the Technology Office, Investor and Government Relations, and Wipro Ventures, the company said in a statement.
Persistent Systems was up 0.76% at Rs 719. The stock hit a high of Rs 744 and a low of Rs 714.10 so far during the day. On a consolidated basis, the company's net profit rose 13.17% to Rs 76.05 crore on 13.49% rise in total income to Rs 515.78 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 21 April 2015.
Realty shares were in demand. Housing Development and Infrastructure (HDIL) (up 3.42%), D B Realty (up 3.36%), Indiabulls Real Estate (up 3.19%), Unitech (up 2.74%), Anant Raj (up 0.98%), Parsvnath Developers (up 0.87%), Sobha (up 0.70%), Peninsula Land (up 0.52%), DLF (up 0.47%), Sunteck Realty (up 0.17%), Oberoi Realty (up 0.14%), Prestige Estates (up 0.08%) and Godrej Properties (up 0.02%), edged higher. Phoenix Mills was down 0.01%.
Finance minister Arun Jaitley will reportedly meet his state counterparts today, 22 April 2015, to discuss the roadmap for rolling out GST from April 2016. The government plans to get the Constitutional Amendment Bill on GST passed during the ongoing session of Parliament. The government had tabled the Constitution Amendment Bill for GST in the Lok Sabha during the winter session of parliament.
GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
Meanwhile, global markets are closely monitoring developments with regard to Greece. Greece needs to agree on a range of economic overhauls with the lenders in order to receive the next much-needed tranche of bailout and avoid running out of cash. Eurozone finance ministers are scheduled to hold a meeting on Friday, 24 April 2015, to discuss the state of negotiations between Greece and its international creditors.
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