Market Wrap Podcast, April 26: All that happened in the markets today

Domestic benchmark indices rose on Monday, tracking gains in ICICI Bank, Reliance Industries, Axis Bank and SBI, amid positive trends in global markets and hopes that surging coronavirus cases could peak soon and mitigate the pandemic's economic impact.

Total Covid-19 cases in India surged over 3,50,000 on Sunday, a record jump in infections. However, analysts believe the current virus wave will not have an impact on the stock market similar to that of the first, lending some confidence to investors. Besides, the pick-up in pace of vaccination also aided the sentiment.

Amid this backdrop, BSE barometer Sensex settled the day at 48,387, up 508 points. The index had gained as much as 790 points in the intra-day today. Meanwhile, NSE's Nifty50 index added 144 points to close at 14,485. 

Axis Bank emerged the best Sensex performer, up 4.40 per cent, ahead of its March quarter results on Tuesday wherein the analysts expect the private sector lender to move back in the black after reporting a net loss in the same quarter last year.

It was followed by ICICI Bank, Ultratech Cement, SBI and HUL. On the flip side, HCL Tech, HDFC Bank, Sun Pharma and Maruti Suzuki were the top losers, down up to 3%.

Sectorally, barring the Nifty Pharma which lost 0.87%, all indices closed with gains. Nifty Realty was the top performer, up 3.40% followed by Nifty Metals and Nifty Bank which gained nearly 2% each.

Broader market indices gained in tandem with the benchmark. Nifty Midcap100 index added 0.78% and Nifty Smallcap index 1.13%.

On the stock-specific front, shares of Vedanta jumped 3.84% on the BSE amid a report by PTI that Tamil Nadu chief minister K Palaniswami has allowed the company to operate its Tuticorin plant to produce oxygen amid sharp surge in Covid-19 cases in the country.

That apart, Mphasis stock climbed 1.62% after private equity player Blackstone made an open offer to acquire an additional 26% stake in the firm. Funds managed by Blackstone have teamed up with long-term investors including Abu Dhabi Investment Authority and UC Investments to take a majority stake in Mphasis.

Natco Pharma's scrip, meanwhile, gained 4.23% after the firm sought Central Drugs Standard Control Organization's approval of Phase-III clinical trial of Molnupiravir Capsules for the treatment of Covid-19 patients.

Lastly, shares of ICICI Bank jumped 3.63% after Street hailed the March quarter results of the private lender as negligible debt restructuring, healthy operational performance, and stable growth outlook kept investor confidence intact.

Although shares of HCL Tech dipped 2.87% as the Noida-based IT company missed estimates on all fronts. Despite that, brokerages remained bullish on the stock given inexpensive valuations and the possibility of strong revenue growth in FY22.

On the earnings front, Tech Mahindra today reported a 34.51 per cent YoY rise in consolidated net profit at Rs 1,081.4 crore for the March quarter of FY21 as against Rs 803.9 crore posted in the corresponding quarter last year. The March quarter revenue stood at Rs 9,729.9 crore, up 2.5 per cent YoY.

Tech Mahindra missed brokerages' profit expectations, although it met projections on the revenue front. Ahead of the results, the company's stock closed 1.3% higher at Rs 963 on the BSE

Lastly, an update on the global market front.

World markets began the week in a relatively upbeat mood. The broader Euro STOXX 600 gained 0.23% while Germany's DAX rose 0.22%. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan reached its highest since March 18, despite a late sell-off in Chinese shares.

Wall Street futures, however, pointed to a slightly weaker open.

Meanwhile, in the oil markets, prices fell almost $1 on fears that surging Covid-19 cases in India will dent fuel demand in the world's third-biggest oil importer.

Brent crude was last seen 89 cents lower at $65.22 a barrel.