Indices trades with modest gains; Nifty above 14,550

Indices traded with modest gains in morning trade. At 10:35 IST, the barometer index, the S&P BSE Sensex, was up 261.84 points or 0.54% at 48,515.33. The Nifty 50 index was up 72.85 points or 0.5% at 14,568.35.

In broader market, the S&P BSE Mid-Cap index was up 0.51% while the S&P BSE Small-Cap index was up 0.65%.

The market breadth was strong. On the BSE, 1693 shares rose and 833 shares fell. A total of 122 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 153,977,028 with 3,223,800 global deaths.

India reported 34,87,229 active cases of COVID-19 infection and 226,188 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India reported 3,82,315 new cases and 3,780 deaths.

RBI Governor Speech:

Reserve Bank of India (RBI) Governor Shaktikanta Das in his address to the media said that wide-ranging and swift actions are needed against the spread of the second COVID-19 wave. Central bank is monitoring emerging developments. Das said the global economic outlook is highly uncertain and clouded with downside risks. Financial markets regained ground on COVID vaccine optimism.

The RBI will continue to monitor the emerging situation and deploy all instruments at its command, Das said. Disruption in manufacturing units so far is minimal. Consumption demand is holding up, he added.

Buzzing Index:

The Nifty PSU Bank index added 1.29% to 2,140.50, extending its winning run to second trading session. The index has added nearly 5% in two days.

Union Bank of India (up 2.95%), Canara Bank (up 2.48%), Bank of India (up 2.12%), J&K Bank (up 2.06%), Bank of Baroda (up 2.06%), Bank of Maharashtra (up 2.06%), Indian Bank (up 1.4%) and UCO Bank (up 1.32%) were top gainers in PSU Bank space.

Results Today:

Tata Steel (up 1.36%), Adani Enterprises (up 0.39%), Adani Green Energy (up 1.59%), Angel Broking (up 0.07%), Blue Dart (up 2.57%), Ceat (up 0.8%), Deepak Nitrite (down 0.32%), Gillette India (down 0.18%), JM Financial (up 1.67%) and SRF (up 1.16%) are among companies that will announce their March quarter results today.

Earnings Impact:

Adani Ports & Special Economic Zone (APSEZ) fell 4.12%. On a consolidated basis, the company posted 285% jump in net profit to Rs 1287.80 crore on 21.1% rise in total income to Rs 4072.42 crore in Q4 FY21 over Q4 FY20. Profit before tax soared by 500% to Rs 1539 crore in Q4 FY21 as against Rs 256.73 crore in Q4 FY20. The company's operating revenue grew 24% year on year to Rs 3,608 crore in Q4 FY21. EBITDA (excluding forex gain of Rs 24 crore in Q4 FY21 versus forex loss of Rs 1,004 crore in Q4 FY20) jumped 39% year on year to Rs 2287 crore in Q4 FY21.

Procter & Gamble Hygiene & Health Care (PGHH) posted a 7.9% rise in net profit to Rs 98.33 crore on 15.8% jump in net sales to Rs 759.66 crore for Q3 March 2021 over Q3 March 2020. The FMCG company's profit before tax (PBT) grew 3.5% to Rs 129.23 crore in Q3 March 2021 over Q3 March 2020. The growth in revenues was backed by the strength of trusted product portfolio and strong retail execution. Both the feminine care and healthcare business delivered strong double-digit sales growth in the quarter.

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