Nifty hits record high; broader market trades firm

The key equity indices were trading with decent gains in morning trade. The Nifty hit a fresh record high of 15,792.95. Barring Nifty Auto index, all sectoral indices on the NSE traded in the green. Sentiment was positive as fresh Covid cases in India continued to decline and vaccination pace picked up.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 106.21 points or 0.2% at 52,381.52. The Nifty 50 index gained 38.30 points or 0.24% at 15,778.85.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.71% while the S&P BSE Small-Cap index surged 0.98%.

The market breadth was strong. On the BSE, 2077 shares rose and 789 shares fell. A total of 127 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 17,38,98,354 with 37,44,998 global deaths.

India reported 12,31,415 active cases of COVID-19 infection and 353,528 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Results Today:

Bata India (down 0.03%), GAIL (India) (down 0.33%) and TeamLease Services (up 1.23%) will announce their quarterly results today.

Buzzing Index:

The Nifty Realty index gained 1.35% to 360.60. The index rallied 2.2% in two trading days.

Indiabulls Real Estate (up 4.41%), Hemisphere Properties (up 3.15%), Godrej Properties (up 1.69%), Brigade Enterprises (up 1.38%), Sobha (up 1.32%) and Sunteck Realty (up 1.29%) were top gainers in realty segment.

Earnings Impact:

Galaxy Surfactants gained 1.52% to Rs 3,106.3 after the company posted a 25.3% rise in consolidated net profit to Rs 78.68 crore on 19.3% rise in net sales to Rs 783.52 crore in Q4 FY21 over Q4 FY20. The company said its total volume grew by 8.4% year on year to 63,007 MT in Q4 FY21 from 58,130 MT in Q4 FY20. Total revenue (including other income) stood at Rs 786.1 crore in Q4 FY21, 19.7% YoY growth on account of better sales volumes in both performance surfactants and specialty care business and better sales mix. Profit before tax increased 14% to Rs 93.02 crore in Q4 FY21 over Q4 FY20. EBITDA stood at Rs 120 crore in Q4 FY21, registering a 16.9% YoY growth driven by increasing share of specialty, better product mix due to new products and higher capacity utilization. EBITDA margin fell to 15.3% in Q4 FY21 from 15.6% in Q4 FY20.

Engineers India fell 2.90% to Rs 85.30 after the PSU company reported 79.2% decline in consolidated net profit to Rs 24.93 crore in Q4 FY21 as against Rs 119.69 crore in Q4 FY20. Net sales during the quarter increased by 30.9% year-on-year (YoY) to Rs 1,131.90 crore. Among segments, revenue from Consultancy & Engineering Projects segment was at Rs 419.87 crore (up 1.9% YoY) and revenue from Turnkey Projects segment was at Rs 712.02 crore (up 57.5% YoY) in the fourth quarter. Total expense rose by 27.9% to Rs 970.39 crore in Q4 FY21 over Q4 FY20, due to higher cost of technical assistance/ sub-contracts, higher raw material costs and higher finance costs.

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