Sensex, Nifty hover near record high levels

Equity indices traded near the record high level in morning trade. The Nifty was trading above the 15,700 mark. Barring financial stocks, buying interest was seen across the board. Sentiment was positive as fresh Covid cases continue to decline and vaccination pace picked up.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 87.17 points or 0.17% at 52,187.35. The Nifty 50 index was up 43.75 points or 0.28% at 15,714.

In broader market, the S&P BSE Mid-Cap index was up 0.8% while the S&P BSE Small-Cap index was up 1.12%.

The market breadth was strong. On the BSE, 2197 shares rose and 755 shares fell. A total of 142 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 173,206,254 with 3,726,396 global deaths.

India reported 14,01,609 active cases of COVID-19 infection and 349,186 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. India reported 1.14 lakh daily new cases in last 24 hours, lowest in 60 days. Declining trend sustained with less than two lakh daily cases since 10 successive days. Active Cases decreased by 77,449 in last 24 hours.

Economy:

Goods and services tax (GST) revenue for April, collected in May, remained above the Rs 1 lakh-crore-mark, even as the second wave of Covid-19 infections hurt economic activity. The GST collections for April were at Rs 1,02,709 crore, according to a statement from the Ministry of Finance on Saturday. That's 27% below the Rs 1.41 lakh crore collected in March.

Buzzing Index:

The Nifty Metal index added 0.86% to 5,384.95, extending its winning run to fourth consecutive trading session. The metal index has rallied % in four days.

Coal India (up 2.74%), Tata Steel (up 2.17%), Jindal Steel & Power (up 1.87%), Steel Authority of India (up 1.79%) and Hindustan Zinc (up 1.32%) were the top gainers. Among the other gainers were NALCO (up 1.24%), JSW Steel (up 0.8%), Hindalco Industries (up 0.72%) and Vedanta (up 0.28%).

Results Today:

Mrs Bectors Food Specialities (up 2.71%), Central Bank of India (up 10.56%), Jubilant Ingrevia (down 0.89%), MRF (up 1.55%), New India Assurance (up 0.06%) and Union Bank of India (up 0.99%) will announce their quarterly results today.

Earnings Impact:

InterGlobe Aviation was up 0.01%. On a consolidated basis, the airline company posted a net loss stood of Rs 1,147.16 crore in Q4 FY21, higher than net loss of Rs 870.81 crore in Q4 FY20. Revenue from operations dropped 25% to Rs 6,222.95 crore in Q4 FY21 over Q4 FY20. Pre-tax loss stood at Rs 1,157.51 crore in Q4 FY21 as against a pre-tax loss of Rs 1,289.77 crore in Q4 FY20. During the quarter, the airline company posted an EBITDAR (earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs) of Rs 648.30 crore with EBITDAR margin of 10.4% as compared to EBITDAR of Rs 86.70 crore with EBITDAR margin of 1% for the same period last year. Available seat-kilometer (ASK) declined 16.7% to 1,920 crore in Q4 March 2021 as against 2,300 crore in Q4 March 2020. Revenue passenger-kilometer (RPK) skid 29.4% to Rs 1,350 crore in Q4 March 2021 over Rs 1,910 crore in Q4 March 2020.

VA Tech Wabag gained jumped 4.39% after the company reported a 52.7% increase in consolidated net profit to Rs 46.53 crore on 27.3% jump in net sales to Rs 999.25 crore in Q4 FY21 over Q4 FY20. Profit before tax stood at Rs 54.53 crore in Q4 FY21, up 20.6% over Rs 45.23 crore in Q4 FY20. EBITDA grew by 2.2% to Rs 76.4 crore in Q4 FY21 from Rs 74.8 crore in Q4 FY20. EBITDA margin fell to 7.6% in Q4 FY21 from 9.5% in Q4 FY20.

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