Benchmarks pare losses; broader market trades firm

Equity indices sharply pared losses and traded near the flat line in morning trade. The Nifty reclaimed 14,400 mark. Banks and metal stocks were in demand while FMCG stocks declined. Gains were capped amid concerns that climbing new COVID-19 cases in the country could derail the economic recovery.

At 10:32 IST, the barometer index, the S&P BSE Sensex, was up 14.91 points or 0.03% at 48,095.73. The Nifty 50 index gained 12.95 points or 0.09% at 14,419.30.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index rallied 0.84% while the S&P BSE Small-Cap index was up 1.25%.

 

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1731 shares rose and 742 shares fell. A total of 142 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 144,408,954 with 3,069,570 deaths.

India reported 24,28,616 active cases of COVID-19 infection and 186,920 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Media index surged 1.37% to 1,527, rising for third trading session. The index has added 6.3% in three days.

TV18 Broadcast (up 6.23%), PVR (up 3.31%), Dish TV (up 1.6%), Network18 Media (up 1.39%), Inox Leisure (up 0.9%) and TV Today Network (up 0.74%) were top gainers in media space.

Results Today:

HCL Tech (up 0.72%), GNA Axles (up 1.46%), M&M Financial Services (up 0.86%), Wendt (up 0.96%) and Aditya Birla Money (up 2.57%) are some of the companies that will announce their quarterly results today.

Earnings Impact:

Tata Elxsi jumped 7.53% to Rs 3275.75 after the company's net profit increased by 9.5% to Rs 115.2 crore on a 8.7% rise in net sales to Rs 518.40 crore in Q4 FY21 over Q3 FY21. The company's net profit has risen by 40.3% while its net sales have increased by 18.1% as compared to Q4 FY20. EBITDA margin was at 32.4% as on 31 March 2021 as compared to 30.1% as on 31 December 2020. "The growth was led by America and India with both reporting 21.1% QoQ growth while Europe grew by 1.6% QoQ, the Tata Group company said in a statement.

The company's board has recommended a final dividend of Rs 24 per share for FY21 and a one-time special dividend of Rs 24 per share.

Rallis India rose 0.57%. The company posted a consolidated net profit of Rs 8.12 crore in Q4 March 2021. Net sales surged 36.1% to Rs 471.26 crore in Q4 FY21 over Q4 FY20. Meanwhile, the board has recommended a dividend of Rs 3 per share for the financial year 2020-21.

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