The benchmark indices firmed up further in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 100.46 points or 0.21% at 47,806.26. The Nifty 50 index gained 45.20 points or 0.32% at 14,341.60.
ICICI Bank (up 2.24%), HDFC (up 1.47%) and HDFC Bank (up 0.77%) boosted the indices.
The broader market were trading with minor gains. The S&P BSE Mid-Cap index rose 0.15%. The S&P BSE Small-Cap index added 0.64%.
Buyers outnumbered sellers. On the BSE, 1,677 shares rose and 1,105 shares fell. A total of 176 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,082.33 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,323.01 crore in the Indian equity market on 20 April 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 14,38,63,870 with 30,58,640 deaths. India reported 22,91,428 active cases of COVID-19 infection and 1,84,657 deaths while 1,34,54,880 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The Maharashtra government on Wednesday imposed additional restrictions on travel within the state and the city, and a further reduction in attendance in government offices and such private offices that fall under the essential or exempted category. These curbs will kick in at 8 PM Thursday and be in force till 7 AM on 1 May 2021.
In its second-highest single-day jump thus far, Maharashtra reported 67,468 new coronavirus cases on Wednesday, taking its tally beyond the 40-lakh mark. Maharashtra also recorded an all-time high of 568 deaths. The toll rose to 61,911.
Finance Minister Nirmala Sitharaman has urged the industry to wait and watch for next few days to assess the situation amid the second wave of COVID-19 pandemic and assured them of full government support. She was addressing the FICCI National Executive Committee Members through virtual mode.
Economy:
With economic activities getting affected across the country due to curbs imposed by states amid surge in COVID-19 cases, Care Ratings has revised down its forecast for GDP growth to 10.2% in 2021-22 from earlier projection of 10.7-10.9%. This is the third revision by the rating agency in the last one month.
Domestic rating agency ICRA on Tuesday cut its 2021-22 growth estimate by 0.5% on the upper end, as a newer spate of lockdowns and restrictions get imposed in pockets to arrest the rising COVID-19 cases. The agency now expects the economy to grow 10-10.5% in 2021-22, against the 10-11% estimated earlier.
Gainers & Losers:
Wipro (up 4.20%), Tata Steel (up 4.17%), JSW Steel (up 4.13%), BPCL (up 2.78%) and ICICI Bank (up 2.24%) were major gainers in Nifty 50 index.
Titan Company (down 3%), Shree Cement (down 2.90%), Mahindra & Mahindra (M&M) (down 2.49%), Hindustan Unilever (HUL) (down 2.04%) and Tech Mahindra (down 1.66%) were major losers in Nifty 50 index.
Earning Impact:
Network18 Media & Investments surged 13.12% after the company's consolidated net profit surged 241.91% to Rs 205.80 crore on 3.40% decline in revenue from operations to Rs 1,414.70 crore in Q4 FY21 over Q4 FY20. Consolidated operating EBITDA jumped 24% to Rs 279 crore in Q4 FY21 as against Rs 225 crore in Q4 FY20. Operating EBITDA margin improved to 19.7% in Q4 FY21 as compared to 15.4% in Q4 FY20.
Stocks in Spotlight:
Cholamandalam Investment and Finance Company advanced 3.22% after its board said that it will consider issuing non‐convertible debentures (NCDs) in its meeting on 7 May 2021. The company's board will consider issuing non‐convertible debentures (secured debentures and unsecured debentures in the nature of subordinated debt and perpetual debt) in FY2021‐22. The board will also consider final dividend for the financial year ended 31 March 2021.
Sunteck Realty rallied 2.78% after the real estate company's total collections jumped 27.38% to Rs 321 crore in Q4 FY21 as against Rs 252 crore in Q3 FY21. Pre-sales rose 6.30% to Rs 371 crore in Q4 FY21 as compared to Rs 349 crore in Q3 FY21. The company said it witnessed strong pre-sales and highest-ever collections during the quarter. The company said that strong cash flows during the quarter resulted in further reduction of negligible debt. Its average cost of borrowing further reduced during the quarter.
Lupin fell 1.35%. The drug major has incorporated a wholly-owned subsidiary in the USA under the name, Lupin Oncology Inc. (LOI). Lupin Oncology Inc. (LOI) will be engaged in development/co-development and commercialization of multiple oncology products globally. LOI will be pursuing partners, financial sponsors and perform such other acts as may be necessary.
Global Markets:
European shares rose across the board while most Asian stocks advanced on Thursday following an overnight bounce on Wall Street. The European Central Bank is scheduled to deliver its latest monetary policy announcement today, although no major shifts are expected.
In US, Wall Street rebounded on Wednesday after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc's sell-off after its disappointing results a day earlier. Both the S&P 500 and Dow hit all-time highs.
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