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Sensex, Nifty trade firm; Bajaj twins rally

Capital Market 

The equity barometers firmed up further in the afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 257.81 points or 0.52% at 49,991.65. The Nifty 50 index gained 69.85 points or 0.47% at 14,934.40.

Trading was volatile as traders roll over positions in F&O segment from the near month April series to May series. The April 2021 F&O contracts will expire today.

Reliance Industries (up 1.42%), Bajaj Finance (up 4.45%) and Bajaj Finserv (up 5.73%) boosted the indices.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.07%. The S&P BSE Small-Cap index added 0.33%.

Sellers outnumbered buyers. On the BSE, 1,365 shares rose and 1,446 shares fell. A total of 181 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 766.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 436.20 crore in the Indian equity market on 28 April 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 14,96,38,312 with 31,51,142 deaths. India reported 30,84,814 active cases of COVID-19 infection and 2,04,832 deaths while 1,50,86,878 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

On Wednesday, 14 states and UTs recorded their highest single-day case count on Wednesday, with India reporting nearly 3.8 lakh cases in last 24 hours and over 3,000 deaths.

Politics:

The eighth and final phase of voting in Bengal is underway today. All eyes will be glued to the exit polls for four states and one Union Territory. As per the Election Commission, exit polls for West Bengal, Assam, Tamil Nadu, Kerala and Puducherry can be published at 7.30 pm today (29 April, Thursday) an hour after polls close. Votes will be counted on 2 May 2021.

Gainers & Losers:

JSW Steel (up 6.62%), Tata Steel (up 5.31%), Bajaj Finserv (up 5.07%), Bajaj Finance (up 3.78%) and Hindalco Industries (up 1.77%) were major gainers in Nifty 50 index.

Hero MotoCorp (down 1.72%), Eicher Motors (down 1.66%), Mahindra & Mahindra (M&M) (down 1.21%), Larsen & Toubro (L&T) (down 1.13%) and Tata Consumer Products (down 0.89%) were major losers in Nifty 50 index.

Nifty Results Today:

Bajaj Auto (up 0.12%), Hindustan Unilever (HUL) (down 0.23%) and Titan Company (down 0.01%) will announce quarterly results today.

Stocks in Spotlight:

SIS rose 0.85%. The company's consolidated net profit stood at Rs 102.23 crore in Q4 FY21 as against net loss of Rs 3.91 crore in Q4 FY20. On a consolidated basis, net sales jumped 10.7% to Rs 2,445.21 crore in Q4 FY21 over Q4 FY20. EBITDA dropped 10.9% to Rs 123.30 crore in Q4 FY21 from Rs 138.50 crore in Q4 FY20. EBITDA margin stood at 5% in Q4 FY21 as against 6.3% in Q4 FY20. Meanwhile, the company generated the highest ever cash flows with total operating cash flow generation of Rs 640 crore with cash conversion at OCF/ EBITDA of 123% for FY21 and 89% for Q4 FY21. This has been on the back of strong collections, lower working capital needs and stable business.

UTI Asset Management Company (UTI AMC) advanced 2.78% after the company reported a consolidated net profit of Rs 133.92 crore in Q4 FY21 compared with net loss of Rs 25.48 crore in Q4 FY20. Total income during the quarter increased 100.7% to Rs 292.98 crore from Rs 145.98 crore recorded in the corresponding quarter last year. Operating expenses declined by 12% to Rs 141 crore in Q4 FY21 over Q4 FY20. The asset manager reported a pre-tax profit of Rs 151.62 crore in Q4 March 2021 as against a pre-tax loss of Rs 14.97 crore in Q4 March 2020. UTI MF March 2021 Quarterly Average Assets Under Management (QAAUM) stood at Rs 1,82,853 crore. For the quarter ended 31 March 2021, equity assets (active + passive) contributed 51% to UTI MF's total average AUM.

GHCL gained 0.89%. The company's consolidated net profit jumped 31% to Rs 111.14 crore on 10.2% rise in net sales to Rs 826.33 crore in Q4 FY21 over Q4 FY20. On a standalone basis, net profit for the quarter stood at Rs 104 crore as against Rs 80 crore in the corresponding quarter last fiscal. Revenue for quarter stood at Rs 821 crore compared with Rs 734 crore in the corresponding quarter last year. EBITDA for the quarter stood at Rs 195 crore as against Rs 161 crore in the corresponding quarter last year.

Sundaram-Clayton fell 0.72%. The firm reported a consolidated net profit of Rs 167.16 crore in Q4 FY21, steeply higher than net profit of Rs 9.21 crore in Q4 FY20. Net sales increased by 48.3% year-on-year (Y-o-Y) to Rs 6,439.57 crore during the quarter. Profit before tax was at Rs 446.71 crore in Q4 March 2021, up 442.10% compared with Rs 82.40 crore in Q4 March 2020.

Global Markets:

Shares in Europe and Asia advanced on Thursday, 29 April 2021 as investors react to the U.S. Federal Reserve's decision to keep its easy money policy in place. Markets in Japan are closed on Thursday for a holiday.

Wall Street ended lower on Wednesday after the U.S. Federal Reserve held interest rates and its monthly bond-buying program steady and gave no sign it was ready to reduce its support for the recovery.

The Fed left its benchmark short-term rate near zero, where it's been since the pandemic erupted nearly a year ago, to help keep loan rates down to encourage borrowing and spending. It also said in a statement after its latest policy meeting that it would keep buying $120 billion in bonds each month to try to keep longer-term borrowing rates low.

In a statement Wednesday, the Fed said the economy and job market have strengthened, and while inflation has risen, Fed policymakers ascribed the increase to temporary factors.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, April 29 2021. 13:28 IST
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