Key barometers came off the early highs in morning trade led by weakness in IT pivotals. IT stocks slipped ahead of President Trump's signing of executive order to restrict H-1B visa today. Gains in private banks boosted indices.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 296.23 points or 0.85% at 35,027.96. The Nifty 50 index added 77.80 points or 0.76% at 10,322.20.
In the broader market, the S&P BSE Mid-Cap index gained 1.29% while the S&P BSE Small-Cap index rose 1.19%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1616 shares rose and 620 shares fell. A total of 132 shares were unchanged.
Adani Enterprises (up 1.21%), BHEL (up 0.77%), Escorts (down 0.21%), Jindal Steel (down 0.14%), Just Dial (up 1.29%), NCC (down 0.16%), PNB (up 2.61%) and SAIL (up 1.16%) were banned from trading in NSE's F&O segment for today after the securities crossed 95% of market wide position limit.
Buzzing Index:
The Nifty IT index shed 0.31% to 14,455.55, sliding for the second day. Trump said in a media interview on Saturday that he will announce new restrictions on various work visas Sunday or Monday. The plan won't affect certain workers who are already in the US, he added.
Wipro (down 1.82%), Infosys (down 0.73%), MindTree (down 0.31%), HCL Technologies (down 0.17%), TCS (down 0.13%) declined.
Tech Mahindra (up 0.8%), Hexaware Technologies (up 0.78%), MphasiS (up 0.58%), Persistent Systems (up 0.58%), Oracle Financial Services Software (up 0.09%) advanced.
Q4 Results Today:
Aegis Logistics (up 3.46%), AIA Engineering (down 0.11%), Balaji Amines (up 1.07%), Dhanlaxmi Bank (up 8.54%), Kirloskar Industries (up 2.45%), Morepen Laboratories (up 5.63%), Sudarshan Chemical Industries (up 2.68%), The Investment Trust Of India (up 4.58%) and UFO Moviez (up 1.43%) are some of the companies that will announce their quarterly earnings today.
Earnings impact:
Power Grid Corporation of India advanced 3.76% to Rs 177.80 after the company reported an 8.2% rise in consolidated net profit to Rs 3313.47 crore on a 6.4% rise in net sales to Rs 10,148.26 crore in Q4 March 2020 over Q4 March 2019.
Balkrishna Industries jumped 4.12% to Rs 1257.35 on BSE after the company reported a 42.3% rise in consolidated net profit to Rs 264.70 crore on 1.2% rise in revenue from operations to Rs 1372.27 crore in Q4 FY20 over Q4 FY19.
The stock was in demand after positive management commentary and a robust outlook. The management said, During February 2020, we had indicated that we should be able to cross 2,00,000 MT sales volume for FY20. We have crossed this benchmark and have achieved the sales volume of 201,760 MT for FY20. This is despite shutdown of manufacturing operations and dispatches across all our plants from 25th March 2020 due to lockdown on account of COVID-19. After resumption of manufacturing activities and dispatches in later part of April 2020, we were gradually able to ramp up our activities and have gradually gained normalcy in our manufacturing activities as well as dispatches to a large extent. If everything remains what it is, as of today, performance for FY21 should be at similar levels, of what has been achieved during FY20.
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