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Budget News

  • Market nudges higher in early trade; breadth positive
  • April 15,2021  09:27
  • Key benchmark indices are trading higher in early trade on buying demand in index pivotals as trading resumed after local holiday. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 96.43 points or 0.2% at 48,640.49. The Nifty 50 index was up 53.15 points or 0.37% at 14,557.95. Asian stocks are trading mixed.

    The S&P BSE Mid-Cap index was up 0.25%. The S&P BSE Small-Cap index was up 0.17%.

    The market breadth, indicating the overall health of the market, is positive. On the BSE, 1035 shares rose and 846 shares fell. A total of 83 shares were unchanged.

    Stocks in news:

    Infosys dropped 3.66%. On a consolidated basis, Infosys reported 2.3% decline in net profit to Rs 5,076 crore on 1.5% increase in revenues to Rs 26,311 crore in Q4 March 2021 over Q3 December 2020.

    The company's consolidated net profit rose 17.5% and revenues rose 13.1% in Q4 March 2021 over Q4 March 2020.

    It reported 16.6% rise in consolidated net profit to Rs 19,351 crore on 10.7% jump in revenues to Rs 100,472 crore in the year ended on 31 March 2021 over the year ended on 31 March 2020.

    In its outlook for FY22, Infosys has guided for 12% to 14% sales growth in constant currency terms in 2021-22 and an operating margin band of 22% to 24%.

    Further, the company's board approved a proposal to buyback equity shares worth upto Rs 9,200 crore for a price not exceeding Rs 1,750 per equity share. The total buyback size is less than 15% of the aggregate of the total paid-up share capital and free reserves of the company. As on 31 March 2021, promoters held 12.95% in Infosys. Meanwhile, Infosys announced a final dividend of Rs 15 per share.

    Bharti Airtel rose 1.24% after the company announced a new corporate structure. This is expected to sharpen the focus of the company in driving the rapidly unfolding digital opportunity in India while enabling it to unlock value. The new structure envisages Airtel Digital folding into the listed entity, Bharti Airtel. This will now house all of the digital assets spanning Wynk Music, Airtel X stream, Airtel Thanks, Mitra Payments platform used by a million retailers, Airtel Ads, Airtel IQ, Airtel Secure, Airtel Cloud and all future digital products and services.

    Tata Motors rose 0.69%. The Tata Motors Group global wholesales in Q4 FY21, including Jaguar Land Rover, were at 3,30,125 units, higher by 43%, as compared to Q4 FY20.

    Happiest Minds Technologies fell 0.52%. Happiest Minds Technologies and BeatRoute have entered into a strategic partnership to solve typical revenue realization problems faced presently by the consumer packaged goods (CPG) industry.

    NBCC (India) declined 1.04%. NBCC (India) on Tuesday (13 April) said it secured total business of Rs 518.20 crore in March 2021.

    Global Markets:

    Overseas, Asian stocks are trading steady on Thursday after U.S. stocks eased from all-time peaks.

    In US, Wall Street indexes closed mixed on Wednesday, with the Nasdaq Composite and S&P 500 falling despite another record intraday high for the latter and big banks' stellar results on the first day of earnings season.

    Shares of Goldman Sachs Group Inc and Wells Fargo & Co rose on bumper first-quarter profits. Goldman capitalized on record levels of global dealmaking activity, and Wells reduced bad loan provisions and got a grip on costs tied to its sales practices scandal.

    The Federal Reserve will continue to support the recovery, and will start tapering asset purchases “well before” policy makers consider raising interest rates, Chairman Jerome Powell told the Economic Club of Washington Wednesday.

    In coronavirus developments, a U.S. Centers for Disease Control and Prevention panel decided Wednesday to postpone a decision on Johnson and Johnson's Covid-19 vaccine following the development of a rare but potentially life-threatening blood-clotting disorder in six women. On Tuesday, the U.S. Food and Drug Administration asked states to temporarily halt using J&J's Covid-19 vaccine “out of an abundance of caution.”

    Back home, stock markets were closed on Wednesday, 14 April 2021 on account of Dr.Baba Saheb Ambedkar Jayanti. Key equity indices ended with strong gains on Tuesday. The barometer index, the S&P BSE Sensex, rose 660.68 points or 1.38% at 48,544.06. The Nifty 50 index gained 194 points or 1.36% at 14,504.80.

    Foreign portfolio investors (FPIs) sold shares worth Rs 730.81 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 243.80 crore in the Indian equity market on 13 April, provisional data showed.

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