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Budget News

  • Sensex ends 244 pts lower; Nifty below 14,300; IT, banks drag
  • April 20,2021  17:18
  • The domestic equity barometers ended with modest losses after a volatile trade on Tuesday. A record surge in Covid-19 cases and FII outflows from the capital market dented investors sentiment. IT shares saw major selling while banks shares extended recent losses. Auto and pharma stocks bucked the trend.

    The barometer index, the S&P BSE Sensex, fell 243.62 points or 0.51% to 47,705.80. The Nifty 50 index lost 63.05 points or 0.44% to 14,296.40. Both these indices have fallen over 2.2% in two straight sessions.

    HCL Technologies (down 3.56%), HDFC (down 3.16%), HDFC Bank (down 1.50%) and Infosys (down 0.87%) were major drags.

    The broader market settled with gains. The BSE Mid-Cap index and the BSE Small-Cap index rose by 0.49% each.

    The market breadth was positive. On the BSE, 1654 shares rose and 1228 shares fell. A total of 167 shares were unchanged.

    The domestic equity market will remain shut on Wednesday (21 April 2021) on account of Ram Navami.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 14,21,12,632 with 30,30,299 deaths. India reported 20,31,977 active cases of COVID-19 infection and 1,80,530 deaths while 1,31,08,582 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    PM Narendra Modi announced an important decision of allowing vaccination to everyone above the age of 18 from 1 May 2021. Phase-I of the National COVID-19 vaccination was launched on 16 January 2021, prioritizing protection for Health Care Workers (HCWs) and front line workers (FLWs). Phase-II was initiated from 1 March 2021 and 1 April 2021, focusing on protecting all people above 45 years of age, accounting for more than 80% COVID-19 mortality in the country.

    Economy:

    The Reserve Bank of India on 19 April said it has decided against activating the countercyclical capital buffer (CCyB) framework as the current situation does not warrant such an action.

    The RBI had in February 2005 put in place CCyB guidelines with the overall objective of strengthening the banking sector. It was envisaged that the CCyB would be activated as and when the circumstances warranted.

    Based on the review and empirical testing of CCyB indicators, it has been decided that it is not necessary to activate CCyB at this point in time, the RBI said in a release.

    Numbers to Watch:

    The yield on 10-year benchmark federal paper fell to 6.075% as compared with 6.081% at close in the previous trading session.

    In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.88, compared with its close of 74.87 during the previous trading session.

    MCX Gold futures for 4 June 2021 settlement fell 0.07% to Rs 47,360.

    The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.01% to 91.06.

    In the commodities market, Brent crude for June 2021 settlement rose 70 cents at $67.75 a barrel. The contract rose 28 cents, or 0.42% to settle at $67.05 a barrel in the previous trading session.

    Foreign Markets:

    European shares declined while most Asian stocks traded higher on Tuesday. China kept its benchmark lending rate unchanged. On the economic data front, China kept its benchmark lending rate for corporate and household loans steady for the 12th straight month at its April fixing on Tuesday, matching market expectations. The one-year loan prime rate (LPR) was kept at 3.85%. The five-year LPR remained at 4.65%.

    U.S. stocks slipped from record levels to start the week on Monday as weakness in the technology sector weighed on the broader market.

    On the coronavirus front, White House chief medical advisor Dr. Anthony Fauci said he expects the U.S. will resume administration of the Johnson & Johnson vaccine. The Food and Drug Administration asked states last week to temporarily halt using the single dose vaccine “out of an abundance of caution” after six women developed a rare blood-clotting disorder.

    Buzzing Indian Segment:

    The Nifty Pharma index rose 1.29% to 13,426.90. The index has risen 4.84% in four sessions.

    Cadila Healthcare (up 5.34%), Dr. Reddy's Laboratories (up 3.56%), Lupin (up 2.26%), Aurobindo Pharma (up 1.66%), Torrent Pharmaceuticals (up 0.57%), Cipla (up 0.5%) and Sun Pharmaceutical Industries (up 0.37%) advanced.

    Morepen Laboratories surged 16.67% to Rs 43.40.

    Stocks in Spotlight:

    Nestle India fell 0.02% to Rs 17,086.25. On a standalone basis, the FMCG major's net profit jumped 14.62% to Rs 602.25 crore on 8.58% increase in revenue from operations to Rs 3,610.82 crore in Q1 FY21 over Q1 FY20.

    During the quarter ended, total sales increased by 8.9% while domestic sales soared 10.2% year-on-year (Y-o-Y) driven by volume & mix and was broad based. Export sales tumbled 12.9% Y-o-Y due to lower exports to affiliates. Demand in out of home channel further improved in the quarter but continuef to be impacted by COVID-19, the company said.

    E‐Commerce channel grew 66% Y-o-Y and contributed 3.8% of domestic sales. However, the company witnessed headwinds in commodity and packaging materials.

    The board has declared an interim dividend for FY2021 of Rs 25 per equity share.

    ICICI Bank shed 0.11%. The bank said that the board of the bank at its meeting scheduled on 24 April 2021 will consider fund raising by way of issuance of debt securities in single/multiple tranches in any currency through public/private placement. The board will also consider the financial results for the quarter and the year ended 31 March 2021 on the same day.

    CRISIL fell 1.82%. On a consolidated basis, CRISIL's net profit fell 5.22% to Rs 83.5 crore on 15.8% rise in income from operations to Rs 495.20 crore in Q1 March 2021 over Q4 March 2021. Foreign exchange loss for Q1 March 2021 was Rs 4.7 crore compared with a gain of Rs 16.6 crore in the corresponding quarter of the previous year.

    ACC slipped 2.79%. The cement major's consolidated net profit surged 74.2% to Rs 563 crore on 22.7% increase in net sales to Rs 4,213 crore in Q1 FY21 over Q1 FY20. Cement sales volume jumped 21.49% to 7.97 million tonnes in Q1 FY21 as against 6.56 million tonnes in Q1 FY20. Sale of ready mix concrete dropped 10.75% to 0.83 million cubic metres in Q1 FY21 compared with 0.93 million cubic metres in Q1 FY20.

    EBITDA margin improved to 20.4% in Q1 FY21 as compared to 17.1% in Q1 FY20. Operating EBIT margin expansion of 450 basis points to 17% in Q4 FY21 compared with 12.5%, driven by capex led strong cost actions and higher growth in premium products.

    In its outlook, ACC said it believes that the government is taking all possible steps to intensify the vaccination program and control the spread of COVID-19. With government's increased spending and its strong focus on infrastructure development, ACC maintains a cautious yet positive outlook for overall cement demand in the coming months.

    ICICI Prudential Life Insurance Company jumped 5.76%. On a standalone basis, the company's net profit tumbled 64.5% to Rs 63.78 crore on 364.5% surge in total income to Rs 19,897.44 crore in Q4 FY21 over Q4 FY20. Net premium income increased by 13.40% to Rs 11,879.28 crore in Q4 FY21 over Rs 10,475.12 crore in Q3 FY20.

    New business Annualised Premium Equivalent (APE) grew 27% Y-o-Y (year-on-year) in Q4 FY2021 to Rs 2,509 crore, on the back of 108% Y-o-Y growth in March 2021 to Rs 1,101 crore. The Value of New Business (VNB) for the quarter surged 26% Y-o-Y to Rs 591 crore. VNB margin was at 23.6% in Q4 FY21 as against 23.8% in Q4 FY20.

    The solvency ratio stood at 217% on 31 March 2021, well above the regulatory requirement of 150%. Assets under Management (AUM) stood at Rs 2,14,218 crore at 31 March 2021, registering a growth of 40% Y-o-Y over 31 March 2020.

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