The domestic equities were trading in a narrow range with modest gains in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 160.51 points or 0.33% at 49,110.27. The Nifty 50 index gained 65.05 points or 0.44% at 14,789.85.
HDFC Bank (up 1.15%), Housing Development Finance Corporation (HDFC) (up 0.81%) and Bharti Airtel (up 2.24%) supported the indices.
In the broader market, the S&P BSE Mid-Cap index lost 0.02%. The S&P BSE Small-Cap index added 0.21%.
Buyers outpaced sellers. On the BSE, 1,613 shares rose and 1,272 shares fell. A total of 175 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 15,60,80,676 with 32,56,425 deaths. India reported 36,45,164 active cases of COVID-19 infection and 2,34,083 deaths while 1,76,12,351 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The International Monetary Fund said on Thursday the recent jump in COVID-19 cases in India posed downside risks to the Fund's April forecast for 12.5% growth in India's economic output in fiscal years 2021 and 2022. The IMF will revisit that forecast when it issues a fresh World Economic Outlook in July.
Gainers & Losers:
Tata Steel (up 6.50%), Adani Ports & Special Economic Zone (APSEZ) (up 3.81%), Hindalco Industries (up 3.72%), SBI Life Insurance Company (up 3.12%) and JSW Steel (up 2.36%) were major gainers in Nifty 50 index.
Tata Consumer Products (down 4.07%), Hero MotoCorp (down 1.59%), Bajaj Auto (down 1.43%), Eicher Motors (down 0.86%) and Bajaj Finance (down 0.85%) were major losers in Nifty 50 index.
Nifty Results Today:
Housing Development Finance Corporation (HDFC) (up 0.81%) and UltraTech Cement Co. (up 0.57%) will announce their quarterly results today.
Earnings Impact:
Adani Power (APL) rose 0.52%. The company reported consolidated net profit of Rs 13.13 crore in Q4 FY21 compared with net loss of Rs 1,312.86 crore in Q4 FY20. The EBITDA for Q4 FY21 grew 496% to Rs 2,143 crore as compared to Rs 360 crore in Q4 FY20. The EBITDA growth was aided by prior period income recognition, lower cost of domestic alternate coal, favourable currency movement, lower provisioning of one-time expenses, and lower revenue reversal, as compared to Q4 FY20.
Adani Transmission (ATL) spurted 4.13% after the company's consolidated net profit surged 335.1% to Rs 256.55 crore on 14.4% increase in net sales to Rs 2,726.61 crore in Q4 FY21 over Q4 FY20. Consolidated operational EBITDA climbed 18% to Rs 1,034 crore in Q4 FY21 over Q4 FY20. Transmission operational EBITDA at Rs 656 crore, up 6% year-on-year (Y-o-Y). Distribution operational EBITDA was at Rs 377 crore, up 47% Y-o-Y.
Blue Star advanced 2.23% after the company's consolidated net profit surged to Rs 67.97 crore in Q4 FY21 from Rs 8.90 crore in Q4 FY20. Net sales during the quarter increased 24% year-on-year (Y-o-Y) to Rs 1,611.56 crore. Revenue growth and improvement in profitability across segments enabled Operating Profit (PBIDTA) excluding other income and finance income) to increase to Rs 101.81 crore (6.3% of revenue) for Q4 FY21 from Rs 37.33 crore (2.9% of revenue) in Q4 FY20. The company reported 29.9% drop in consolidated net profit to Rs 100.35 crore on 20.5% fall in net sales to Rs 4,263.59 crore in the year ended 31 March 2021 over the year ended 31 March 2021.
Praj Industries surged 8.01% after the company's consolidated net profit surged 109.2% to Rs 52.01 crore on 91.4% increase in net sales to Rs 567.10 crore in Q4 FY21 over Q4 FY20. The profit before tax (PBT) stood at Rs 73.19 crore compared with Rs 31.67 crore in Q4 FY20, registering a growth of 131.01% Y-o-Y (year-on-year). The order intake during the quarter was at Rs 650 crore. The consolidated order backlog as on 31 March 2021 stood at Rs 1,748 crore (FY20 order backlog at Rs 1,083 crore), which comprised 85% domestic orders and 15% international orders.
Stocks in Spotlight:
Aurionpro Solutions soared 9.92% after the company announced exit from the cybersecurity business with the sale of its investment to Forcepoint LLC., USA. The deal, for the divestment of all stake held by Aurionpro in its cyber security business is valued at a consideration of $9.6 million (approx. Rs 71 crore) which is net off all taxes and obligations. Forcepoint LLC, USA is a global leader in data-first cybersecurity solutions. Out of the total consideration, Rs 45 crore will be received upfront and remaining amount to be received in tranches over a year upon fulfilment of contractual warranties and earn out.
Tata Motors gained 0.88%. The auto major has announced that effective 8 May 2021, it will increase prices of its passenger vehicles, averaging 1.8%, depending on the variant and model. The company will offer protection from the price increase to customers who have booked Tata passenger vehicles on or before 7 May 2021.
Global Markets:
Most shares in Europe and Asia advanced on Friday, 7 May 2021, ahead of the U.S. jobs report due later in the day that might provide some indication on what the Fed could do next. Investors will be looking ahead to the U.S. nonfarm payroll count for April due Friday.
In Europe, the Bank of England said on Thursday it would slow the pace of its bond-buying as it sharply increased its forecast for Britain's economic growth this year after its coronavirus slump. The BoE kept its benchmark interest rate at an all-time low of 0.1% and the size of its bond-buying programme unchanged at 895 billion pounds ($1.24 trillion).
China's services sector expanded at the sharpest pace in four months in April. The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 56.3, the highest since December when the same reading was registered and up from 54.3 in March. The 50-mark separates growth from contraction on a monthly basis.
Japan's services sector activity contracted in April. The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 49.5 from the prior month's 48.3, the slowest pace of activity decline in the current 15-month run of contractionary PMIs.
In US, the Dow Jones Industrial Average closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while vaccine makers dipped after U.S. President Joe Biden backed plans to waive patents on COVID-19 shots.
A Labor Department report showed initial claims for state unemployment benefits totaled a seasonally adjusted 498,000 for the week ended 1 May 2021, compared with 590,000 in the prior week. US private firms added 742,000 jobs in April, payrolls firm ADP said Wednesday, marking a fourth straight monthly gain.
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