Benchmarks pare gains; banks rise on value buying

The domestic equity benchmarks pared gains in morning trade. Barring IT shares, buying was wide spread with banks and financials stocks advancing the most. The Nifty regained the 14,450 mark on value buying after tumbling 1.77% in the previous session.

At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 310.99 points or 0.65% to 48,260.41. The Nifty 50 index added 93.05 points or 0.65% to 14,452.50.

In the broader market, the S&P BSE Mid-Cap index gained 1.54% while the S&P BSE Small-Cap index rose 1.27%.

The market breadth was strong. On the BSE, 1834 shares rose and 560 shares fell. A total of 107 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 141,828,958 with 3,027,604 deaths.

India reported 2,031,977 active cases of COVID-19 infection and 180,530 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Bank index rose 1.10% to 31,551.60. The index had declined by 2.82% in the past two sessions.

Federal Bank (up 3.41%), IndusInd Bank (up 3.31%), IDFC First Bank (up 2.66%), Bandhan Bank (up 2.57%), Punjab National Bank (up 2.56%), Bank Of Baroda (up 2.43%), RBL Bank (up 1.94%), Axis Bank (up 1.91%), SBI (up 1.84%) and Kotak Mahindra Bank (up 1.26%) advanced while HDFC Bank declined 0.28%.

ICICI Bank rose 1.56% to Rs 568.35. 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.

Earnings Today:

Nestle India (up 0.06%), 5paisa Capital (up 1.31%), Tata Steel Long Products (up 1.59%), Swaraj Engines (up 1.35%), Network18 (up 2.29%) and TV18 Broadcast (up 1.83%) will announce quarterly earnings today.

Earnings Impact:

CRISIL added 0.52% to Rs 1869.70. 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 gained 0.50% to Rs 1886.15. 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.

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