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Nifty trades above 14,500; breadth strong

Published on Apr 26, 2021 10:25

Domestic equity indices surged in morning trade amid positive cues from other Asian stock markets. The Nifty crossed the 14,500 mark. Banks and financial shares rallied while pharma stocks corrected.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 662.78 points or 1.38% at 48,541.27. The Nifty 50 index was up 186.25 points or 1.3% at 14,527.85.

In broader market, the S&P BSE Mid-Cap index was up 0.65% while the S&P BSE Small-Cap index was up 0.93%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1769 shares rose and 756 shares fell. A total of 160 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 146,830,782 with 31,06,384 deaths.

India reported 28,13,658 active cases of COVID-19 infection and 195,123 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. On Sunday, India reported 3.55 lakh fresh Covid cases and registered 2,807 deaths.

The US government has decided to lift the export ban on the essential raw materials required by the vaccine manufacturer in India for production of COVID-19 vaccine. This development comes after several US lawmakers voiced their concerns over the COVID-19 situation in India. They exerted pressure on the Biden administration to extend assistance, release vaccines and other raw materials critical for India. White House said, US has identified sources of specific raw material urgently required for Indian manufacture of the Covishield vaccine that will immediately be made available for India.

Meanwhile, the government will continue giving COVID vaccine doses from its 50% quota to the states and Union Territories for free during the phase three of the vaccination drive. These vaccines will continue to be administered by States and Union Territories.

Buzzing Index:

The Nifty Pharma index slipped 0.22% to 13,290.65. The index has declined 1% in three days.

Cipla (down 1.3%), Sun Pharmaceutical Industries (down 0.89%), Aurobindo Pharma (down 0.68%) and Lupin (down 0.53%) were top losers in pharma space.

Results Today:

Castrol (up 0.78%), Delta Corp (up 1.06%), HDFC Life Insurance Company (up 1.09%), SBI Cards & Payment Services (up 0.23%) and Tech Mahindra (down 1.05%) will announce quarterly results today.

Earnings Impact:

ICICI Bank jumped 5%. The private lender reported net profit of Rs 4,403 crore in Q4-2021, up 260.61% compared with net profit of Rs 1,221 crore in Q4-2020. Total income during the quarter increased by 2.2% year-on-year (YoY) to Rs 23,953.02 crore. Net interest income (NII) increased by 17% YoY to Rs 10,431 crore in Q4-2021 from Rs 8,927 crore in Q4-2020. The net interest margin was at 3.84% as on 31 March 2021 as against 3.87% as on 31 March 2020.

On the asset quality side, gross non-performing assets (NPAs) stood at Rs 41,373.42 crore as on 31 March 2021 as against Rs 34,860.43 crore as on 31 December 2020 and Rs 41,409.16 crore as on 31 March 2021. The gross NPA ratio declined to 4.96% as on 31 March 2021 from 5.42% (on a proforma basis) as on 31 December 2020 and 5.53% as on 31 March 2020. The net NPA ratio declined to 1.14% as on 31 March 2021 from 1.26% (on a proforma basis) as on 31 December 2020 and 1.41% as on 31 March 2020.

Indiabulls Real Estate gained 3.02%. The realty major posted a consolidated net profit of Rs 94.42 crore in Q4 March 2021 as against net loss of Rs 109.79 crore in Q4 March 2020. Net sales for Q4 March 2021 zoomed 529% year-on-year to Rs 731.73 crore. The real estate company registered pre-tax profit of Rs 136.31 crore in Q4 March 2021 compared with pre-tax loss of Rs 144.11 crore in Q4 March 2020. Indiabulls Real Estate said that its new sales jumped 66% to Rs 629 crore while gross collections improved 43.6% to Rs 866 crore in Q4 March 2021 over Q4 March 2020.

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