BAROMETERS TRADE NEAR FLAT LINE, MEDIA STOCKS DECLINE

The frontline indices traded near the flat line with some positive bias in morning trade. The Nifty traded above the 17,600 level. Banking, financial services and realty stocks advanced while media, pharma and healthcare shares edged lower.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 29.93 points or 0.05% to 59,684.99. The Nifty 50 index added 4 points or 0.02% to 17,628.05.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index gained 0.31%.

The market breadth was positive. On the BSE, 1,781 shares rose and 1,416 shares fell. A total of 161 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,116.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,632.66 crore in the Indian equity market on 21 April, provisional data showed.

Earnings Today:

IndusInd Bank (up 0.36%), Persistent Systems (up 2.52%), Bank of Maharashtra (up 1.51%), Mahindra Logistics (up 0.03%), Century Textiles & Industries (up 1.44%), IIFL Securities (up 0.35%), NELCO (up 1.41%), Tamilnad Mercantile Bank (up 0.99%), Tata Teleservices (Maharashtra) (up 0.80%), Maharashtra Scooters (up 0.45%) will announce their quarterly earnings later today.

Economy:

India`s forex reserves rose by $1.657 billion to $586.412 billion as of April 14, marking their second consecutive week of increase, according to the RBI data released on Friday. In the previous reporting week, the overall reserves rose by $6.306 billion to $584.755 billion. For the week ended April 14, the foreign currency assets, a major component of the reserves, increased by $2.204 billion to $516.635 billion, according to the Weekly Statistical Supplement released by the RBI.

Buzzing Index:

The Nifty Media index fell 1.19% to 1,686.30. The index rose 1.53% in the past two trading sessions.

Dish TV India Ltd (down 3.49%), Navneet Education Ltd (down 2.06%), Zee Entertainment Enterprises Ltd (down 1.53%), PVR Ltd (down 1.33%), TV18 Broadcast Ltd (down 1.04%), Nazara Technologies Ltd (down 0.94%), Network 18 Media & Investments Ltd (down 0.55%), New Delhi Television Ltd (down 0.46%) edged lower.

Stocks in Spotlight:

Macrotech Developers rose 0.97%. On a consolidated basis, the real estate developer`s net profit jumped 39% to Rs 744.36 crore despite of 5.5% decline in net sales to Rs 3,255.38 crore in Q4 FY23 over Q4 FY22. The company reported pre-sales of Rs 3,025 crore in Q4 FY23, recording a decline of 12% on a YoY basis. Collections increased 3% YoY at Rs 2,933 crore in Q4 FY23.

Sunteck Realty declined 0.57%. The company announced that it has recorded 6.76% YoY increase in pre sales to Rs 537 crore in Q4 FY23. Pre sales jumped 36% last quarter from Rs 396 crore recorded in Q3 FY23. Collections stood at Rs 330 crore in Q4 FY23, down 18.32% YoY and up 8% QoQ.

Zydus Lifesciences added 0.72%. The drug maker said it received final approval from the U.S. Food and Drug Administration for Icosapent Ethyl Capsules, 0.5 g and 1 g. Icosapent Ethyl Capsules (USRLD: Vascepa Capsules) are indicated as an adjunct to diet to reduce triglyceride (TG) levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia.

Powered by Capital Market - Live News