Markets drift higher in early trade
Published on Apr 21, 2022 09:32
Indices opened higher and traded with decent gains in early trade. Barring metal and IT stocks, buying demand was seen across the board.
At 09:31 IST, the barometer index, S&P BSE Sensex was up 296.05 points or 0.52% at 57,333.13. The Nifty 50 index rose 87.35 points or 0.51% at 17,223.65.
In the broader market, the S&P BSE Mid-Cap index gained 0.54% while the S&P BSE Small-Cap index added 0.95%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,051 shares rose while 630 shares fell. A total of 93 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,009.26 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,645.82 crore in the Indian equity market on 20 April, provisional data showed.
Tata Elxsi gained 0.99%. The design led technology service provider reported 38.95% rise in net profit to Rs 160.01 crore on 31.51% increase in revenues from operations to Rs 681.73 crore in Q4 March 2022 over Q4 March 2021. The company`s revenue from operations grew 7.3% over previous quarter (QoQ). Profit before tax (PBT) stood at Rs 220.26 crore, registering a growth of 10% QoQ and 36.2% YoY. EBITDA margin stood at 32.5% in Q4 FY22. The company`s growth was powered by Embedded Product Design (EPD) growing at 7.5% QoQ, while Industrial Design and Visualization (IDV) grew 8% QoQ. The board recommended a final dividend of Rs 42.50 per equity share for the financial year ended March 2022.
Angel One jumped nearly 7%. The company reported 100.8% rise in consolidated net profit to Rs 204.80 crore on 63.6% increase in total income to Rs 685.30 crore in Q4 March 2022 over Q4 March 2021.
Select Asian markets were trading higher on Thursday as investors continue to watch China`s Covid situation along with moves in the Japanese yen.
Investors are watching for signs of policy support from Chinese authorities as the mainland continues to grapple with its most severe Covid wave since the initial outbreak in 2020. Its strict zero-Covid policy has raised questions about China`s economic outlook.
US stocks ended in mixed territory on Wednesday as the tech-heavy Nasdaq was dragged down by bleak Netflix earnings, while bond yields dipped after a recent strong run. The Dow Jones Industrial Average rose on the back of strong earnings from Procter & Gamble.
Netflix fell 35% after its quarterly results showed a loss of 200,000 subscribers in the first quarter, its first reported subscriber loss in more than 10 years.
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