Sensex, Nifty trade firm as RIL hits record high

The benchmark indices witnessed robust gains during morning trade, buoyed by a strong demand in IT and auto scrips. The Nifty index traded above 17,250 mark.

At 10:30 IST, the barometer index, S&P BSE Sensex rallied 450.71 points or 0.79% at 57,488.21. The Nifty 50 index rose 128.10 points or 0.75% at 17,264.65.

Meanwhile, Reliance Industries (RIL) (up 1.74%) hit an all-time record high of Rs 2,776.40 during intraday trade.

Oil prices traded higher on Thursday, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund (IMF) cut its global growth forecasts.

The S&P BSE Mid-Cap index gained 0.80%. The S&P BSE Small-Cap index added 1.27%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,257 shares rose while 887 shares fell. A total of 128 shares were unchanged.

As per provisional data, 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 2022.

COVID-19 Update:

India reported 2,380 COVID-19 cases and 56 deaths as of Thursday. The active cases in the country are above 13,000.

Results Today:

HCL Technologies (up 0.46%), ICICI Lombard General Insurance Company (up 1.33%), L&T Technology Services (LTTS) (up 1.78%), Cyient (up 3.13%) and Rallis India (up 0.72%) will release their quarterly earnings today, 21 April 2022.

Buzzing Index:

The Nifty IT index rose 0.96% to 32,483.70. The index added 2.13% in two trading sessions.

Among the components of the Nifty IT index, Coforge (up 1.89%), L&T Technology Services (LTTS) (up 1.78%), Tata Consultancy Services (TCS) (up 1.75%), Infosys (up 1.3%) and Mindtree (up 1.19%) were the top gainers.

Among the other gainers were Wipro (up 0.7%), HCL Technologies (up 0.46%) and Tech Mahindra (up 0.03%).

On the other hand, Mphasis (down 0.3%) and Larsen & Toubro Infotech (LTI) (down 2.31%) declined.

Earnings in Spotlight:

Angel One surged 6.45%. The company`s consolidated net profit doubled to Rs 204.7 crore in Q4 FY22 from Rs 101.9 crore in Q4 FY21. Total Revenue from operations increased by 64.3% YoY to Rs 671.3 crore during the quarter. Total expenses rose by 48.6% to Rs 411 crore in Q4 FY22 over Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 205.4 crore, up by 94.6% from Rs 105.6 crore in Q4 FY21.

As compared with Q3 FY22, the company`s net profit and revenue are higher by 24.4% and 12.4%, respectively. Earnings before depreciation, amortization, & taxes (EBDAT) improved by 23.9% to Rs 279.5 crore in Q4 FY22 from Rs 225.6 crore in Q3 FY22. EBDAT margin expanded to 54.9% in Q4 FY22 from 50.7% in Q3 FY22. The company witnessed strong gross addition in client base by 1.5 million clients in Q4 FY22 as compared to 1.3 million clients in Q3 FY22. Total client base was 9.2 million in Q4 FY22 as against 7.8 million in Q3 FY22.

ICICI Securities dropped 7.49%. The brokerage house reported a 3.3% increase in consolidated net profit to Rs 340.2 crore on a 20.6% rise in total revenue from operations to Rs 891.6 crore in Q4 FY22 over Q4 FY21. Consolidated profit before tax grew 3.2% to Rs 455.3 crore in Q4 FY22 over Q4 FY21. Interest income jumped 105% to Rs 211.9 crore in Q4 FY22 from Rs 103.3 crore in Q4 FY21.

The company said it added 6.18 lakh clients during the quarter ended March 2022. Despite of client addition, brokerage income declined 5.5% to Rs 372.8 crore in Q4 FY22 from Rs 394.5 crore in Q4 FY21. ICICI Sec said that decline in brokerage income was primarily due to fall in retail equity volumes. In Q4 FY22, Equities and Allied Business, which comprises retail equity, institutional equity, lending towards ESOP (Employee Stock Option Plans) & MTF (Margin Trade Funding), Prime & NEO subscription fees and other charges, rose 20% year-on-year to Rs 521.5 crore.

The company`s Distribution revenue stood at Rs 168.6 crore in Q4FY22 up 21% against Q4 FY21. ICICI Sec said that Distribution Business continued to scale with increasing contribution in revenue while Retail equities revenue remained stable. ICICI Sec`s Private Wealth Management (PWM) business reported Rs 251.8 crore of revenue in Q4 FY22, up by 59% year on year.

Nestle India declined 2.40%. The FMCG major recorded a 1.25% fall in standalone net profit after taxes to Rs 594.71 crore in Q1 March 2022 from Rs 602.25 crore in Q1 March 2021. However, revenue from operations jumped 10.24% to Rs 3,980.70 crore in Q1 March 2022 over Rs 3,610.82 crore in Q1 March 2021.

Crypto Market:

Among the popular crypto currencies, Bitcoin (BTC) (up 0.86%), Binance Coin (BNB) (up 0.25%), Tether (USDT) (up 0.18%) and Ethereum (ETH) (up 0.10%) advanced.

However, Doge Coin (Doge) (down 3.15%) declined.

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