Equity indices ended near flat line on Friday. The Nifty bounced from the day's low of 14,591.90 and ended above 14,670 mark. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the red. Gains were capped amid worries over the economic impact of the second wave of COVID-19 due to lockdowns and restrictions in various states.
The S&P BSE Sensex, rose 41.75 points or 0.09% at 48,732.55. The Nifty 50 index declined 18.7 points or 0.13% to 14,677.80.
Asian Paints (up 8.51%), Larsen & Toubro (up 2.21%) and Reliance Industries (up 1.22%) supported the indices.
In broader market, the S&P BSE Mid-Cap index tumbled 1.14% while the S&P BSE Small-Cap index fell 1.18%.
Sellers outpaced buyers. On the BSE, 1,401 shares rose and 1,689 shares fell. A total of 150 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 16,11,88,177 with 33,44,737 deaths. India reported 37,04,893 active cases of COVID-19 infection and 2,62,317 deaths while 2,00,79,599 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India's retail inflation as measured by the Consumer Price Index (CPI) slowed to 4.29% in the month of April from 5.52% in March, mainly due to easing food prices, government data showed on Wednesday.
While industrial output as measured by the Index of Industrial Production (IIP) grew 22.4% in the month of March 2021 as compared to 16.7% in the year-ago period.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee rose to 73.29 compared with its previous closing of 73.4225.
MCX Gold futures for 4 June 2021 settlement rose 0.31% to Rs 47,585.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.22% to 90.55.
The yield on 10-year benchmark federal paper fell to 5.987% as compared to its previous close of 6.01%.
In the commodities market, Brent crude for July 2021 settlement rose 68 cents to $67.73 a barrel. The contract increased by 0.34% to settle at $68.55 in the previous trading session.
Global Markets:
Shares in Europe and Asia advanced on Friday, following overnight gains in the US stock market.
Wall Street ended sharply higher at the close of a broad rally on Thursday, bouncing back from three straight days of selling on upbeat labor market data.
US jobless claims totaled an unadjusted 473,000 last week, the Labor Department said Thursday. The reading marks the fourth decline in five weeks and is the lowest since the pandemic froze economic activity in March 2020. The previous week's reading was revised to 507,000 from 498,000.
US consumer inflation surged 4.2% last month compared to April 2020, the Labor Department said Wednesday, posting the biggest year-on-year increase since 2008 as the economy recovered from the pandemic.
Compared to March of this year, the US Consumer Price Index (CPI) rose 0.8% last month, seasonally adjusted, driven by widespread price increases including for used vehicles and food.
Buzzing Indian Segment:
The Nifty FMCG index jumped 2.13% to 34,781.50. The index fell 0.43% in the past two sessions.
Emami (up 3.09%), Nestle India (up 2.95%), Colgate Palmolive (India) (up 2.65%), Hindustan Unilever (up 2.02%), Britannia Industries (up 1.86%), Marico (up 1.43%), Dabur India (up 1.03%), United Spirits (up 0.97%) and Tata Consumer Products (up 0.7%) advanced.
Cigarette major ITC jumped 4.45% to Rs 212.35.
New Listing:
POWERGRID Infrastructure Investment Trust settled at Rs 103 on the BSE, a premium of 3% over the initial public offer (IPO) price of Rs 100. Units of the infrastructure investment trust were listed at Rs 104, at a premium of 4% to IPO price. The units hit a high of Rs 104.97 and low of Rs 102.84. On the BSE, 23.98 lakh units were traded on the counter.
The IPO of POWERGRID Infrastructure Investment Trust (PowerGrid InvIT) was subscribed 4.83 times. The issue opened for bidding on 29 April 2021 and it closed on 3 May 2021. The price band of the IPO was Rs 99-100.
Earnings Impact:
Dr. Reddy's Laboratories fell 2%. On a consolidated basis, the drug company's net profit dropped 28% to Rs 553.50 crore on 7% increase in revenues to Rs 4,728.40 crore in Q4 March 2021 over Q4 March 2020. Profit before tax jumped 13% to Rs 807.10 crore in Q4 FY21 as against Rs 714.20 crore in Q4 FY20. EBITDA rose 13.15% to Rs 1,133 crore in Q4 FY21 over Q4 FY20. EBITDA margin stood 24% in Q4 FY21 higher than 22.6% in Q4 FY20.
Polycab India jumped 3.84% after the company's consolidated net profit jumped 32% to Rs 283.2 crore in Q4 FY21 from Rs 215.1 crore in Q4 FY20. Revenue during the quarter increased 43% year-on-year (YoY) to Rs 3,037.4 crore, with healthy underlying growth across segments and rising share of B2C business.
Birla Corporation rose 0.53%. On a consolidated basis, the company's net profit surged 28.03% to Rs 249.33 crore on 26.19% increase in revenue from operations to Rs 2,132.61 crore in Q4 FY21 over Q4 FY20. Profit before tax (PBT) fell 6.54% to Rs 179.78 crore in Q4 March 2021 as against Rs 192.37 crore in Q4 March 2020. EBITDA grew 8.8% to Rs 405.53 crore in Q4 FY21 from Rs 372.69 crore in Q4 FY20.
Westlife Development rose 1.24% after the company reported a consolidated net profit of Rs 2.09 crore in Q4 FY21 as against a net loss of Rs 16.66 crore in Q4 FY20. Total revenue increased by 6.3% year-on-year (YoY) to Rs 357.59 crore during the quarter, despite regulatory headwinds, lockdowns, curfews and capacity limitations witnessed across markets. The company also reported a positive same-store sales growth (SSSG) of 10.5%. Sales were driven by an almost complete recovery in dine-in and an impressive 142% growth across the company's convenience channels.
Prince Pipes and Fittings soared 10.57% after the company's net profit surged 244% to Rs 97.2 crore on 76.7% jump in net sales to Rs 761.3 crore in Q4 FY21 over Q4 FY20. The piping solutions & multi polymer manufacturer saw robust volume growth driven by strong performance of plumbing portfolio. The company also witnessed a substantial value growth led by brand premiumisation and favourable product mix spanning plumbing and SWR categories. The company's volume grew by 26% year on year to 41,644 MT in Q4 FY21 from 33,140 MT in Q4 FY20. Profit before tax grew by 226% year on year to Rs 131.2 crore in Q4 FY21 from Rs 40.2 crore posted in Q4 FY20. EBITDA stood at Rs 147 crore in Q4 FY21 as compared to Rs 58 crore in Q4 FY20, rising by 155% year on year. The company's margins grew by 590 basis points to at 19.3% in Q4 FY21 over Q4 FY20.
The Anup Engineering jumped 5.39% after the company reported a standalone net profit of Rs 27.79 crore in Q4 FY21, up 229% as against a net profit of Rs 8.44 crore in Q4 FY20. Revenue from operations increased by 89.3% year-on-year (YoY) to Rs 132.75 crore during the quarter. Profit before tax in Q4 FY21 stood at Rs 33.47 crore, up 128.46% compared with Rs 14.65 crore reported in Q4 FY20.
Indian Energy Exchange (IEX) fell 6.14%. The company reported 35.1% jump in net profit to Rs 61.5 crore on 26% rise in total revenue to Rs 100.3 crore in Q4 FY21 over Q4 FY20. EBITDA increased 34.2% to Rs 83.9 crore in Q4 FY21 compared with Rs 62.6 crore in Q4 FY20.
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