Sensex jumps 162 points; Nifty above 14,500-mark

Benchmark Indian equity indices opened on a positive note on Tuesday amid mixed global cues ahead of the start of the Federal Reserve policy meeting. In opening trades Sensex rose 162 points or 0.34% at 48,549 while the broader market index Nifty at 14,535 up 50 points or 0.35%.

Tech Mahindra, Bajaj Finance, Reliance Industries, PowerGrid and TCS were the top gainers on the Sensex rallied up to 2%. On the other hand, Axis Bank, Kotak Mahindra Bank, HDFC, Asian Paints and Maruti were laggards on the Sensex.

Sectorally, Nifty Metal surged 1.41%, Nifty Realty soared 1.35%. Nifty IT, Nifty Pharma, Nifty Auto & Nifty FMCG indices were up around half a per cent.

Market breadth remained strong as 1,272 shares advanced versus 413 stocks declined and 536 scrips unchanged. The broader market index mirrored benchmark indices BSE MidCap was up 0.28% and BSE SmallCap rallied 0.62%

Earnings today:

ABB India, Axis Bank, Bajaj Finance, Britannia Industries, HDFC AMC, Maruti Suzuki, Nippon Life India Asset Management, PNB Housing Finance, Sanofi India, Symphony, TVS Motor Company amongst others will be declaring their earnings for the quarter ended March 2021.

Stocks in spotlight:

Tech Mahindra’s consolidated net profit fell 17.44% to Rs 1,081 crore on 0.9% rise in revenues to Rs 9,730 crore in Q4 FY21 over Q3 FY21. EBITDA grew 2.8% to Rs 1,948 crore in Q4 FY21 over Q3 FY21. EBITDA margin stood at 20% in Q4 FY21 as against 19.6% in Q3 FY21 and 14.2% in Q4 FY20. The company through its wholly owned subsidiary viz., Tech Mahindra (Americas) Inc. approved the proposal to acquire 100% equity shares in Eventus Solutions Group, LLC, (Eventus) for up to $44 million.

Wipro announced the implementation of a digital experience platform for Bristol Water to modernize critical infrastructure. As part of this implementation, Wipro will develop a new cloud-based solution with capabilities such as instant release, high security, low maintenance, and ability to seamlessly integrate with Bristol Water’s existing systems through bespoke Application Programming Interface (API) solutions.

Tata Motors said the company remains vigilant about the evolving COVID situation and has scaled up efforts to enhance the wellbeing of its personnel and their supporting ecosystem. The lockdown enforced in various parts of the country is expected to impact vehicle demand temporarily, the company said.

HDFC Life Insurance Company (HDFC Life) reported 2.38% rise in consolidated net profit to Rs 319.06 crore in Q4 FY21 from Rs 311.65 crore in Q4 FY20. Net premium income increased by 22.85% to Rs 12,869.55 crore in Q4 FY21 over Q4 FY20.

On a standalone basis, SBI Cards and Payment Services’ net profit soared 109.95% to Rs 175.42 crore on 1.68% decline in total income to Rs 2,468.14 crore in Q4 FY21 over Q4 FY20.

Castrol India reported 94.6% jump in net profit to Rs 243.60 crore on 65.5% increase in net sales to Rs 1138.70 crore in Q1 March 2021 as compared to Q1 March 2020.