Indian equity indexes recorded significant gains on Thursday, extending their winning streak for the second consecutive session, due to strong buying support in Mahindra & Mahindra, Maruti Suzuki, and Bajaj Finserv amid good global signals.
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Following a strong start, bulls maintained control of key indices throughout the session, as Managing Director of the International Monetary Fund Kristalina Georgieva stated that India’s high growth rate, as projected in the latest World Economic Outlook, is not only healthy for the country but also a positive thing for the rest of the world.
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The Nifty50 has formed a long bull candle on the daily chart, confirming a bullish reversal pattern for the short term, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. The short-term trend of the index is positive, he said.
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“A sustainable move above immediate resistance at 17,450-17,500 levels could open the next upside levels of around 17,800-18,000 in the near term. Immediate support is placed at 17,250,” he said.
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Sensex rose 874.18 points or 1.53% to 57,911.68 and Nifty was up by 256.05 points or 1.49% to 17,392.60 in the previous session. Sensex touched a high and low of 57,991.53 and 57,311.86, respectively. There were 27 stocks advancing against 3 stocks declining on the index. Nifty traded in a range of 17,414.70 and 17,215.50. There were 42 stocks advancing against 8 stocks declining on the index.
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Broader Indices
The broader indices ended in green with the BSE Midcap index rising 1.28%, while the Small cap index was up by 1.33%. The top gaining sectoral indices on the BSE were Auto up by 2.14%, Consumer Discretionary up by 1.60%, Finance up by 1.54%, IT up by 1.45%, Industrials up by 1.45%, while Metal down by 0.06% was the lone losing index on BSE.
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India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, fell 4.39% to 17.85 on Thursday.
SGX Nifty
The trends on SGX Nifty indicate a negative opening for the index in India with a 43-points loss. The Nifty futures were trading at 17,193.50 on the Singaporean Exchange around 06:40 hours IST.
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Support and Resistance levels
The key support level for the Nifty is placed at 17,267, followed by 17,142. If the index moves up, the key resistance levels to watch out for are 17,466 and 17,540, according to pivot charts.
The S&P 500 fell 65.79 points, or 1.5%, to 4,393.66.
The Dow Jones Industrial Average fell 368.03 points, or 1%, to 34,792.76.
The Nasdaq fell 278.41 points, or 2.1%, to 13,174.65.
The Russell 2000 index of smaller companies fell 46.72 points, or 2.3%, to 1,991.46.
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Asian Markets
Asian markets finished mixed on Thursday. The Nikkei 225 gained 1.23%, while the Shanghai Composite led the Hang Seng lower. They fell 2.28% and 1.31% respectively.
European Markets
European markets finished mixed on Thursday. The CAC 40 gained 1.36% and the DAX rose 0.98%. The FTSE 100 lost 0.02%.
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Major News Headlines
L&T Technology Services Q4 Results: Net profit grows 35% YoY to Rs 262 crore
Engineering services company L&T Technology Services (LTTS), on April 21, reported a 34.7% year-on-year rise in net profit at Rs 262 crore for the quarter ending March 31, 2022. The wholly-owned subsidiary of the conglomerate Larsen & Toubro had reported a net profit of Rs 194.5 crore in the year-ago period. Revenue from operations for the quarter rose 21.9% YoY to Rs 1,756.1 crore from Rs 1,446.6 crore in the year-ago quarter. EBIT (earnings before interest and tax) margins for the quarter remained stable at 18.6% QoQ, while on a YoY basis, there was an improvement of 200 bps from 16.6% EBIT margins achieved during the same period last year. The company improved its net margins for the quarter by 140 bps YoY to 14.9% and by 20 bps QoQ. The employee attrition for the quarter jumped to 20.4% compared to 17.5% during the previous quarter and 12.2% during the same quarter a year ago. The company board has recommended a final dividend of Rs 15 per equity share of the face value of Rs 2 each.
HCL Tech Q4 Results: Net profit rises 226% to Rs 3,593 crore, revenue up 15%
HCL Technologies on April 21 reported a consolidated net profit of Rs 3,593 crore for the quarter ending March 2022, up 226% from Rs 1,102 crore in the corresponding quarter of the previous financial year. Sequentially, the company’s net profit saw a growth of 4.3% in the reported quarter from Rs 3,442 crore in the December quarter. The company’s revenue from operations stood at Rs 22,597 crore, up 15.05% from Rs 19,641 crore in the year-ago period. Under its FY23 guidance, the company said that it expects revenue to grow between 12%-14% in constant currency. EBIT margin is expected to be between 18%-20%. The Board has also declared an interim dividend of Rs 18 per equity share for the financial year 2022-23. The company has added nearly 40,000 freshers during the fiscal 2022 year, taking the total headcount to 208,877. Net employee additions during the quarter were also brisk at 11,100, up 5.6% sequentially.
NBFCs need prior approval to issue credit cards, says RBI
The Reserve Bank of India (RBI) in a circular dated April 21, 2022, said that Non-Banking Financial Companies (NBFCs) shall not undertake credit card business without prior approval of the RBI. RBI has said that any company, including a non-deposit taking company, will need a Certificate of Registration, apart from specific permission to enter into this business. It has also determined a prerequisite of a minimum net-owned fund of Rs 100 crore, and other terms and conditions it may specify in this regard. NBFCs cannot issue debit cards, credit cards, charge cards, or similar products virtually or physically without obtaining prior approval from the RBI. RBI said that the card issuers may be guided by the instructions on the interest rate on advance issued. “Interest charged on credit cards shall be justifiable having regard to the cost incurred and the extent of return that could be reasonably expected by the card-issuer,” it says. According to their Board-approved policy, credit card issuers will be required to prescribe an interest rate ceiling for credit cards in line with other unsecured loans, including processing and other fees.
SEBI signs MoU with Canada’s Manitoba Securities Commission
Markets regulator Securities and Exchange Board of India (SEBI) and Canada’s Manitoba Securities Commission (MSC) have entered into an agreement for mutual cooperation, exchange of information and technical assistance. The development comes after Union Cabinet last week approved the signing of a memorandum of understanding (MoU) between the SEBI and Manitoba Securities Commission. The MoU, which took effect on Wednesday, will strengthen cross border cooperation in the area of securities regulation, SEBI said in a statement. This will enhance mutual assistance, contribute towards the efficient performance of the supervisory functions, support in providing technical domain knowledge, and enable effective enforcement of the laws and regulations governing the securities markets.
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NICOMAC MACHINERY PRIVATE LIMITED sold 5,379,343 shares in Gland Pharma at Rs 3,200.66 per share on the BSE.
MANISH NITIN THAKUR bought 35,200 shares in Atal Realtech Limited at Rs 142.27 per share on the NSE.
DIGVIJAY SHIVSHANGBHAI CHAVDA sold 1,10,000 shares in Bang Overseas Limited at Rs 72.37 per share on the NSE.
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MENU PRIVATE LIMITED sold 5,05,504 shares in Barbeque Nation Hosp. Ltd at Rs 1163.00 per share on the NSE.
L7 HITECH PRIVATE LIMITED bought 80,000 shares in Cupid Limited at Rs 297.15 per share on the NSE.
TOPGAIN FINANCE PRIVATE LIMITED bought 3,00,000 shares in Hariom Pipe Industries Limited at Rs 208.05 per share on the NSE.
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RAGINI CHETAN MEHTA bought 55,000 shares in HB Stockholdings Limited at Rs 76.05 per share on the NSE.
MANSUKH SECURITIES & FINANCE LTD sold 2,10,000 shares in Jeena Sikho Lifecare Limited at Rs 186.00 per share on the NSE.
MAYBANK KIM ENG SECURITIES PTE LTD bought 35,00,000 shares in KBC Global Limited at Rs 9.99 per share on the NSE.
SHIVANG R VACHHETA sold 5,90,000 shares in Vaxtex Cotfab Limited at Rs 21.50 per share on the NSE.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 713.69 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 2823.43 crore in the Indian equity market on April 21, as per provisional data available on the NSE.
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No stock/security has been put under the F&O ban for April 22. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
