Sensex, Nifty Gain For A Second Session On Vaccine Optimism
A trader monitors financial data on computer screens on the trading floor at ETX Capital, a broker of contracts-for-difference, during U.K. parliamentary voting on amendments for the Brexit deal in London, U.K. (Photographer: Simon Dawson/Bloomberg)

Sensex, Nifty Gain For A Second Session On Vaccine Optimism

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Indian equity benchmarks rose for a second session on optimism the U.S. decision to offer vaccine support will aid the nation’s effort to control the world’s largest surge in coronavirus infections.

The S&P BSE Sensex climbed 1.17% to 48,954.16 while the NSE Nifty 50 index gained 1.16% to 14,653.05. All 19 sector sub-indices compiled by BSE Ltd. advanced, led by a gauge of metal companies.

Sensex, Nifty Gain For A Second Session On Vaccine Optimism

Overseas investors have sold $1.1 billion of local stocks through April 23, the biggest outflow since March last year, when the nation imposed one of the strictest nationwide lockdown in the world to curb the spread of the pandemic. With 17.6 million cases in total, the nation is now the second-worst affected country globally.

With gains of just about 2%, Sensex is among the worst performers in Asia this year.

The U.S. announced Monday it would share its entire supply of AstraZeneca Plc’s Covid-19 vaccine with other countries and readied an aid package for India, as President Joe Biden pivots to ramp up U.S. pandemic assistance to the rest of the world.

We’re currently dancing to the global tunes and prospects of upbeat earnings have further strengthened the recovery. We feel Nifty can test 14,800 next if it manages to hold above the 14,600 zone. Participants should align their positions accordingly and prefer sectors that are showing consistent buying interest.
Ajit Mishra, Vice President - Research, Religare Broking Ltd.

Also read: Global Steel Boom Builds as Rampant Demand Overwhelms Supply

SBI to Consider Up To $2 Billion Fund Raising

A panel of the bank’s central board will meet April 28 to examine the status and decide on fundraising of as much as $2 billion via bonds, the State Bank of India said in a stock exchange filing.

The fund raising in 2021-22 can be in a single or multiple tranches and via a public or private placement of senior notes in U.S. dollar or any other convertible currency

Hindustan Zinc Q4 Net Income Misses Estimates

Hindustan Zinc reported net income for the fourth quarter that missed the average analyst estimate.

  • Net income Rs 2,480 crore, up 85% y/y, estimate Rs 2,520 crore (Bloomberg Consensus)
  • Revenue Rs 6,730 crore, up 56% y/y, estimate Rs 6,460 crore
  • Total costs Rs 3,900 crore, up 30% y/y
  • Other income Rs 295 crore, down 37% y/y
  • Ebitda Rs 3,875 crore, up 98% y/y, estimate Rs 3,690 crore

Commentary

  • Sees FY22 metal output higher than a year ago
  • Sees FY22 project capex at $100 million
  • FY22 mined, finished metal output seen at 1.03 million-1.05 million tonnes each
  • FY22 saleable silver output seen at 720 tonnes
  • FY22 zinc cost of production seen below $1,000 per tonne

Maruti Suzuki Slides After Q4 Profit Misses Estimate

Maruti Suzuki India Ltd.’s profit narrowed and earnings trailed estimates as a resurgent Covid-19 outbreak hit consumer demand in Asia’s third-largest economy.

Net income fell 9.3% to Rs 1,166 crore ($157 million) in the three months ended March 31, the unit of Japan’s Suzuki Motor Corp. said in a statement Tuesday. That’s less than the average analyst estimate of Rs 1,699 crore, according to data compiled by Bloomberg.

Revenue at Maruti Suzuki for the fourth quarter rose 32% year-on-year to Rs 24,113 crore.

Info Edge Registers Longest Win Streak in Nine Years

Info Edge India Ltd. is higher for the eighth straight day, on track for the longest winning streak since the period ended Feb. 2, 2012.

The stock has gained a total of 8.3% during the streak while the Sensex increased 0.6%.

  • Trading volume was 53% below the 20-day average for this time of day.
  • The consensus price target is 9.6% lower than the current stock price, vs 31.6% higher for comparable companies.
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