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4 feb (2)

Indices correct on profit selling; broader market extend gains.

Domestic indices traded with modest losses in morning trade as profit selling emerged after recent steep gains triggered by Union Budget announcements. The Nifty hovered above 14,750 level. Banks shares tumbled after rallying for five consecutive sessions.

The barometer index, the S&P BSE Sensex, was down 153.42 points or 0.31% at 50,102.66. The Nifty 50 index was down 30 points or 0.2% at 14,759.95.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 1% while the S&P BSE Small-Cap index gained 1.18%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1595 shares rose and 850 shares fell. A total of 125 shares were unchanged.

Earnings Today:

State Bank of India (down 0.07%) and Hero MotoCorp (up 3%) will announce quarterly earnings today.

Zee Entertainment Enterprises (up 1.68%), Adani Power (up 2.57%), Adani Transmission (up 3.38%), Bajaj Electricals (up 5.93%), Chambal Fertilisers (up 3.97%), Container Corporation (up 2.2%), Gillette India (up 0.88%), Godrej Agrovet (up 0.1%), Godrej Properties (up 1.37%), HPCL (up 1.82%), Honeywell Automation India (up 1.1%), ICRA (down 0.49%), Ipca Laboratories (down 0.91%), NTPC (up 0.72%), REC (up 1.1%), Sonata Software (up 5.14%), Strides Pharma Science (up 2.21%), Tata Power (up 3.38%), Trent (down 0.71%), Whirlpool of India (up 0.61%) will also announce quarterly earnings today.

Buzzing Index:

The Nifty Bank index slipped 1.32% to 34,301.20, snapping its five-day winning streak. The index surged 14.7% in five days.

IndusInd Bank (down 2.6%), ICICI Bank (down 1.84%), HDFC Bank (down 1.58%), Axis Bank (down 1.29%) and Kotak Mahindra Bank (down 0.96%) declined.

Earnings Impact:

Bharti Aritel down 0.87%. On a consolidated basis, the telecom operator reported a net profit of Rs 853.60 crore in Q3 FY21 as against net loss of Rs 1035.30 crore in Q3 FY20. Net sales during the quarter increased by 20.8% year-on-year (YoY) to Rs 26517.80 crore. EBITDA witnessed an increase of 38.2% YoY to Rs 12,178 crore in Q3’21. This led to an improvement in EBITDA margin from 41.3% in Q3 FY20 to 45.9% in Q3 FY21. The telecom firm recorded a pre-tax profit of Rs 5656.80 crore in Q3 December 2020 as against a pre-tax loss of Rs 1502.80 crore in Q3 December 2019. Consolidated mobile data traffic at 8,191 PBs in the quarter with a healthy YoY growth of 52.9%. India revenues for Q3 FY21 was at Rs 19,007 crore, up by 25.1% YoY. Mobile revenues grew by 32.4% YoY on account of the improved realizations as well as strong customer addition. ARPU for the quarter improved by 22.96% Rs 166 compared with Rs 135 in Q3 FY20, an outcome of our focus on acquiring quality customers as well as secular upgrading of customers to data.

Procter & Gamble Hygiene & Healthcare spurted 9.2% after standalone net profit jumped 84.4% to Rs 250.62 crore on 18.5% rise in net sales to Rs 1,018.44 crore in Q2 December 2020 over Q2 December 2019. Net sales received a major boost owing to its superior strategy, robust product portfolio, strong retail execution and market recovery the company witnessed during the quarter. Profit after tax registered robust growth annually on account of strong sales growth, productivity savings and a one-time help in the quarter. In management’s estimate, the profit for the quarter, excluding the one-time help, was up 34%. Both the feminine care and healthcare business delivered strong double-digit growth in the quarter and grew ahead of category.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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