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 Stock Market Live: Sensex edges higher, Nifty above 14,650; Auto, IT, Bank stocks lead

 EVENT HIGHLIGHTS

Stock Market Live: Indian indices were higher on Friday boosted by IT and auto stocks. The IT index jumped over 1.5 percent following a 7 percent rise in Wipro after it posted the best Q4 in 10 years. Meanwhile, the sentiment was also lifted after a batch of Chinese and U.S. economic data helped underpin global stocks near record highs.

Wipro shares jump 7% on strong Q4 results; lifts IT index up 1.5%

Shares of IT major Wipro rallied over 7 percent on Friday after the firm reported its best Q4 in 10 years. The company sees sequential revenue growth of 2-4 percent in Q1 of FY22 in the range of $2.19 billion to $2.23 billion. This will be backed by a strong demand environment and a robust pipeline of digital deals. The stock surged as much as 7.4 percent to its day’s high of Rs 463.20 per share. Other IT stocks were also trading higher following the rise in Wipro with the Nifty IT index up over 1.5 percent. L&T Infotech, Mindtree, HCL Tech, Coforge, Tech Mahindra rose between 1 percent and 3 percent. The company posted a net profit of Rs 2,972.3 crore, a 28 percent rise from the year-ago period, on the back of higher revenues. The revenues for Q4 also grew 3.4 percent year-on-year (y-o-y) to Rs 16,245.4 crore on broad-based growth across sectors.

Among brokerages, Morgan Stanley is ‘overweight’ on ITC while Credit Suisse raised the target for NMDC. However, Citi and CLSA have mixed views on Wipro despite the IT major reporting the best fourth…

“There are clear indications of a sharp turnaround in the global economy thanks to the massive monetary & fiscal stimulus, particularly from the developed world. Macro data from the US like jobless claims and retail sales point to a smart rebound in the world’s largest economy. The second-largest economy China too is doing well. This augurs well for the global economy in general & EMs in particular. In India, increasing restrictions on economic activity will impact growth in FY 22. Looks like the restrictions will last till the end of May. Even if GDP growth declines by 1% India is likely to end FY 22 with a growth rate of around 10%. From the market perspective, the decline in US 10-year yield to 1.56% and the resumption of FII buying ( Rs 980 cr yesterday) are positives. Even in the context of bad Covid numbers, the market is likely to remain resilient”

Opening Bell: Sensex opens over 100 points higher, Nifty above 14,600; Wipro up 3% post Q4

Indian indices opened higher on Friday, following gains in global peers after a batch of Chinese and U.S. economic data helped underpin global stocks near record highs. Back home, gains were led by banking, IT and metal stocks. At 9:18 am, the Sensex was trading 134 points higher at 48,937 while yhe Nifty rose 29 points to 14,610. On the Nifty50 index, Wipro, Aian Painta, Tech Mahindra, Maruti and Eicher Motors were the top gainers while Sun Pahrma, ONGC, UPL, RIL and Adnai Ports led the losses.

China’s economic growth surged to 18.3% as activity revived

Chinas economic growth surged to 18.3 percent over a year earlier in the first quarter of this year as factory and consumer activity recovered from the coronavirus pandemic. The figures announced Friday were magnified by comparison with early 2020 when the economy suffered its deepest contraction in decades. The government noted growth compared with the final quarter of 2020 when recovery was underway, was a more modest 0.6 percent. Business activity has mostly returned to normal since the ruling Communist Party declared victory over the coronavirus last March and began allowing factories and stores to reopen.

Steel sector set to mine best ever earnings growth in Q4FY21

Soaring steel prices coupled with low coking coal prices are set to lift the March quarter earnings of the metals and mining sector, especially steel companies which are likely to report best-ever profits. The earnings’ dream run for the sector is expected to continue driven by rising steel prices, which are up around Rs 5,000-6,500 per tonne QoQ, supported by low coking coal prices and partly offset by higher iron ore prices. Coking coal prices continue to trend down due to no offtake of Australian coking coal by China. The mid-month hike in HRC is expected to continue, while the export prices may continue to offset any weakness in domestic demand, experts said

Citi to exit India consumer business through sale, says customers won’t be impacted

It is the end of an era, with Citibank announcing its intention to exit the consumer banking business in India, first started back in 1985. The bank will now look for a buyer for its consumer book, including the credit cards business as part of its exit strategy, a spokesperson for Citibank India told CNBC-TV18.

Why the exit?

While announcing its first-quarter earnings for 2021, Citigroup’s global CEO Jane Fraser announced the bank’s exit from consumer banking in 13 countries including India. “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia. We will continue to update you on strategic decisions as we make them while we work to increase the returns we deliver to our shareholders,” Fraser said.

First up, here is quick catchup of what happened in the markets on Thursday

Indian equity market ended Thursday’s volatile session higher led by gains in metals and pharma stocks. The Sensex ended 259.62 points, or 0.53 percent, higher at 48,803.68, while the Nifty gained 76.65 points, or 0.53 percent to close at 14,581.45. Broader indices ended mixed as the Nifty Midcap 100 ended flat, while the Nifty Smallcap100 closed marginally lower. Among sectoral indices, gains were witnessed in metals, pharma, IT, Financial Services and Private Banks, while the Nifty Auto, Nifty FMCG and Nifty PSU Bank indices ended in the red. TCS, Wipro, Cipla, ONGC and ICICI Bank were the top Nifty50 gainers, Grasim Industries, Eicher Motors, Maruti Suzuki, Infosys and IndusInd Bank were the top losers.

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