Equity indices traded sideways with gains in morning trade. The Nifty held above the crucial 14,900 mark. Metal, pharma and PSU bank stocks advanced while IT stocks were under pressure.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 330.15 points or 0.67% at 49,536.21. The Nifty 50 index was up 108.85 points or 0.73% at 14,932.95.

In broader market, the S&P BSE Mid-Cap index was up 0.74% while the S&P BSE Small-Cap index gained up 0.84%.

The market breadth was strong. On the BSE, 1845 shares rose and 878 shares fell. A total of 189 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 157,954,082 with 3,288,812 global deaths.

India reported 37,45,237 active cases of COVID-19 infection and 246,116 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India recorded 3,66,161 new cases and 3,754 deaths.

Buzzing Index:

The Nifty Metal index added 1.99% to 5,442.25, rising for fourth consecutive trading session. The index has rallied 10.58% in four trading days.

NMDC (up 5.38%), Coal India (up 4.02%), Tata Steel (up 2.38%), Jindal Steel & Power (up 2.31%), Hindalco Industries (up 2.24%), National Aluminium Company (up 1.91%), Vedanta (up 1.78%) and Steel Authority of India (up 1.21%) were top gainers in metal space.

Results Today:

Chambal Fertilisers (up 1.87%), Intellect Design Arena (up 1.21%), PPAP Automotive (up 1.18%), Venkys (up 2.47%) and Zydus Wellness (up 0.8%) will announce their quarterly results today.

Earnings Impact:

Avenue Supermarts rose 1.61%. The company's consolidated net profit surged 52.7% to Rs 414 crore on 18.4% rise in net sales to Rs 7412 crore in Q4 FY21 over Q4 FY20. Consolidated profit before tax surged 63.1% year on year to Rs 543.56 crore in Q4 FY21 from Rs 333.25 crore in Q4 FY20. Earnings before interest, tax, depreciation and amortization (EBITDA) in Q4FY21 grew by 47% year-on-year to Rs 613 crore in Q4 FY21. EBITDA margin stood at 8.3% in Q4 FY21 from 6.7% registered in Q4 FY20.

CSB Bank jumped 5.8%. On a standalone basis, the bank reported a net profit of Rs 42.89 crore in Q4 FY21 as against net loss of Rs 59.68 crore in Q4 FY20. The bank's total income grew by 28.2% year on year to Rs 609.45 crore in Q4 FY21 as against Rs 475.49 crore in Q4 FY20. Profit before tax stood at Rs 58 crore in Q4 FY21, a jump of nearly 156% from Rs 22.67 crore in the same period last year. Operating profit before provisions surged 20.5% year on year to Rs 128.96 crore in Q4 FY21. The bank's Net Interest Income (NII) for the quarter grew by 75% year on year to Rs 275.70 crore in Q4 FY21 from Rs 157.54 crore in the corresponding quarter of the previous year. Net interest margin rose to 5.42% in Q4 FY21 from 3.73% in Q4 FY20.

Bandhan Bank fell 1.35%. The micro finance bank reported an 80% fall in net profit to Rs 103.03 crore on 25.5% rise in total income to Rs 3787.91 crore in Q4 FY21 over Q4 FY20. Profit before tax stood at Rs 135.17 crore in Q4 FY21, a decline of 80.5% from Rs 693.32 crore in the same period last year. Operating profit before provisions surged 13.73% year on year to Rs 1,729.47 crore in Q4 FY21. The bank's Net Interest Income (NII) for the quarter grew by 4.6% year on year to Rs 1,757 crore in Q4 FY21 from Rs 1,680 crore in the corresponding quarter of the previous year. Net Interest Margin (annualised) for the quarter ended 31 March 2021 stood at 6.8%. NIM is at 8.8% excluding onetime reversal on account of NPA recognition and interest on interest as against 8.1% in 31 March 2020.

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