Sensex Rallies 874 Points, Nifty Ends Near 17,400; Eicher Motors & Coal India Surge 4%

Thu, 21 Apr Closing

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Indian share markets extended gains as the session progressed as buying was seen across the sectors.

Tracking firm global cues, benchmark indices added to yesterday's gains as index heavyweight stocks Reliance and Asian Paints added more firepower.

Reliance is all set to become India's first company to hit a marketcap of Rs 19 tn after a strong rally over the past three trading days.

At the closing bell, the BSE Sensex stood higher by 874 points, up 1.5%.

Meanwhile, the NSE Nifty climbed 256 points, ending close to the 17,400-mark.

Eicher Motors, Coal India, and Maruti Suzuki were among the top gainers today while Cipla, Tata Steel, and ONGC were among the top losers today.

In broader markets, both the BSE Mid Cap index and the BSE Small Cap index ended up by 1.3%.

All the sectoral indices ended in green with banking, IT, auto, and pharma stocks witnessing most of the buying.

Shares of AU Small Finance Bank and Reliance Industries hit their 52 week high today.

Outside the home ground, Asian share markets posted mixed signals. At the close in Tokyo, the Nikkei 225 added 1.2% while the Hang Seng dipped 1.3%. The Shanghai Composite dropped 2.3%.

The SGX Nifty was trading up by 1.4% at the time of writing.

Gold prices are trading down by 0.6% on MCX at Rs 52,315 per 10 grams.

Meanwhile, silver prices are trading down by 1.4% at Rs 67,474 per kg.

Speaking of stock markets, Chartist Brijesh Bhatia talks about the life insurance sector, in his latest video for Fast Profits Daily.

Brijesh is bearish on the sector and in the below video, he explains why. Tune in to find out more:

In latest developments from the IPO space, the government is likely to take a call on the timing of Life Insurance Corp. of India's (LIC) initial public offering (IPO) this week.

The IPO that was originally planned to be launched in March got derailed due to the Russia-Ukraine war.

If the IPO is delayed beyond 12 May, it will be deferred to august or September since fresh papers with updated quarterly results and valuations would have to be filed with markets regulator.

At a 5% stake dilution, the LIC IPO would be the biggest ever in the history of the Indian stock market, and once listed its market valuation would be comparable to top companies like Reliance Industries and Tata Consultancy Services.

Another IPO creating a buzz is Rainbow Children's Medicare which will open next week on 27 April and close on 29 April.

The initial share sale of the multi-speciality pediatric hospital chain comprises a fresh issue of equity shares aggregating up to Rs 2.8 bn and an offer for sale (OFS) of up to 24 m equity shares by the selling shareholders and promoters.

The IPO size is expected to be more than Rs 20 bn. The firm will finalise the basis of allotment on 5 May, and list on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 10 May.

Rainbow, backed by the UK-based development finance institution CDC Group plc, has established its reputation as a leader in multi-speciality pediatric services, with strong clinical expertise in managing complex diseases.

As of December 2021, Rainbow operates fourteen hospitals and three clinics in six cities in India, with a total bed capacity of 1,500 beds.

Once listed, the company will join the likes of Apollo Hospitals and Fortis Healthcare for competition.

Moving on to stock specific news...

Shares of Angel One surged over 18% today, reacting to the company's stellar March quarter earnings.

The stock broking & allied services company reported a sequential growth of 24% in its net profit while revenues too grew 16%.

The company doubled its reported net profit (YoY) to Rs 6.3 bn for the financial year 2022.

Owing to a shift towards a flat fee revenue model, the cyclicality in revenue is much lower for discount brokers versus their traditional counterparts.

Angel One announced gross client addition of 1.5 m in the March quarter and 5.3 m in the financial year 2022. The key highlight was that 94% of client additions were from tier-2/3 cities.

The management is focused on boosting its digital platform and launching a super app soon.

In its earnings press release, the company said:

• Q4FY22 witnessed a few major releases of our Super-App as we put it into advanced beta and validation phase. The first look will be delivered in this quarter.

We will keep you updated in this space.

Moving on to news from the FMCG sector, ITC will acquire 10.1% stake in Blupin Technologies which owns the direct-to-consumer (D2C) mother and baby platform Mylo.

Mylo, is a full-stack community eco-system focused on parenting and child-related content, health tools, and community sharing features.

Mylo's product range includes Mylo Care which offers natural personal care products, Mylo Essentials which are everyday use products for the family, and Mylo Veda, an ayurvedic range of personal care products.

In the financial year 2021, the company clocked a turnover of Rs 14 m.

On the development, the chief executive, personal care products business, ITC Ltd, Sameer Satpathy Said:

• The investment will provide ITC the opportunity to foray into this emerging space and become an integral part of the evolution of this area. Our investment in Mylo will also enable us to strengthen focus in the mother and baby community building platform, besides expanding our presence in the D2C mother and child care segment.

In November 2021, ITC announced an investment in another mother and baby care D2C brand Mother Sparsh Baby Care Private Limited.

The move is in line with the company's 'ITC Next' strategy which focuses on consumer-centricity and future readiness in a digital-first culture. The company has outlined "value accretive opportunities" in such areas as planks for growth.

ITC shares ended marginally higher today.

To know more, check out ITC's financial factsheet and its latest quarterly results.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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