Nifty, Sensex may move sideways – Weekly closing report
We had mentioned in previous week’s closing report that Nifty, Sensex may try to head higher. The major indices rallied this week and ended with major gains. The trend of the major indices in the week is given in the table:
 
 
On Monday, the indices opened high and ended with major gains. On the NSE, there were 1,277 advances, 662 declines and 101 unchanged.
 
ICICI Bank reported standalone profit at Rs 4,402.61 crore for the March 2021 quarter compared Rs 1,221.4 crore YoY. Net interest income grew by 16.9% YoY to Rs 10,431.13 crore.
 
HDFC Life Insurance posted 2.3% YoY rise in its March quarter consolidated net profit at Rs 319.06 crore. New premium collections were Rs 434.47 crore as against Rs 298.40 crore in the year-ago period.
 
HCL Technologies reported consolidated profit at Rs 1,102 crore for the quarter ended March 2021 compared to Rs 3,172 crore YoY on account of higher tax expense. Profit before tax was Rs 3,367 crore. Revenue grew 6% YoY to Rs 19,641 crore.
 
Blackstone acquired up to 26% stake in the Mphasis via an open offer.
 
On Tuesday, the indices opened higher and continued its rise. On the NSE, there were 1,324 advances, 571 declines and 106 unchanged.
 
Maruti Suzuki India reported a 9.7% fall in net profit for March 2021 quarter at Rs 1,166.1 crore compared to Rs 1,291.7 crore in the year-ago period. Revenue from operations grew to Rs 24,023.7 crore, up 32% YoY.
 
Tech Mahindra reported 34% YoY growth in consolidated profit at Rs 1,081.4 crore. Revenue grew a paltry 2.53% YoY to Rs 9,730 crore.
 
Hindustan Zinc net profit for March 2021 quarter jumped 85.3% to Rs 2,481 crore from Rs 1,339 crore in the year-ago period. Revenue went up 58.2% YoY to Rs 6,947 crore from Rs 4,392 crore.
 
Jindal Steel & Power accepted a binding offer from Worldone to divest the 96.42% stake in its material subsidiary Jindal Power (JPL).
 
On Wednesday, the indices opened higher and posted major gains. On the NSE, there were 1,205 advances, 710 declines and 98 unchanged.
 
Info Edge India is going to sell its stake worth Rs 750 crore in Zomato’s upcoming initial public offering. The food delivery platform intends to raise Rs 8,250 crore this year amid the growing business in the pandemic.
 
Axis Bank reported a net profit of Rs 2,677 crore compared to a loss of Rs 1,387.8 crore in the year-ago period. Net interest income rose 11% YoY to Rs 7,555 crore.
 
Bajaj Finance reported consolidated profit of Rs 1,347 crore compared to Rs 948 crore YoY. Consolidated net interest income fell to Rs 4,659 crore from Rs 4,684 crore YoY.
 
Morepen Laboratories board approved a USD 32.5-million investment proposed by Corinth Group as part of a $100 million investment in Morepen Group.
 
On Thursday, the indices opened higher and ended with minor gains. On the NSE, there were 866 advances, 1,041 declines and 100 unchanged.
 
Rain Industries reported sharply higher profit at Rs 231.1 crore against Rs 113.9 crore YoY. Revenue grew 6.2% to Rs 3,077.7 crore from Rs 2,897.6 crore YoY. 
 
Bajaj Auto reported standalone profit of Rs 1,332.1 crore for the quarter ended March 2021, up 1.7% year-on-year (YoY). Revenue from operations rose 26.1% YoY to Rs 8,596.1 crore.
Laurus Labs reported a net profit of Rs 296.7 crore against Rs 110.2 crore YoY. Revenue grew 68.3% YoY to Rs 1,411.9 crore.
 
On Friday, the indices opened lower and suffered a major correction. On the NSE, there were 799 advances, 1,086 declines and 104 unchanged.
 
Hindustan Unilever reported 44.8% jump in consolidated profit to Rs 2,190 crore for the March 2021 quarter from Rs 1,512 crore in the year-ago period. Consolidated revenue rose 35% YoY to Rs 12,433 crore in the same quarter. 
 
Titan Company standalone profit rose 48.2% YoY to Rs 529 crore from Rs 357 crore in the year-ago period. 
 
Ambuja Cements reported net profit of Rs 947 crore for the March 2021 quarter compared to Rs 554 crore earned in the year-ago period. Revenue jumped to Rs 7,715 crore from Rs 6,250 crore, YoY.
 
Persistent Systems reported net profit of Rs 137.7 crore compared to Rs 84 crore YoY. Revenue rose to Rs 1,113.3 crore from Rs 926 crore YoY.
 
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