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Sensex Trades Higher, Nifty Above 17,250; Asian Paints & ITC Top Gainers
Thu, 21 Apr 10:30 am

Sensex Trades Higher, Nifty Above 17,250; Asian Paints & ITC Top Gainers

Asian share markets are higher today, despite a mixed finish on Wall Street.

The Nikkei is up 1.1% while the Shanghai Composite fell 1.6%. The Hang Seng fell 1.5%.

In US stock markets, Wall Street indices ended mixed as the tech-heavy Nasdaq dropped as Netflix's surprise decline in subscribers weighed on both the streaming giant and other high-growth companies.

The Dow Jones gained 0.7% while the Nasdaq Composite fell 1.2%.

Back home, Indian share markets are trading on a positive note.

Benchmark indices started on a firm note today as domestic markets looked to stabilise after the recent rout, supported by firm global cues.

Market participants are tracking shares of HCL Technologies, Nestle India, ICICI Lombard General Insurance, L&T Technology Services, and Tata Communications as these companies will announce their March quarter results today.

The BSE Sensex is trading up by 405 points. Meanwhile, the NSE Nifty is trading higher by 114 points.

Asian Paints and ITC are among the top gainers today. Nestle India, on the other hand, is among the top losers today.

The BSE Mid Cap index is up 0.8% while the BSE Small Cap is trading higher by 1.3%.

Barring metal, all sectoral indices are trading in green with stocks in the energy sector and healthcare sector witnessing most of the buying.

Shares of Reliance, KSB and Blue Star hit their 52-week highs today.

The rupee is trading at 76.27 against the US$.

Gold prices are trading down by 0.1% at Rs 52,570 per 10 grams.

Meanwhile, silver prices are trading down by 0.3% at Rs 68,197 per kg.

Crude oil prices are up but trading in a narrow range, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund cut its global growth forecasts.

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 news from the IT sector, Tata Elxsi is among the top buzzing stocks today.

Tata Elxsi on Wednesday reported a 38.9% year-on-year (YoY) growth in its net profit at Rs 1.6 bn for the fourth quarter ended 31 March 2022.

The design and technology services provider had posted a net profit of Rs 1.2 bn in the corresponding quarter last year.

Tata Elxsi's revenue from operations rose 31.5% YoY to Rs 6.8 bn from Rs 5.2 bn in the year-ago quarter.

The company delivered the highest annual growth in its history, with full-year operating revenues growing by 35.3% and profit after tax (PAT) growing by 49.3% to Rs 5.5 bn, crossing Rs 5 bn mark for the first time.

The board of directors recommended a final dividend of 425% (Rs 42.50 per equity share) for the financial year ending 31 March 2022.

Note that Tata Elxsi does not have any debt on its books and the company is a strong dividend payer.

Have a look at the chart below to see its dividend history over the years.

Commenting on the performance, Manoj Raghavan, CEO and managing director, said,

  • This has been the strongest year of growth in the company's history and an all-round performance across business units, industries, and geographies.

    We continue to execute strongly on our growth aspirations with a CC revenue growth of 7.4% and 10% QoQ PBT growth in Q4 FY22.

Tata Elxsi share price is currently trading up by 1.1%.

Moving on to news from the ecommerce space, Nykaa has entered the competitive wellness and professional beauty services sector.

For this, the beauty products retailer has established a partnership with ELCA Cosmetics, an Estee Lauder Companies India affiliate, with the goal of launching Aveda X Nykaa-branded luxury unisex hair care salons in India.

Estee Lauder Companies Inc, based in New York, owns a number of global businesses, including Aveda, a leading vegan hair, skin, and body care line.

The Aveda X Nykaa salon features spa rooms, manicure and pedicure stations, as well as hair and cosmetics stations, in addition to hair treatments such as haircuts, colour, and style.

The salons will be launched by ELCA Cosmetics Private and FSN Brands Marketing, a subsidiary of FSN E-Commerce Ventures, which operates Nykaa.

According to the firms, the alliance would make use of Nykaa's retail and Indian beauty expertise, as well as Aveda's performance and clean beauty products.

Nykaa share price is currently trading up by 3.4%.

To know more about the company, check out Nykaa's financial factsheet and its latest quarterly results.

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