The Indian market is expected to trade higher following positive global cues. The Sensex rose more than 400 points while the Nifty50 closed above 18,800 levels. India VIX was down by 5.46%. Options data suggests a trading range between 18,700 to 18,950 zones. Nifty formed a bullish candle on the daily frame and has to hold above 18,777 zones to witness an up move towards 18,888 then 19,000 zones. Bank Nifty index formed a strong bullish candle as buying interest was seen across the banking space.
The 30-share BSE Sensex climbed 227 points or 0.37 per cent to trade at 62,099, while the broader NSE Nifty moved 59 points or 0.32 per cent higher to trade at 18,380. Mid- and small-cap shares were positive as Nifty Midcap 100 gained 0.35 per cent and the small-cap 100 was up 0.30 per cent.
Price Pipes and Fittings soared 5.76% to Rs 605.95 after the company s net profit surged 244% to Rs 97.2 crore on 76.7% jump in net sales to Rs 761.3 crore in Q4 FY21 over Q4 FY20.The piping solutions & multi polymer manufacturer saw robust volume growth driven by strong performance of plumbing portfolio. The company also witnessed a substantial value growth led by brand premiumisation and favourable product mix spanning plumbing and SWR categories.
The company s volume grew by 26% year on year to 41,644 MT in Q4 FY21 from 33,140 MT in Q4 FY20. Profit before tax grew by 226% year on year to Rs 131.2 crore in Q4 FY21 from Rs 40.2 crore posted in Q4 FY20.