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Budget News

  • Barometers trade with minor losses; auto stocks zoom
  • June 23,2021  11:25
  • The main indices traded sideways with small losses in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 32.24 points or 0.06% at 52,556.70. The Nifty 50 index fell 6.9 points or 0.04% at 15,765.45.

    In the broader market, the S&P BSE Mid-Cap index was up 0.04% while the S&P BSE Small-Cap index rose 0.14%.

    The market breadth was positive. On the BSE, 1,729 shares rose and 1,253 shares fell. A total of 156 shares were unchanged.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 179,105,648 with 3,880,875 global deaths.

    India reported 643,194 active cases of COVID-19 infection and 390,660 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

    Results Today:

    Apollo Hospitals Enterprises (down 0.58%), Allcargo Logistics (up 0.47%), Deepak Spinners (up 1.1%), and V2 Retail (up 2.18%) will announce their quarterly results today.

    Buzzing Index:

    The Nifty Auto index added 1% to 10,646.30, rising for second trading session. The index has risen 2.36% in two trading sessions.

    Maruti Suzuki India (up 2.02%), Ashok Leyland (up 1.18%), Motherson Sumi Systems (up 1.18%) and Escorts (up 0.9%) were the top gainers. Among the other gainers were Mahindra & Mahindra (up 0.86%), Eicher Motors (up 0.75%) and Bajaj Auto (up 0.72%)

    Hero MotoCorp gained 2.36% after the two wheeler producer announced that it will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from July 1, 2021.

    Stocks in Spotlight:

    Century Plyboards added 1.22%. The company announced that its board of directors has approved a proposal for setting up a new unit in the state of Punjab for manufacturing of veneer and plywood. The company's existing production capacity for plywood production is 3,00,000 cubic metre (CBM) per year. The capacity utilization level for year ended March 2021 was 54%. The utilization level was at 77% in Q4 FY21.

    Aster DM Healthcare declined 3.70% to Rs 152.35 after the company's consolidated net profit dropped 20.2% to Rs 116.72 crore on 4.8% rise in net sales to Rs 2,390.88 crore in Q4 March 2021 over Q4 March 2020. Profit before tax declined 16.6% to Rs 121.97 crore in Q4 FY21 as against Rs 146.26 crore in Q4 FY20. The Q4 earnings were announced after trading hours yesterday, 22 June 2021. EBITDA (excluding other income and fair value of put option) fell 17% to Rs 336 crore in Q4 FY21 as against Rs 404 crore in Q4 FY20.

    Global Markets:

    Asian stocks were trading higher on Wednesday, following overnight gains stateside that saw the tech-heavy Nasdaq Composite rising to a record high.

    Minutes from the Bank of Japan's April monetary policy meeting released Wednesday showed members agreed that stimulus measures, particularly those in advanced economies, could result in a faster than expected pace of recovery for Japan and other countries.

    Japan's factory activity expanded at the slowest pace in four months in June. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 51.5 in June from a final 53.0 in the previous month, largely due to a sharp decline in output.

    US stocks rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains. The S&P 500 ended Tuesday just short of a new closing record, while the tech-heavy Nasdaq Composite climbed to an all-time high.

    Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank's intent to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.

    “We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.

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