The domestic equity indices continued trading with modest losses in afternoon trade. The Nifty hovered above 14,750 mark.
At 13:20 IST, the barometer index, the S&P BSE Sensex, dropped 328.04 points or 0.67% at 48,833.77. The Nifty 50 index lost 86.80 points or 0.58% at 14,763.95.
ICICI Bank (down 1.79%), Hindustan Unilever (HUL) (down 2.70%) and Housing Development Finance Corporation (HDFC) (down 1.25%) were major drags.
The broader market was mixed. The S&P BSE Mid-Cap index fell 0.18%. The S&P BSE Small-Cap index rose 0.20%.
Buyers outpaced sellers. On the BSE, 1,694 shares rose and 1,241 shares fell. A total of 184 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 336 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 676.67 crore in the Indian equity market on 11 May 2021, provisional data showed.
Indian stock markets will remain shut tomorrow, 13 May 2021, on account of Id-Ul-Fitr (Ramzan Id).
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 15,97,03,471 with 33,18,053 deaths. India reported 37,04,099 active cases of COVID-19 infection and 2,54,197 deaths while 1,93,82,642 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India lost 4,205 people to the coronavirus pandemic in the last 24 hours, said the government data released on Wednesday morning. This is the highest-ever death count that India has ever seen in a single day since the pandemic began in 2020. This is the third time in the span of 10 days that India has officially recorded over 4,000 deaths in 24 hours. India had seen over 4,000 deaths on 8 May 2021. On 9 May 2021, the second day in a row, India reported 4,092 deaths.
Economy:
Amid a strong second COVID-19 wave, Moody's cut India's FY22 GDP growth forecast. The rating agency slashed the projection to 9.3% for FY22 from 13.7% forecasted earlier. It also ruled out a sovereign rating upgrade, at least for now.
However, the UN has raised India's growth forecast to 7.5% for calendar year 2021, a 0.2% increase from its projection in January 2021. The country's outlook for the year, remained highly fragile, it said. The World Economic Situation and Prospects report released on Tuesday, 11 May 2021, also projected India's GDP to grow by 10.1% in 2022.
Gainers & Losers:
Tata Motors (up 5.23%), NTPC (up 2.26%), PowerGrid Corporation of India (up 1.88%), Larsen & Toubro (L&T) (up 1.39%) and Titan Company (up 1.15%) were major gainers in Nifty 50 index.
SBI Life Insurance Company (down 2.69%), Mahindra & Mahindra (M&M) (down 2.22%), Shree Cement (down 2.05%) and IndusInd Bank (down 1.93%) were major losers in Nifty 50 index.
Nifty Results Today:
Asian Paints (up 0.65%) and UPL (up 0.68%) will announce Q4 results today.
Earnings Impact:
BASF India declined 2.49%. On a standalone basis, BASF India's net profit jumped 24.74% to Rs 55.81 crore on 48% rise in revenue from operations to Rs 2,805.58 crore in Q4 March 2021 over Q4 March 2020. Profit before tax soared 332.64% to Rs 149.09 crore in Q4 March 2021 as against Rs 34.46 crore in Q4 March 2020. The board has recommended a special dividend of Rs 5 per equity share. This is in addition to a final dividend of Rs 5 per share for the financial year ended 31 March 2021.
Alembic dropped 3.50% after the company's consolidated net profit slumped 93.4% to Rs 3.64 crore on 151.7% increase in net sales to Rs 28.89 crore in Q4 March 2021 over Q4 March 2020. Profit before tax dropped 91.7% to Rs 4.59 crore in Q4 March 2021 as against Rs 55.63 crore in Q4 March 2020.
Kalpataru Power Transmission gained 1.26% after the company's consolidated net profit spurted 1338.5% to Rs 187 crore on 16% increase in net sales to Rs 4,086 crore in Q4 FY21 over Q4 FY20. EBITDA grew 15% Y-o-Y (year-on-year) to Rs 445 crore in Q4 FY21 over Q4 FY20 with EBITDA margin at 10.9% during the quarter. Profit before Tax (PBT) (after exceptions) surged 199% to Rs 283 crore in Q4 FY21 from Q4 FY20 with PBT (after exceptions) margin at 6.9%. The net debt stood at Rs 2,304 crore as on 31 March 2021 as compared to Rs 3,458 crore as on 31 March 2020, registering a 33.37% Y-o-Y fall. Consolidated order book was at Rs 27,900 crore as on 31 March 2021 and L1 at Rs 2,300 crore.
Stock in Spotlight:
Cadila Healthcare rallied 4.27% after the company's subsidiary announced plans to sell its India focused animal health business to Multiples Alternate Asset Management led consortium. Zydus Animal Health and Investments (ZAHL), a wholly owned material subsidiary of Cadila Healthcare, has entered into a business transfer agreement (BTA) and other ancillary agreements to sell and transfer its Animal Healthcare Established Markets Undertaking (Zydus AH) to Multiples Alternate Asset Management led consortium.
Global Markets:
Shares in Europe opened in the green while Asian stocks were mixed on Wednesday, 12 May 2021 as investors remain cautious over growing inflation worries. In Asia, Taiwan Weighted index slumped 4.11%.
US stocks dropped on Tuesday amid speculation that rising inflation pressure could prompt interest rate hikes sooner than expected.
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