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Budget News

  • Sensex falls 282 pts, Nifty ends below 15,700 dragged by IT stocks
  • June 23,2021  16:37
  • Key indices reversed early gains and closed near the day's low with modest losses on Wednesday. Traders were jittery ahead of Thursday's monthly F&O expiry on the NSE. The Nifty closed below the crucial 15,700 mark after hitting the day's high of 15,862.95 in initial deals. Barring the Nifty Auto index, all sectoral indices on the NSE ended in the red.

    The barometer index, the S&P BSE Sensex, fell 282.63 points or 0.54% at 52,306.08. The Nifty 50 index lost 85.80 points or 0.54% at 15,686.95.

    TCS (down 1.17%), ICICI Bank (down 0.96%), HDFC (down 0.95%), Reliance Industries (down 0.94%) and Infosys (down 0.59%) were major drags.

    Selling was broad based. The BSE Mid-Cap index lost 0.26% and the BSE Small-Cap index slipped 0.43%.

    The market breadth turned negative in late trade. On the BSE, 1,533 shares rose and 1,702 shares fell. A total of 141 shares were unchanged.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 17,91,64,193 with 38,82,531 deaths. India reported 6,43,194 active cases of COVID-19 infection and 3,90,660 deaths while 2,89,94,855 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    As of now, India's total tally of COVID-19 cases crossed the 3-crore mark with one crore infections being added in 50 days. The total tally mounted to 3,00,28,709, with 50,848 new coronavirus infections being reported in a day. The death toll climbed to 3,90,660 with 1,358 fresh fatalities, according to the Union Health Ministry data updated on Wednesday, 23 June 2021.

    India's total COVID-19 infections had surpassed the one-crore mark on 19 December 2020 after which it took around 136 days to cross the 2-crore mark on 4 May 2021. The active cases further declined to 6,43,194 comprising 2.14% of the total infections, while the national COVID-19 recovery rate has improved to 96.56%, the data updated at 8 AM showed.

    Economy:

    Moody's Investors Service on Wednesday slashed India's growth projection to 9.6% for 2021 calendar year, from its earlier estimate of 13.9%, and said faster vaccination progress will be paramount in restricting economic losses to June quarter

    In its latest report, Moody's said high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May. With states now easing restrictions, economic activity in May is likely to signify the trough.

    Numbers to Watch:

    The yield on 10-year benchmark federal paper fell to 6.019% as compared with 6.025% at close in the previous trading session.

    In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.2775, compared with its close of 74.3750 during the previous trading session.

    MCX Gold futures for 5 August 2021 settlement rose 0.16% to Rs 47,088.

    The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.05% to 91.71.

    In the commodities market, Brent crude for August 2021 settlement rose 55 cents at $75.36 a barrel. The contract fell 9 cents, or 0.12% to settle at $74.81 a barrel in the previous trading session.

    Foreign Markets:

    Most European stocks declined while most Asian stocks advanced 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.

    Buzzing Indian Segment:

    The Nifty Auto index rose 0.46% to 10,588.50. The index rose 1.80% in two sessions.

    Maruti Suzuki India (up 2.29%), M&M (up 1.01%), Ashok Leyland (up 0.76%), Eicher Motors (up 0.36%) and TVS Motor (up 0.33%) advanced.

    Hero MotoCorp gained 0.79% 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 1 July 2021.

    Stocks in Spotlight:

    United Breweries fell 3.66%. Heineken NV announced that it has bought an additional 3,96,44,346 shares in United Breweries. With this share purchase, Heineken's shareholding in UBL has increased to 61.50% from 46.52%.

    Vedanta fell 0.51%. The company said it has been awarded the Kuraloi (A) North coal block, located in Jharsuguda district, Odisha. The miner said that the coal block is an optimal fit for the company's Jharsuguda smelter given its logistical location and annual capacity. The mine has geological reserves of 1,680 million tonnes and an estimated per annum capacity of 8 million tonnes. Once operational, it will provide fuel security, improve power availability and further strengthen the company's aluminium operations and performance.

    NMDC fell 3.53%. On a consolidated basis, the PSU miner's net profit surged 717.15% to Rs 2,835.54 crore on 114.83% jump in revenue from operations to Rs 6,847.57 crore in Q4 March 2021 over Q4 March 2020. Profit before tax soared 188.41% to Rs 4,264.39 crore in Q4 FY21 as against Rs 1,478.55 crore in Q4 FY20. The Q4 earnings were announced after trading hours yesterday, 22 June 2021. EBITDA grew 183% to Rs 4,330 crore in Q4 FY21 as against Rs 1,528 crore in Q4 FY20. EBITDA margin improved to 63% during the quarter as compared to 48% during the corresponding quarter, last year. Iron ore production jumped 30% to 123.08 LT in Q4 FY2020-21 as against 94.74 LT in Q4 FY2019-20. Iron Ore sales rose 29% to 110.91 LT in Q4 March 2021 from 86.19 LT in Q4 March 2020.

    Cipla added 0.22%. The drug major said that it has received final approval for its abbreviated new drug application (ANDA) for Arformoterol Tartrate inhalation solution 15 mcg / 2 mL from the United States Food and Drug Administration (USFDA).

    The solution is AN-rated generic therapeutic equivalent version of Sunovion Pharmaceuticals Inc.'s Brovana. It is indicated for the maintenance treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and emphysema. According to IQVIA (IMS Health), Brovana had US sales of approximately $438 million for the 12-month period ending April 2021.

    Century Plyboards India fell 0.34%. 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 3.16% 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.

    Bharat Electronics (BEL) soared 11.23% after the company's consolidated net profit jumped 30.5% to Rs 1,355.73 crore on 18.2% rise in net sales to Rs 6,769.96 crore in Q4 March 2021 over Q4 March 2020. Profit before tax soared 36.3% to Rs 1,935.97 crore in Q4 FY21 as against Rs 1,420.09 crore in Q4 FY20.

    Sobha declined 3.91% after the company's consolidated net profit slumped 64.7% to Rs 17.90 crore on 39.2% rise in net sales to Rs 553.40 crore in Q4 March 2021 over Q4 March 2020. Profit before tax tanked 82.1% to Rs 14.60 crore in Q4 FY21 as against Rs 81.40 crore in Q4 FY20. The company said it was able to clock best ever sales performance during Q4-21 and FY-21. The ongoing second wave of COVID-19 and intermittent localised lockdowns have slowed the economic activities during Q1 of FY-22, however the residential real estate sector is expected to bounce back earlier due to inherent demand in housing, work from home concept, better affordability and low interest rate regime.

    Garden Reach Shipbuilders & Engineers advanced 3.29% after the company said that the new 250-ton Goliath Crane has been commissioned on 22 June 2021 at main works unit of the company at an approximate cost of Rs 155 crore. The Goliath Crane has enhanced the capacity of the modernized infrastructure facility of the company's shipyard. It is a vital asset for construction and repair of wide range of modern and strategic warships.

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