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Budget News

  • Sensex, Nifty hit day's low; breadth positive
  • June 23,2021  13:31
  • The benchmark indices extended losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 138.68 points or 0.26% at 52,450.03. The Nifty 50 index lost 40.15 points or 0.25% at 15,732.60.

    Reliance Industries (RIL) (down 0.59%), Tata Consultancy Services (TCS) (down 0.98%) and Housing Development Finance Corporation (HDFC) (down 0.79%) were major drags.

    The broader market traded sideways. The S&P BSE Mid-Cap index added 0.09%. The S&P BSE Small-Cap index fell 0.01%.

    Buyers outpaced sellers. On the BSE, 1,720 shares rose and 1,408 shares fell. A total of 152 shares were unchanged.

    Foreign portfolio investors (FPIs) sold shares worth Rs 1,027.94 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 302.45 crore in the Indian equity market on 22 June 2021, provisional data showed.

    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.

    Gainers & Losers:

    Maruti Suzuki India (up 2.52%), Hero MotoCorp (up 1.43%), Bajaj Finserv (up 1.41%), Hindalco Industries (up 1.17%) and Titan Company (up 0.90%) were major gainers in Nifty 50 index.

    Wipro (down 2.34%), Adani Ports & Special Economic Zones (APSEZ) (down 1.70%), Shree Cements (down 1.37%), Kotak Mahindra Bank (down 1.12%) and Tata Consultancy Services (TCS) (down 0.98%) were major losers in Nifty 50 index.

    Earnings Impact:

    Bharat Electronics (BEL) soared 9.51% 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 3.15% 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.

    Managing cash flows efficiently during these turbulent times is critical. Sabha focused on doing so during FY 20-21 and managed to do so efficiently due to self-reliant business model, optimum utilization of resources, use of technology, cost effective measures, customer trust and brand equity, it added.

    Stock in Spotlight:

    Cipla added 0.25%. 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.

    Global Markets:

    Most European stocks declined while most Asian stocks advanced on Wednesday, 23 June 2021, 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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