Barometers traded near the day's low with steep losses in mid-morning trade. PSU banks and media shares bucked a weak market trend. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 451.89 points or 0.93% at 48,716.68. The Nifty 50 index declined 128.35 points or 0.86% at 14,722.35.
In broader market, the S&P BSE Mid-Cap index was down 0.58% while the S&P BSE Small-Cap index fell 0.26%.
The market breadth was positive. On the BSE, 1447 shares rose and 1316 shares fell. A total of 166 shares were unchanged.
Indian stock markets will remain closed tomorrow, 13 May 2021 on account of Id-Ul-Fitr (Ramzan Id).
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 159,337,160 with 3,312,920 global deaths.
India reported 37,04,099 active cases of COVID-19 infection and 254,197 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India recorded 3,48,421 new cases and 4,205 deaths.
Economy:
Amid a strong second Covid 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.
On the macro data front, investors are awaiting the industrial production and manufacturing production data for March and inflation data for April, scheduled to release later today.
Buzzing Index:
The Nifty IT index slipped 0.98% to 25,850.20, falling for second trading session. The IT index has now declined 1.6% in two trading days.
Mphasis (down 2.57%), Tech Mahindra (down 2%), TCS (down 1.11%), Oracle Financial Services (down 1.11%), Coforge (down 1.05%) and Infosys (down 0.89%) were top losers in IT space.
Earning Impact:
Godrej Consumer Products soared 14.53% after the FMCG company's consolidated net profit surged 59.1% to Rs 365.84 crore on 26.9% jump in net sales to Rs 2,705.69 crore in Q4 FY21 over Q4 FY20. Consolidated profit before tax soared 25.8% to Rs 424.41 crore in Q4 March 2021 as against Rs 337.39 crore in Q4 March 2020. The consolidated EBITDA galloped 21% Y-o-Y in Q4 March 2021 over Q4 March 2020. Consolidated EBITDA margins stood at 21.2%, a decrease of 110 bps year-on-year, driven by drop in India and Latin America & SAARC margins. The India sales grew 35% to Rs 1,466 crore in Q4 FY2021 over Q4 FY2020 while the volume jumped 29% during the period under review. Overseas, Indonesia sales growth recorded 5% rise (in INR) and 4% in constant currency terms, Y-o-Y (year-on-year). Africa, USA and Middle East sales registered 30% growth (in INR) and 36% in constant currency terms, Y-o-Y. Latin America & SAARC sales jumped 30% (in INR) and 54% in constant currency terms, Y-o-Y.
Among its segments, Household Insecticides grew 34% Y-o-Y in Q4 FY2021 over Q4 FY2020. Soaps delivered a third consecutive quarter of double-digit sales growth of 41% Y-o-Y in Q4 FY21 over Q4 FY20 while the firm continued to gain market share in the space. Hair Colours recorded a steady sales growth of 25% Y-o-Y in Q4 FY21 over Q4 FY20, driven by an uptick in overall category growth.
Global Markets:
Asian stocks declined on Wednesday, as investors remain cautious over growing inflation worries. Taiwan Weighted index slumped 4.26% to 15,875.89.
US stocks dropped on Tuesday amid speculation that rising inflation pressure could prompt interest rate hikes sooner than expected.
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