Major stock indexes posted small gains after a volatile session on Tuesday. The Nifty closed just before the 14,700 mark. Gains were capped amid a spike in COVID-19 cases in the country. Metal and pharmaceutical stocks were in demand as bank stocks extended their losses.
The barometric index, the S&P BSE Sensex, rose 42.07 points or 0.09% to 49,201.39. The Nifty 50 index added 45.70 points or 0.31% to 14,683.50. It hit an intraday low of 14,573.90 and an intraday high of 14,779.10.
Asian Paints (+ 4.07%), Hindustan Unilever (+ 1.44%) and HDFC (+ 1.10%) supported the indices.
The main drag were ICICI Bank (down 0.91%), HDFC Bank (down 0.56%) and Reliance Industries (down 0.46%).
The larger market ended the business. The BSE Mid-Cap index rose by 1% and the BSE Small-Cap index by 0.84%.
The scale of the market was positive. On BSE, 1,664 stocks rose and 1,217 stocks fell. A total of 190 shares remained unchanged.
The total number of confirmed COVID-19 cases worldwide stood at 13,18,28,728 with 28,61,100 deaths. India has reported 7.88,223 active cases of COVID-19 infection and 1.65,547 deaths, while 1,17,32,279 patients have been released, according to data from the Ministry of Health and Family Welfare from the Indian government.
India on Monday reported 96,982 new coronavirus cases and 446 related deaths. Of these, 47,288 cases have been reported in Maharashtra. As cases in Chhattisgarh hit a new high of 7,302, and the tally in Karnataka has crossed the 5,000 mark. The country’s active case count now stands at 7,88,223. While 164 people have died in Maharashtra, 72 have died in Punjab. More than 43 lakh people were also vaccinated on Monday, bringing the number of vaccinations to 8,31,10,926.
Meanwhile, the Delhi government has imposed a nighttime curfew from 10 p.m. to 5 a.m. until April 30 following the increase in cases. It comes a day after Maharashtra imposed a full weekend lockdown and new restrictions to last until April.
RBI Governor Shaktikanta Das’ Monetary Policy Committee (MPC) began three-day deliberations on the next monetary policy on Monday. The Reserve Bank will announce the MPC’s resolution on Wednesday April 7, 2021.
Figures to watch:
The yield on the 10-year federal benchmark paper fell to 6.122% from 6.123% at the close of the previous trading session.
In the foreign exchange market, the rupee has fallen slightly against the dollar. The partially convertible rupee hovered at 73.42, from its close of 73.30 in the previous trading session.
MCX gold futures for the June 4, 2021 settlement rose 0.48% to Rs 45,566.
The US dollar index (DXY), which tracks the value of the greenback against a basket of currencies, fell 0.31% to 92.73.
In the commodities market, Brent for the June 2021 settlement rose $ 1.04 to $ 63.19 per barrel. The contract fell $ 2.71, or 4.18% to settle at $ 62.15 a barrel in the previous trading session.
European stocks rose on Tuesday as trading resumed after the Easter break. Most Asian indices rose on Tuesday April 6, 2021. Hong Kong markets were closed for a holiday today.
Activity in China’s service sector increased in March, according to a private sector survey released on Tuesday. The Caixin / Markit Service Purchasing Managers Index for March stood at 54.3, down from 51.5 in February.
US stocks rebounded on Monday with the Dow and S&P 500 closing at record highs, as a series of strong economic data boosted investor optimism for the economic reopening.
The Dow Jones Industrial Average rose 373.98 points to 33,527.19, a closing record. The S&P 500 gained 1.4% to 4,077.91, also hitting a new record. The high tech Nasdaq Composite also climbed 1.7% to 13,705.59.
Treasury Secretary Janet Yellen pushed for a global minimum corporate tax on Monday in an attempt to prevent companies from moving to find lower rates.
Meanwhile, a measure of US service sector activity hit an all-time high in March. The Institute for Supply Management’s non-manufacturing activity index rose to 63.7 last month. It was the highest in survey history and followed 55.3 in February.
The Nifty Pharma Index rose 1.76% to 12,548.60. The index fell 0.37% yesterday.
Cadila Healthcare, Divis Laboratories, Biocon, Cipla, Sun Pharmaceutical Industries, Torrent Pharmaceuticals, Dr. Reddy’s Laboratories, Lupine, Aurobindo Pharma and Alkem Laboratories increased 0.83% to 4.43%.
The ports of Adani and the Special Economic Zone (APSEZ) jumped 12.84%. The company handled 73 MMT (million metric tons) freight volume in the fourth quarter of fiscal 21, recording 27% year-over-year (year-over-year) growth. APSEZ handled a cargo volume of 247 MMT in fiscal year 21, registering growth of 11% on an annual basis.
Sobha jumped 16.05% after the company’s total new sales jumped 47.69% to 13.37,707 square feet in the fourth quarter of fiscal 21 to 9.05,710 square feet in the fourth quarter of the year. FY20. Total sales value increased 54.35% to Rs 1,072 crore in Q4 FY21 from Rs 694.50 crore in Q4 FY20. Sobha’s share of sales value climbed 57.91% to Rs 874.20 crore in Q4 FY21 from Rs 553.60 crore in Q4 FY20. Total average price realization increased 4.51% to Rs 8,014 per square foot in the fourth quarter of fiscal 21 from Rs 7,668 per square foot in the fourth quarter of 20.
Bajaj Finance added 0.58% after the company’s customer franchise as of March 31, 2021 was 48.6 million, up 14.08% from 42.6 million as of March 31, 2020. The company acquired 2.3 million new customers in Q4 FY21 compared to 1.9 million in Q4 FY20. New borrowings recorded in Q4 FY21 amount to 5.5 million compared to 6 million in Q4 FY20.
Panacea Biotec hit a 20% higher circuit at Rs 220.85 after the company announced cooperation with the Russian Direct Investment Fund (RDIF) to produce 100 million doses per year of the Sputnik-V vaccine. The production of Sputnik-V at the Panacea Biotec sites will help facilitate the global supply of Sputnik V to RDIF’s international partners. Sputnik-V, the world’s first registered vaccine against the novel coronavirus, has been registered in 59 countries around the world with a total population of over 1.5 billion people.
IRCON International is up 1.85%. The company said its board of directors has approved and recommended the issuance of one free share for each share held on the date of registration.
Avenue Supermarts lost 0.12%. The operator of the supermarket chain said its own-source operating income in the fourth quarter of March 2021 was Rs 7,303.13 crore compared to Rs 6,193.53 crore in the same period last year, recording growth by 17.91% year-on-year. As of March 31, 2021, the total number of stores stood at 234. During fiscal year 2020-2021, Avenue Supermarts opened 22 new stores and converted 2 stores into distribution centers for Avenue E-commerce.
Jindal Steel & Power (JSPL) added 1.66%. The steelmaker announced a 34.4% jump in production to 2.07 million tonnes in the fourth quarter of March 2021, compared to 1.54 million tonnes in the fourth quarter of March 2020. Sales for the fourth quarter of March 2021 increased 37.4% to 1.91 million tonnes against 1.39 million tonnes in the fourth quarter of March 2020. Exports represented 27% of sales in Q4 March 2021 against 15% in Q4 March 2020.
Mahindra Logistics lost 1.32%. The company announced that it has partnered with Flipkart as one of its main logistics partners to help accelerate the deployment of electric vehicles in its logistics fleet in the country. Flipkart is committed to 100% electric mobility in its logistics fleet and will deploy more than 25,000 electric vehicles (EVs) by 2030. Mahindra Logistics will play an important role working with various OEMs and help Flipkart make a sustainable transition to EVs.
RBL Bank gained 2.76%. Total bank deposits jumped 26% to Rs 73,123 crore as of March 31, 2021 from Rs 57,812 crore as of March 31, 2020. Gross advances increased 2% to Rs 60,012 crore as of March 31, 2020 from Rs 58,966 crore as of March 31, 2020. March 31 The current account-savings account (CASA) climbed 36% to Rs 23,264 crore as of March 31, 2021 from Rs 17,116 crore as of March 31, 2020. The CASA ratio was 31.8% as of March 31, 2021 compared to 29.6% as of March 31, 2020.
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