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Market Commentary - End Session
Sensex rises 174 pts, Nifty ends near 15,800; Dr Reddy's Lab climbs 3%
(11 Jun 2021, 16:43)

Key indices ended with small gains on Friday, supported by firmness in IT pivotals. Metals and pharma stocks were also in demand. Positive global cues boosted sentiment.

The barometer index, the S&P BSE Sensex, rose 174.29 points or 0.33% at 52,474.76. The Nifty 50 index gained 61.60 points or 0.39% at 15,799.35. Both the indices attained record closing high levels today.

The Sensex hit a record high of 52,626.64 and the Nifty hit a record high of 15,835.55 in early trade today.

Dr Reddy's Laboratories (up 3.03%) and Reliance Industries (up 1.39%) supported the indices.

The broader market ended with small gains. The S&P BSE Mid-Cap index gained 0.14% while the S&P BSE Small-Cap index added 0.4%.

Buyers outpaced sellers. On the BSE, 1776 shares rose and 1410 shares fell. A total of 140 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 17,48,73,997 with 37,73,547 deaths. India reported 11,21,671 active cases of COVID-19 infection and 3,63,079 deaths while 2,77,90,073 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India's active COVID-19 caseload further declined to 11,21,671 yesterday. A net decrease of 46,281 in active cases was noted in last 24 hours, according to the data from the Ministry of Health and Family Welfare, Government of India. Less than 1 lakh cases were reported for the fourth day. In last 24 hours, India reported 91,702 new cases while 1,34,580 patients recovered. Recoveries continue to outnumber the daily new cases for the twenty ninth consecutive day. Recovery rate increased further to 94.93%.

Numbers to Watch:

In the foreign exchange market, the partially convertible rupee fell to 73.0750 compared with its previous closing of 73.06.

MCX Gold futures for 5 August 2021 settlement shed 0.04% to Rs 49,177.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.13% to 90.19.

The yield on 10-year benchmark federal paper fell to 6.008% from 6.019% recorded at the close of the previous trading session.

In the commodities market, Brent crude for August 2021 settlement rose 17 cents to $72.69 a barrel. The contract remained settled at $72.52.

Global Markets:

European shares advanced while Asian markets ended on a mixed note on Friday, 11 June 2021.

US stocks ended higher on Thursday, with the S&P 500 closing above its prior record high set on 7 May 2021, as economic data appeared to support the Federal Reserve's assertion that the current wave of heightened inflation will be temporary.

At the close of trade, the Dow Jones Industrial Average index advanced 19.10 points, or 0.06%, to 34,466. The S&P 500 index added 19.63 points, or 0.47%, at 4,239. The tech-heavy Nasdaq Composite Index rose 108.58 points, or 0.78%, to 14,020.

Consumer prices for May 2021 accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession, the Labor Department reported Thursday. The US consumer price index rose 5% from a year ago.

The number of Americans applying for unemployment benefits fell for the sixth straight week as the U.S. economy reopens rapidly after being held back for months by the coronavirus pandemic. Jobless claims fell by 9,000 to 376,000 from 385,000 the week before, the Labor Department reported Thursday.

Buzzing Indian Segment:

The Nifty IT index rose 1.51% to 28,217.50. The index has risen 2.46% in two sessions.

Larsen & Toubro Infotech (up 4.12%), Oracle Financial Services Software (up 4.09%), Coforge (up 2.21%), Mphasis (up 1.87%), Infosys (up 1.53%), HCL Technologies (up 1.47%), Mindtree (up 0.82%), Tech Mahindra (up 0.76%) and Wipro (up 0.14%) jumped.

TCS rose 1.93% after the IT major said that it has expanded its strategic partnership with Virgin Atlantic to help the latter embark on a new phase of recovery and growth. The enhanced partnership builds on a 17-year relationship between the two organisations and will see TCS take exclusive responsibility for end-to-end operational management and digital transformation. This includes technology operations, where TCS will enable Virgin Atlantic to leverage the best of Microsoft Azure through a series of technology and business transformation initiatives.

Stocks in Spotlight:

Steel Authority of India (SAIL) rose 5.06%. On a standalone basis, the PSU company's net profit jumped 26.4% to Rs 3443.80 crore on 44% surge in net sales to Rs 23,286 crore in Q4 March 2021 over Q4 March 2020. EBITDA fell 6.4% to Rs 6,473 crore in Q4 March 2021 as against Rs 6,917 crore in Q4 March 2020. Turnover galloped 44.6% to Rs 23,166 crore in Q4 FY21 from Rs 16,024 crore in Q4 FY20. Net debt (Non Ind-AS) decreased Rs 16,131 crore to Rs 15,350 crore as on 31 March 2021. The company achieved highest ever quarterly hot metal, crude steel and saleable steel production of 4.98 million tonnes (MT), 4.56 MT and 4.42 MT respectively during Q4 FY21, registering a growth of 8% year-on-year (Y-o-Y), 6% Y-o-Y and 11% Y-o-Y respectively.

eClerx Services hit an upper circuit of 20% at Rs 1617.35 after the company reported 78.2% jump in consolidated net profit to Rs 98.75 crore in Q4 FY21 from Rs 55.40 crore in Q4 FY20. Net sales during the quarter increased by 34.7% year-on-year (YoY) to Rs 472.82 crore. Sequentially, the company's net profit and net sales have risen by 39% and 19.9%, respectively. Profit before tax in Q4 FY21 stood at Rs 128.90 crore, up 81.4% from Rs 71.07 crore in Q4 FY20.

Tide Water Oil (India) hit an upper circuit of 5% at Rs 11,457.95 after the company's consolidated net profit jumped 58% to Rs 36.66 crore on 19.6% rise in net sales to Rs 364.68 crore in Q4 FY21 over Q4 FY20.

The board of Tide Water Oil at its meeting held on 10 June 2021 has approved sub-division of 34,84,800 ordinary shares of the company having face value of Rs 5 each into 87,12,000 ordinary shares of face value of Rs 2 each, subject to approval of the shareholders. It has also declared issue of bonus shares post sub-division of shares to the shareholders in the ratio of 1:1, subject to approval of the shareholders. Further, the board has recommended final dividend of Rs 200 per share on the ordinary shares of the company of face value of Rs 5 per share.

Power Grid Corporation of India gained 1.97% after the company said that its board will meet on Thursday (17 June 2021) to consider a proposal to issue bonus shares. On the same day, the company's board will also consider the audited annual financial results of the company for the financial year (FY) 2020-21 and recommend final dividend for FY 2020-21, if any.

National Fertilizers fell 3.85%. The company's net loss narrowed to Rs 9.53 crore in Q4 FY21 compared with net loss of Rs 248.65 crore in Q4 FY20. Net sales slipped 1.8% to Rs 2,961.17 crore in Q4 FY21 compared with Rs 3,014.43 crore in Q4 FY20. Pre-tax loss stood at Rs 9.80 crore in Q4 FY21 as against a pre-tax loss of Rs 333.11 crore in Q4 FY20.

NHPC fell 0.74%. On a consolidated basis, NHPC's net profit jumped 79.50% to Rs 464.60 crore on 25.84% decline in revenue from operations to Rs 1,609.17 crore in Q4 March 2021 over Q4 March 2020. Profit before tax soared 51.55% to Rs 560.29 crore in Q4 FY21 as against Rs 369.70 crore in Q4 FY20. During the financial year, NHPC's consolidated net profit climbed 7.09% to Rs 3,582.13 crore on 3.59% fall in revenue from operations to Rs 9,647.89 crore in FY 2021 over FY 2020.

GE T&D India slipped 0.29%. The company reported a net profit of Rs 29.51 crore in Q4 FY21 as against a net loss of Rs 187.13 crore in Q4 FY20. Net sales during the quarter increased by 36.2% YoY to Rs 904.47 crore. The company reported a pre-tax profit of Rs 27 crore in Q4 FY21 compared with a pre-tax loss of Rs 234.68 crore in Q4 FY20. The GE Group firm recorded a net profit of Rs 57.98 crore in FY21 compared with net loss of Rs 249.84 crore in FY20. Net sales rose 9.3% to Rs 3452.37 crore in FY21 over FY20.

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