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Market Commentary - Mid Session
Shares trade with decent gains
(15 Jun 2021, 13:35)

The key barometers were trading with decent gains in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 250.63 points or 0.48% at 52,802.16. The Nifty 50 index gained 70.10 points or 0.44% at 15,881.95. The Nifty hit a record high of 15,901.60 in morning trade today.

Reliance Industries (RIL) (up 0.75%), ICICI Bank (up 0.94%) and Asian Paints (up 2.51%) boosted the indices.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.85%. The S&P BSE Small-Cap index rose 0.73%.

Buyers outpaced sellers. On the BSE, 2,112 shares rose and 1,017 shares fell. A total of 157 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 503.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 544.26 crore in the Indian equity market on 14 June 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 17,62,73,244 with 38,12,377 deaths. India reported 9,13,378 active cases of COVID-19 infection and 3,77,031 deaths while 2,82,80,472 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India on Tuesday reported 60,471 new cases, lowest after 75 days, as per health ministry's updated data.

Economy:

Consumer Price Index-based inflation (CPI) for the month of May 2021 came in at 6.30%, higher than April 2021's 4.23%. The higher inflation month-on-month was primarily on the back of a substantial hardening of food prices.

Meanwhile, as per Moody's Investors Service, India's and Brazil's Q1 2021 real GDP data has shown a strong rebound in both economies following a contraction last year of 4.4% in Brazil and 7.1% in India. Brazil's first-quarter GDP expanded 1.2% from the previous quarter and 2.3% from first-quarter 2020. India's first-quarter GDP rose 1.5% quarter-on-quarter and year-on-year. Therefore, in the first quarter of this year, Brazil's GDP reached while India's GDP surpassed their pre COVID-19 fourth-quarter 2019 levels, the organisation highlighted in its latest credit outlook report.

Gainers & Losers:

Axis Bank (up 2%), ONGC (up 1.68%), Eicher Motors (up 1.40%) and IndusInd Bank (up 1.24%) were major gainers in Nifty 50 index.

Divi's Laboratories (down 1.33%), Bajaj Finserv (down 0.79%), Cipla (down 0.65%) and Bajaj Finance (down 0.29%) were major losers in Nifty 50 index.

Earning Impact:

Coal India fell 1.07%. On a consolidated basis, the state-run coal major's net profit slipped 0.79% to Rs 4,588.96 crore on 4.24% decrease in sales to Rs 24,510.80 crore in Q4 March 2021 over Q4 March 2020.

Consolidated coal production (raw coal) fell 4.81% to 203.42 million tonnes (MT) in Q4 FY21 as against 213.71 million tonnes (MT) in Q4 FY20. Offtake (raw coal) rose 0.34% to 164.89 MT in Q4 FY21 as against 164.33 MT in Q4 FY20. The company sold 165.19 MT of coal worth Rs 24,510.80 crore in Q4 March 2021. The average realization stood at Rs 1,483.79 per tonne.

Greenply Industries fell 1.91%. On a consolidated basis, Greenply Industries' net profit stands at Rs 28.64 crore in Q4 FY21 compared with net loss of Rs 21.50 crore in Q4 FY20. Net sales jumped 15.1% to Rs 396.70 crore in Q4 FY21 from Rs 344.70 crore in Q4 FY20. Pre-tax profit stood at Rs 39.17 crore in Q4 FY21 as against pre-tax loss of Rs 30.33 crore in Q4 FY20. EBITDA soared 58.4% to Rs 49.40 crore in Q4 March 2021 compared with Rs 31.20 crore in Q4 March 2020. EBITDA margin improved to 12.5% in Q4 FY21 as compared to 9.1% in Q4 FY20.

Stocks in Spotlight:

Can Fin Homes rose 0.31%. The National Housing Bank (NHB) on Friday, 11 June 2021, imposed a penalty of Rs 29,13,234 on Can Fin Homes. NHB observed that Can Fin Homes accepted individual deposits aggregating to Rs 14,56,617 from five small depositors for a period of less than 12 months, in contravention with provisions of Para 4 of the HFCs (NHB) Directions, 2010. The company replied to NHB stating that five deposits aggregating to Rs 14,56,617 (out of about 4,000 deposits), were accepted in the year 2018-19 for a tenure of less than 12 months by three of its branches inadvertently. NHB has imposed a penalty of twice the amount of deposits collected, i.e., Rs 29,13,234.

Strides Pharma Science slipped 0.10%. The drug company said that its step‐down wholly owned subsidiary has entered into an exclusive partnership with Ennaid Therapeutics to make oral COVID‐19 tablet. Strides Pharma on Monday announced that its step‐down wholly owned subsidiary, Strides Pharma Global, has entered into an exclusive partnership with Ennaid Therapeutics, a global pharmaceutical company to produce an oral, repurposed medication to treat mild, moderate and asymptomatic cases of COVID‐19.

Global Markets:

European shares rose across the board while most Asian stocks advanced on Tuesday, 15 June 2021. Investors looked forward to a much-anticipated Federal Reserve policy meeting to see if the U.S. Central Bank would signal any change to the U.S. monetary policy outlook.

The U.S. markets closed at a record on Monday. The Nasdaq Composite jumped to a record high on Monday as investors rotated back into growth-oriented stocks ahead of a key Federal Reserve meeting. The Nasdaq Composite gained 0.74% to an all-time closing high of 14,174.14. The S&P 500 also cruised to another record close, rising 0.18% to 4,255.15. The Dow Jones Industrial Average lagged, dipping 85.85 points to 34,393.75.

The Fed's two-day policy meeting will likely dominate investor behavior this week. Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets. Fed Chairman Jerome Powell will speak to the press after the central bank issues its statement Wednesday.

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