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Market Commentary - Mid Session
Benchmarks hit day's low; FMCG shares advance
(16 Jun 2021, 10:30)

The domestic equity benchmarks extended early losses and hit fresh intraday low in morning trade. The Nifty slipped below the 15,800 mark. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the red. Metal stocks witnessed major selling pressure.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 157.33 points or 0.30% to 52,615.72. The Nifty 50 index lost 67.80 points or 0.43% to 15,801.45.

In broader market, the S&P BSE Mid-Cap index declined 0.65% while the S&P BSE Small-Cap index slipped 0.69%.

The market breadth was strong. On the BSE, 1257 shares rose and 1623 shares fell. A total of 131 shares were unchanged.

Israel mounted airstrikes in Palestine's Gaza Strip on Wednesday, in the first attack since the end of 11 days of cross-border fighting last month. The attack was in response to incendiary balloons launched from Palestinian territory.

In the commodities market, Brent crude for August 2021 settlement rose 58 cents to $74.57 a barrel. Brent crude has risen over 7% so far in June, from its close of $69.32 per barrel recorded on 31 May 2021.

India is heavily dependent on oil imports for satisfying its domestic demand. A high crude price directly maps into a high trade deficit and in turn a high current account deficit (CAD). At the same time, being an important input for the aggregate economy, a crude price shock also leads to a spike in domestic inflation.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 176,642,863 with 3,822,685 global deaths.

India reported 865,432 active cases of COVID-19 infection and 379573 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Union Health and Family Welfare Ministry has said that pre-registration for vaccination through online registration and prior booking of appointment is not mandatory to avail COVID-19 vaccine. It said, anyone aged 18 years and above can directly go to the nearest vaccination centre wherein the vaccinator performs the on-site registration and provides vaccination.

Economy:

India's exports in May 2021 were $32.27 billion, as compared to $19.05 billion in May 2020, exhibiting a positive growth of 69.35%. In Rupee terms, exports were Rs 2,36,426.16 crore in May 2021, as compared to Rs 1,44,166.01 crore in May 2020, registering a positive growth of 64%. As compared to May 2019, exports in May 2021 exhibited a positive growth of 8.11% in Dollar terms and 13.53% in Rupee terms.

Imports in May 2021 were $38.55 billion (Rs 2,82,453.56 crore), which is an increase of 73.64% in dollar terms and 68.15% in Rupee terms over imports of $22.20 billion (Rs 1,67,977.68 crore) in May 2020. Imports in May 2021 have registered a negative growth of (-) 17.42% in Dollar terms and (-) 13.28% in Rupee terms in comparison to May 2019.

Taking merchandise and services together, overall trade deficit for April-May 2021 is estimated at $5.85 billion as compared to the surplus of $4.06 billion in April-May 2020.

Buzzing Index:

The Nifty FMCG index rose 0.22% to 36,002.20, extending gains for third day. The index has added 0.99% in three sessions.

Jubilant Foodworks (up 2.41%), Tata Consumer Products (up 0.96%), Dabur India (up 0.47%), Emami (up 0.47%), ITC (up 0.43%), Hindustan Unilever (up 0.20%) and Procter & Gamble Hygiene (up 0.20%) advanced.

United Breweries (down 1.05%), Marico (down 0.94%), Britannia Industries (down 0.60%), United Spirits (down 0.50%), Varun Beverages (down 0.47%) and Godrej Consumer (down 0.34%) declined.

Earnings Today:

Asahi India Glass (up 0.65%), CESC (up 0.02%), Nureca (down 0.58%), Olectra Greentech (up 2.18%), Rites (up 0.89%), RPSG Ventures (down 0.42%), Somany Ceramics (down 2.33%) and Welspun Enterprises (down 0.42%) will announce quarterly earnings today.

Earnings Impact:

LIC Housing Finance fell 2.56% to Rs 508.40. The housing financer's consolidated net profit declined by 9.3% to Rs 384.93 crore on 1.6% rise in total income to Rs 4,979.91 crore in Q4 March 2021 over Q4 March 2020.

Separately, the company's board has approved preferential allotment of 4.54 crore shares to LIC. Post-issue, LIC's stake in LIC Housing would rise to 45.24% from 40.31% as on 31 March 2021.

Lemon Tree were down 0.12% at Rs 42. On a consolidated basis, the company reported a net loss of Rs 26.72 crore in Q4 FY21, higher than net loss of Rs 19.02 crore reported in Q4 FY20. Net sales tumbled 46% YoY to Rs 95.1 crore in Q4 FY21. EBITDA margin slipped to 31.4% in Q4 FY21 from 36.5% in Q4 FY20.

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