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Market Commentary - Mid Session
Sensex, Nifty extend losses; Asian shares decline
(16 Jun 2021, 11:29)

The key equity indices extended losses and hit fresh intraday low in mid morning trade. The Nifty continued to trade below the 15,800 mark. Metal stocks declined for third consecutive session. Negative cues from other Asian stock markets spoiled investors sentiment.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 221.42 points or 0.42% to 52,551.63. The Nifty 50 index lost 79.15 points or 0.50% to 15,790.10.

Shares witnessed some bit of profit taking as investors awaited the U.S. Federal Reserve's monetary policy statement due later today. In the past four sessions, the Nifty and the Sensex advanced 1.5% and 1.6%, respectively.

In broader market, the S&P BSE Mid-Cap index declined 0.58% while the S&P BSE Small-Cap index slipped 0.60%.

The market breadth was strong. On the BSE, 1227 shares rose and 1768 shares fell. A total of 139 shares were unchanged.

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 Metal index fell 1.79% to 5,272.75. The index has lost 2.48% in three sessions.

SAIL (down 3.10%), Jindal Steel & Power (down 2.93%), Tata Steel (down 2.49%), Hindalco Industries (down 2.26%), Hindustan Zinc (down 2.12%), National Aluminum Co. (down 2.02%), Vedanta (down 2.01%), JSW Steel (down 1.90%), MOIL (down 0.90%) and Adani Enterprises (down 0.51%) declined.

Stocks in Spotlight:

Larsen & Toubro Infotech (LTI) added 0.71% to Rs 4183.65. LTI has signed a definitive agreement to acquire Cuelogic Technologies, a Pune-based digital engineering company with a 100% subsidiary in US, Cuelogic Technologies, Inc. The acquisition is being done for a cash consideration of $8.4 million on a cash-free, debt-free basis excluding working capital adjustments and will be paid as a combination of upfront consideration, retention bonus and performance-based earn-outs.

Cuelogic Technologies is a digital engineering company which operates in the digital product engineering space. The acquisition will help in enhancing LTI's digital engineering practice by combining Cuelogic Technologies' people, tools, methodologies, training methodologies and onboarding structure along with its strong leadership team to support practice development, sales and delivery.

Dr. Reddy's Laboratories was up 0.17% to Rs 5424.25. The International Center for Dispute Resolution, an international arbitrator has ordered a subsidiary of Dr. Reddy's Laboratories to pay nearly $46.25 million (towards milestones, interest and fees) to Hatchtech, in relation to the asset purchase agreement entered into between the parties in 2015.

KEC International gained 1.69% to Rs 400.25. The company said it secured new orders worth Rs 937 crore across its various businesses.

Rites rose 1.12% to Rs 285.25. The company said it has emerged as the lowest bidder for two packages for railway electrification works worth Rs 1,741 crore on turnkey basis.

Jubilant Pharmova added 0.11% to Rs 755.60. The company said that its step down subsidiary, Jubilant HollisterStier, has entered into a manufacturing partnership with Ocugen, Inc., for manufacturing of vaccine candidate COVAXIN for the US and Canadian markets.

Global Markets:

Most Asian stocks declined on Wednesday as investors awaited a policy decision from the Federal Reserve.

Japan's exports rose at the fastest pace since 1980 in May and a key gauge of capital spending grew. Ministry of Finance data on Wednesday showed exports grew 49.6% year-on-year in May, led by U.S.-bound car shipments.

U.S. stocks fell slightly on Tuesday with the S&P 500 and the Nasdaq Composite slipping from their respective records, as investors awaited the key Federal Reserve monetary policy meeting.

On the data front, the final demand index for producer prices advanced 6.6% for the 12 months ended in May, the largest increase since 12-month data were first calculated in November 2010. On a monthly basis, the producer price index for final demand rose 0.8%. Meanwhile, May's retail sales data fell 1.3%,.

The Fed's two-day policy meeting started on Tuesday. 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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