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Market Commentary - Mid Session
Barometers hover near day's low; breadth negative
(16 Jun 2021, 12:34)

The equity benchmarks traded near the day's low in early afternoon session. The Nifty continued to hover below the 15,800 mark. FMCG and IT shares bucked broader selling pressure. Negative cues from other Asian stock markets spoiled investors sentiment.

At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 251.21 points or 0.48% at 52,521.84. The Nifty 50 index lost 79.50 points or 0.50% at 15,789.75.

In the broader market, the S&P BSE Mid-Cap index slipped 0.51% while the S&P BSE Small-Cap index skid 0.40%.

The market breadth was negative. On the BSE, 1,366 shares rose and 1,704 shares fell. A total of 142 shares were unchanged.

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.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.81% to 14.87. The Nifty 24 June 2021 futures were trading at 15,810, at a premium of 20.25 points as compared with the spot at 15,789.75.

The Nifty option chain for 24 June 2021 expiry showed maximum Call OI of 26.2 lakh contracts at the 16,000 strike price. Maximum Put OI of 31.6 lakh contracts was seen at 15,500 strike price.

Buzzing Index:

The Nifty Media index fell 0.62% to 1,895.55. The index rose 2% in the previous session.

TV18 Broadcast (down 2.62%), TV Today Network (down 2.39%), Network18 Media & Investments (down 2.36%), Dish TV India (down 0.64%) and D B Corp (down 0.56%) declined.

Stocks in Spotlight:

Wipro fell 0.22%. On Tuesday, the IT major announced that it has extended its partnership with Levi Strauss & Co. to support digital commerce. As a part of this multi-year engagement, Wipro will help optimize the customer and user experience across all channels. With more than 20 years of experience in retail, Wipro will provide Global IT support services across Levi Strauss & Co.'s consumer digital technology space, including eCommerce, B2B Commerce, Consumer Data Hub, Omni Order Management, Retail Store Infrastructure, Retail Store applications, Point of Sale, and Global Retail Concierge.

Lupin lost 0.31%. Life Insurance Corporation of India (LIC) added 2.019% stake in Lupin via open market purchase between 16 March 2021 to 14 June 2021. Following the transaction, LIC has increased its stake in the drug major to 6.629% from 4.610% held earlier.

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 registered 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.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 17,66,42,929 with 38,22,685 deaths. India reported 8,65,432 active cases of COVID-19 infection and 3,79,573 deaths while 2,83,88,100 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India reported 62,224 fresh cases and 2,542 fatalities in the last 24 hours. The country also reported 1,07,628 discharges in the same period and its active caseload stands at 8,65,432 at present, as per the health ministry.

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.

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