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Market Commentary - Mid Session
Indices come off day's low; Nifty hovers below 15,800
(16 Jun 2021, 13:35)

The key barometers came off day's low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 236.36 points or 0.45% at 52,536.69. The Nifty 50 index lost 102 points or 0.64% at 15,767.25. Firm crude oil prices and negative Asian cues spoiled investors sentiment.

Reliance Industries (RIL) (down 1.24%), HDFC (down 0.94%) and HDFC Bank (down 0.62%) were major drags.

Selling was broad based. The S&P BSE Mid-Cap index slipped 0.53%. The S&P BSE Small-Cap index skid 0.38%.

Sellers outnumbered buyers. On the BSE, 1,429 shares rose and 1,702 shares fell. A total of 131 shares were unchanged.

In the commodities market, Brent crude for August 2021 settlement rose 44 cents to $74.43 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 17,66,46,799 with 38,22,793 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.

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.

Gainers & Losers:

Nestle India (up 1.61%), Tata Consumer Products (up 1.39%), ONGC (up 0.88%), Bajaj Finserv (up 0.73%) and Mahindra & Mahindra (M&M) (up 0.70%) were major gainers in Nifty 50 index.

Adani Ports & Special Economic Zones (APSEZ) (down 4.26%), Tata Steel (down 2.70%), Hindalco Industries (down 2.61%), Power Grid Corporation of India (down 2.38%) and JSW Steel (down 2.16%) were major losers in Nifty 50 index.

Earning Impact:

Hindustan Organic Chemicals rallied 3.76% after the company reported a consolidated net profit of Rs 7.5 crore in Q4 FY21 compared with net loss of Rs 20.33 crore in Q4 FY20. Net sales increased by 19.2% to Rs 110.56 crore in Q4 FY21 over Q4 FY20. For the year ended March 2021 (FY21), the company reported a consolidated net loss of Rs 8.78 crore compared with net loss of Rs 97.74 crore in the year ended March 2020 (FY20). Net sales jumped 25.3% to Rs 415.08 crore in FY21 over FY20.

Stocks in Spotlight:

Alembic Pharmaceuticals rose 1.61% after the drug maker announced that its joint venture Aleor Dermaceuticals received final approval from the US drug regulator for testosterone topical solution. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Axiron Topical Solution, 30 mg per pump actuation, of Eli Lilly and Company. Testosterone topical solution USP, 30 mg per pump actuation is indicated for replacement therapy in males for conditions associated with a deficiency or absence of endogenous testosterone: Primary hypogonadism (congenital or acquired) and Hypogonadotropic hypoqonadisrn (congenital or acquired).

Kolte-Patil Developers declined 2.42% after Pabrai Investment Fund II, Dhandho India Zero Free Fund and Dhandho India Zero Free Offshore fund sold 2.1059% stake of the real estate firm from 11 June 2021 to 15 June 2021. Post transaction, Pabrai Investment Fund II LP, Dhandho India Zero Free Fund and Dhandho India Zero Free Offshore fund decreased their stakes in Kolte-Patil Developers to 4.8972% from 7.0031% held earlier. The sale was executed in open market.

Global Markets:

Most European shares advanced while most Asian stocks declined on Wednesday, 16 June 2021 as investors awaited a policy decision from the US 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 2021, led by U.S.-bound car shipments.

US 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 2021, 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 2021's retail sales data fell 1.3%.

The Fed's two-day policy meeting started on Tuesday, 15 June 2021. 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 on Wednesday.

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