The benchmark indices settled near the flat line on Tuesday. The Nifty closed above 15,200 mark after slipping below that level in the intraday. Banks and financial stocks declined while IT, media and metal stocks advanced.
The barometer index, the S&P BSE Sensex, fell 14.37 points or 0.03% at 50,637.53. The Nifty 50 index gained 10.75 points or 0.07% at 15,208.45.
HDFC Bank (down 2.02%), Axis Bank (down 1.26%), Reliance Industries (down 1.06%) and HDFC (down 0.45%) were major drags.
In the broader market, the BSE Mid-Cap index slipped 0.31% and the BSE Small-Cap index added 0.26%.
The market breadth was positive. On the BSE, 1,786 shares rose and 1,342 shares fell. A total of 153 shares were unchanged.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 16,73,22,795 with 34,73,574 deaths. India reported 25,86,782 active cases of COVID-19 infection and 3,07,231 deaths while 2,40,54,861 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reportedly recorded over 1.96 lakh new COVID-19 cases in the last 24 hours ending 8 AM Tuesday, 25 May 2021 taking the country's total infections to over 2.69 crore. The daily spike in new cases have fallen below two lakh after a month.
Economy:
Domestic ratings agency ICRA on Monday, 24 May 2021, forecast a 2% GDP growth in the fourth quarter of 2020-21, and a 7.3% contraction for the full fiscal year. From a GVA (gross value added) perspective, the agency pegs Q4 growth at 3% and the fully year contraction at 6.3%. According the agency, the 2% projected GDP growth will help the economy avoid a double-dip recession as indicated by the National Statistical Office (NSO) for fourth quarter.
Global forecasting firm Oxford Economics has lowered India's growth projections for the current financial year to 9.1% from 10.2% because of slow COVID-19 vaccination drive and the need to extend state-imposed lockdowns for a longer period to contain the spread of virus.
Meanwhile, a foreign brokerage on Tuesday cut India's FY22 GDP growth estimate by a sharp 0.80% to 9.2%, saying the economic impact of the second wave of infections has been deeper than initially expected. The brokerage also mentioned the slow pace of vaccinations in the country and the rolling lockdowns across many states for the estimate.
Numbers to Watch:
The yield on 10-year benchmark federal paper rose to 5.973% as compared with 5.972% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 72.77, compared with its close of 72.9650 during the previous trading session.
MCX Gold futures for 4 June 2021 settlement fell 0.04% to Rs 48,536.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.25% to 89.62.
In the commodities market, Brent crude for July 2021 settlement fell 49 cents at $67.97 a barrel. The contract rose $2.02, or 3.04% to settle at $68.46 a barrel in the previous trading session.
Foreign Markets:
Shares in Europe and Asia advanced on Tuesday as easing inflation fears lifted global market sentiment.
In Asia, Singapore's economy expanded by 1.3% year-on-year in the first quarter, data from the Ministry of Trade and Industry released Tuesday showed. The ministry also announced it would maintain Singapore's GDP growth forecast for 2021 at 4 to 6%.
U.S. stocks climbed on Monday as the technology sector and shares benefiting the most from the economic reopening led the advance. All eyes are on the US inflation measure, the personal consumption index, to be revealed this week.
Buzzing Indian Segment:
The Nifty Media index jumped 3.17% to 1,741. The index has risen 5.43% in three days.
Dish TV (up 19.84%), D B Corp (up 5.01%), TV18 Broadcast (up 3.77%), PVR (up 3.58%), Jagran Prakashan (up 3.03%), INOX Leisure (up 2.54%), Zee Entertainment Enterprises (up 1.99%) and TV Today Network (up 1.72%) jumped.
Earnings Impact:
Alkem Laboratories fell 3.11%. On a consolidated basis, the drug maker reported 27.1% increase in net profit to Rs 240 crore on 7% increase in revenue from operations to Rs 2192.2 crore in Q4 FY21 over Q4 FY20. EBITDA declined 3.9% YoY to Rs 291.1 crore in Q4 FY21. EBITDA margin was at 13.3% as on 31 March 2021 as against 14.8% as on 31 March 2020. R&D expenses for the quarter was Rs 140.8 crore, or 6.4% of total revenue from operations compared to Rs 125.3 crore in Q4FY20 at 6.1% of total revenue from operations.
Barbeque-Nation Hospitality soared 18.86% after the company's consolidated net profit stood at Rs 6.40 crore in Q4 FY21 compared with net loss of Rs 27.89 crore in Q4 FY20. Net sales jumped 18.52% to Rs 226.34 crore in Q4 FY21 as against Rs 190.96 crore in Q4 FY20. Pre-tax profit stood at Rs 8.32 crore in Q4 FY21 as against a pre-tax loss of Rs 37.03 crore in Q4 FY20. Reported EBITDA grew 128% to Rs 56.10 crore in Q4 FY21 as against Rs 24.60 crore over the same period last year. EBITDA margin improved to 24.8% in Q4 March 2021 from 12.9% in Q4 March 2020. Same Store Sales Growth (SSSG) stood at 19.9% in Q4 FY21 compared with negative SSSG of 16.7% in Q4 FY20. Restaurant operating margin rose 151% YoY to Rs 46.4 crore in Q4 FY21. The delivery revenue stood at Rs 28.5 crore, jumping 471% Y-o-Y.
Mahanagar Gas rose 0.52%. The company reported 27.72% jump in net profit to Rs 212.77 crore on a 4.53% rise in revenue from operations to Rs 717.66 crore in Q4 FY21 over Q4 FY20. The company's total sales volume rose 2.11% to 260.25 SCM (standard cubic metre) million in Q4 FY21 from 254.87 SCM million in Q3 FY21. While the city gas distributor's CNG volumes jumped 5.12% to 182.14 SCM million, the PNG volumes have declined by 4.29% to 78.11 SCM million in Q4 FY21 over Q3 FY20.
Balaji Amines skid 3.35%. On a consolidated basis, Balaji Amines' net profit surged 200.50% to Rs 88.80 crore on 60.46% jump in net sales to Rs 414.03 crore in Q4 March 2021 over Q4 March 2020. Profit before tax (PBT) soared 194.99% to Rs 120.27 crore in Q4 FY21 as against Rs 40.77 crore in Q4 FY20.
TTK Prestige jumped 14.01% after the company's consolidated net profit surged to Rs 85.36 crore in Q4 FY21 from Rs 8.60 crore in Q4 FY20. Revenue from operations jumped 43% year-on-year (YoY) to Rs 598.03 crore during the quarter. Profit before tax in Q4 FY21 stood at Rs 112.84 crore as compared to Rs 18.17 crore in Q4 FY20.
Dalmia Bharat Sugar and Industries fell 0.20%. On a consolidated basis, Dalmia Bharat Sugar and Industries' net profit fell 16.28% to Rs 51.86 crore on 11.26% decline in net sales to Rs 488.80 crore in Q4 March 2021 over Q4 March 2020. During the quarter, the profit was lower due to higher tax provision and revenue was impacted due to late announcement of export policy for the current sugar season. Majority of export contracts for Secretarial Standards (SS) 2021 will get executed during the next financial year. Profit before tax gained 7.89% to Rs 77.47 crore in Q4 FY21 as against Rs 71.80 crore in Q4 FY20. EBITDA jumped 24% to Rs 139 crore in Q4 March 2021 as against Rs 113 crore in Q4 March 2020.
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