The benchmark indices continued to trade near the day's high in afternoon trade. Investors' sentiment improve due to a steady decline in daily COVID-19 cases in India.
At 13:20 IST, the barometer index, the S&P BSE Sensex, advanced 376.28 points or 0.73% at 51,799.16. The Nifty 50 index gained 106.35 points or 0.69% at 15,542. The Nifty hit a record high of 15,573.50 in afternoon trade.
Reliance Industries (RIL) (up 3.84%), ICICI Bank (up 2.23%) and HDFC Bank (up 0.91%) boosted the indices.
The broader market underperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.34%. The S&P BSE Small-Cap index gained 0.59%.
Buyers outnumbered sellers. On the BSE, 1,742 shares rose and 1,372 shares fell. A total of 188 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 913.59 crore, while domestic institutional investors (DIIs), were also net buyers to the tune of Rs 1,275.22 crore in the Indian equity market on 28 May 2021, provisional data showed.
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COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 17,03,54,142 with 35,41,800 deaths. India reported 20,26,092 active cases of COVID-19 infection and 3,29,100 deaths while 2,56,92,342 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India recorded over 1.52 lakh new COVID-19 cases in the 24 hours ending 8 AM on Monday, 31 May 2021 taking the country's total infections to over 2.80 crore. This is the lowest spike in daily infections since 9 April 2021.
As daily infections see a downward trend, several states announced a few relaxations while many have extended the lockdown measures. Many states, including Kerala, Tamil Nadu, Maharashtra and Goa, have extended the restrictions, while some such as Delhi, Madhya Pradesh and Himachal Pradesh have announced relaxations.
Economy:
India's statistics ministry will announce the GDP data for the January-March quarter today, 31 May 2021. The RBI's monetary policy committee will meet this week to review the benchmark interest rates and the decision will be announced on Friday. The central bank will announce its projections regarding GDP and inflation.
India's Monsoon:
India Meteorological Department (IMD) has said that the onset of monsoon in Kerala is likely to take place by 3 June 2021. Earlier, it had predicted the arrival of monsoon over Kerala by 31 of May 2021. As per the latest meteorological indications, the southwesterly winds could strengthen further gradually from 1st of June, resulting in likely enhancement in rainfall activity over Kerala. Hence the onset of monsoon over Kerala is likely to take place by 3rd of next month.
Gainers & Losers:
ITC (up 2.23%), Bharti Airtel (up 1.80%) and JSW Steel (up 1.64%) were major gainers in Nifty 50 index.
Mahindra & Mahindra (M&M) (down 4.46%), Adani Ports and Special Economic Zone (APSEZ) (down 1.42%), Bajaj Auto (down 0.63%), IndusInd Bank (down 0.53%) and Larsen & Toubro (L&T) (down 0.53%) were major losers in Nifty 50 index.
Earnings Impact:
Glenmark Pharmaceuticals declined 2.55%. On a consolidated basis, the drug maker's net profit rose 6.2% to Rs 233.87 crore on 4.4% increase in net sales to Rs 2,829.89 crore in Q4 March 2021 over Q4 March 2020. Profit before tax rose 6.2% to Rs 337.52 crore in Q4 FY21 as against Rs 317.96 crore in Q4 FY20. EBITDA grew 12.4% to Rs 523.40 crore in the quarter ended 31 March 2021 as against Rs 465.70 crore in the previous corresponding quarter. The sales from the formulation business in India for the Q4 FY 2020‐21 was at Rs 823.80 crore as against Rs 764.80 crore in the previous corresponding quarter, recording growth of 7.7% Y-o-Y (year-on-year).
Aditya Birla Fashion and Retail rose 0.29%. On a consolidated basis, Aditya Birla Fashion and Retail (ABFRL) reported net loss of Rs 195.86 crore in Q4 FY21, higher than net loss of Rs 146.59 crore in Q4 FY20. Net sales fell 0.6% to Rs 1,821.58 crore in Q4 FY21 compared with Rs 1,831.88 crore in Q4 FY20. Pre-tax loss stood at Rs 121.57 crore in Q4 FY21 as against pre-tax loss of Rs 185.82 crore in Q4 FY20.
The fourth quarter continued with the strong recovery trend through the quarter until the disruption due to the second wave of COVID-19 led to localized shutdowns. However, the company registered good sales in smaller towns and cities (best ever e-commerce growth across brands and resilient product strategy were drivers of the recovery) and strong traction gained on e-commerce with the share of business growing more than two folds. The company delivered a consolidated EBITDA of Rs 253 crore in the quarter, growing 51% over last year level with EBITDA margin expansion of 480 bps to reach a margin of 13.9% for Q4 FY21. This was on account of a strong recovery in sales, far exceeding the restoration of costs.
Max Healthcare Institute slipped 1.09%. On a consolidated basis, Max Healthcare Institute reported a net profit of Rs 69.69 crore in Q4 FY21 as against a net profit of Rs 9.79 crore in Q4 FY20. Net sales during the quarter increased by more than three-fold to Rs 801.86 crore from Rs 247.86 crore recorded in the same period last year. The company reported a pre-tax profit of Rs 104.47 crore in Q4 FY21 as against the pre-tax profit of Rs 9.79 crore reported in the same period last year. Max Healthcare recorded a consolidated net loss of Rs 137.55 crore in FY21 as against a net profit of Rs 58.99 crore in FY20. Net sales rose 136.5% to Rs 2,504.67 crore in FY21 over FY20.
Bank of Baroda skid 4% after the public sector bank reported a net loss of Rs 1,046.50 crore in Q4 FY21 as against a net profit of Rs 506.59 crore in Q4 FY20. The bank's total income remained stable at Rs 21,532.91 crore in Q4 FY21 over Q4 FY20. The bank's operating profit (before provisions & contingencies) jumped 27.3% to Rs 6,265.60 in Q4 FY21 over Q4 FY20. The public sector bank posted a profit before tax of Rs 2,679.57 crore in Q4 FY21 compared with pre-tax loss of Rs 1,723 crore in Q4 FY20.
The bank's net interest income stood at Rs 7,107 crore, 4.54% higher than Rs 6,798 crore in Q4 FY20. Global net interest margin (NIM) increased to 2.72% in Q4 FY21 compared with 2.63% in Q4 FY20 led by margin expansion in international business to 1.57% in Q4 FY21 from 1.21% in Q4 FY20.
Global Markets:
Most shares in Europe and Asia advanced on Monday, 31 May 2021, as investors reacted to the release of China's official manufacturing Purchasing Managers' Index for May 2021.
China's official manufacturing Purchasing Managers' Index for May 2021 came in at 51. The May 2021 figure was slightly lower from the previous month's reading of 51.1.
Japan's retail sales rose 12% in April 2021 as compared with a year earlier, according to government data released Monday.
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