Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 256.32 points or 0.49% at 51,678.56. The Nifty 50 index was down 68.30 points or 0.44% at 15,506.55. Rise in crude oil prices impacted sentiment. Asian stocks are trading mixed.
Oil prices rose on June 2 after OPEC and its allies stuck to their plan to cautiously return oil supply in June and July while expecting fuel demand to rebound strongly during the US summer. Brent crude futures climbed 37 cents, or 0.5%, to $70.62 a barrel, after jumping 1.3% overnight, when it hit its highest since March 8.
The S&P BSE Mid-Cap index was up 0.62%. The S&P BSE Small-Cap index was up 0.44%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 1350 shares rose and 923 shares fell. A total of 114 shares were unchanged.
Meanwhile, the Monetary Policy Committee's three-day meeting starts today. The Reserve Bank of India's (RBI) monetary policy committee (MPC) will announce its interest rate decision on Friday, 4 June 2021.
Stocks in news:
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ITC fell 0.55%. On a consolidated basis, ITC's net profit fell 2.62% to Rs 3,755.47 crore on 12.8% increase in total income to Rs 14,921.76 crore in Q4 March 2021 over Q4 March 2020.
Hero MotoCorp fell 0.34%. Hero MotoCorp sold 183,044 units of two-wheelers in the month of May 2021. Sales in the month of May 2021 were adversely impacted due to the closure of plant operations in view of the escalation in the spread of the Coronavirus in the country.
Eicher Motors rose 0.84%. Eicher Motors said the company sold 27,294 motorcycles in May 2021, against 19,113 motorcycles sold in May 2020.
Route Mobile gained 3.26%. Route Mobile announced an agreement with Emirates Integrated Telecommunications Company (EITC) - du, UAE's second Integrated Telecom Service Provider, by offering a turnkey solution using Route Mobile's Smart Messaging Hub which enables du to launch a highly scalable revenue-generating messaging platform to enable A2P wholesale transit business.
Fineotex Chemical rose 1.52%. Fineotex Chemical said that the company's board of directors has approved raising of funds up to Rs 200 crore in one or more tranches by way of issuance of securities, through one or more permissible mode(s).
Global Markets:
Asian stocks are trading mixed on Wednesday, with official data showing higher-than-expected growth in Australia's economy for the first quarter.
Australia's gross domestic product rose 1.8% from last quarter on a seasonally adjusted basis in the first three months of the year, according to official data released Wednesday.
South Korea's consumer inflation accelerated to a more than nine-year high in May. Consumer prices rose 2.6% in May from a year earlier, government data showed on Wednesday, logging the fastest growth since April 2012. It grew 2.3% in April.
U.S. stocks finished Tuesday mostly flat as optimism about the economic reopening met lingering angst about inflation and price pressure.
Investors began the first week of June on a high note as Covid cases continue to decline and vaccinations rise in the U.S. In a major milestone, more than half the U.S. population has received at least one dose of a Covid vaccination, according to data posted by the Centers for Disease Control and Prevention.
Growth in U.S. manufacturing picked up in May. The Institute for Supply Management, a trade group of purchasing managers, said Tuesday that its index of manufacturing activity rose in May to a reading of 61.2 in May from 60.7 in April.
Back home, the domestic equity benchmarks ended almost flat after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, fell 2.56 points at 51,934.88. The Nifty 50 index lost 7.95 points or 0.05% at 15,574.85.
Foreign portfolio investors (FPIs) sold shares worth Rs 449.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 230.49 crore in the Indian equity market on 1 June, provisional data showed.
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