Nifty slips below 15,800; PSU banks decline

Barometers further pared gains in early afternoon trade. The undertone of the market was still upbeat amid positive global cues. At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 170.88 points or 0.33% at 52,471.87. The Nifty 50 index was up 39.55 points or 0.25% at 15,777.20.

The Sensex hit a record high of 52,626.64 and the Nifty hit a record high of 15,835.55 early trade today.

In broader market, the S&P BSE Mid-Cap index was up 0.03% while the S&P BSE Small-Cap index was gained 0.01%.

The market breadth was positive. On the BSE, 1570 shares rose and 1,466 shares fell. A total of 140 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 174,771,133 with 3,769,494 global deaths.

India's active Covid-19 caseload further declined to 11,21,671 yesterday. A net decrease of 46,281 in active cases was noted in last 24 hours, according to the data from the Ministry of Health and Family Welfare, Government of India. Less than 1 lakh cases were reported for the fourth day. In last 24 hours, India reported 91,702 new cases while 1,34,580 patients recovered. Recoveries continue to outnumber the daily new cases for the twenty ninth consecutive day. Recovery rate increased further to 94.93%.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.44% to 14.485. The Nifty 24 June 2021 futures were trading at 15,810.20, at a premium of 15.55 points as compared with the spot at 15,794.65.

The Nifty option chain for 24 June 2021 expiry showed maximum Call OI of 24.2 lakh contracts at the 16,000 strike price. Maximum Put OI of 31.1 lakh contracts was seen at 15,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 0.56% to 2,473.75 on profit taking after 2.4% gain in previous trading session.

Indian Bank (down 1.5%), Punjab National Bank (down 1.06%), SBI (down 1.04%), Canara Bank (down 0.38%) and Bank of India (down 0.37%) declined.

Earnings Impact:

Steel Authority of India rose 2.14%. On a standalone basis, the PSU company's net profit jumped 26.4% to Rs 3443.80 crore on 44% surge in net sales to Rs 23,286 crore in Q4 March 2021 over Q4 March 2020. EBITDA fell 6.4% to Rs 6,473 crore in Q4 March 2021 as against Rs 6,917 crore in Q4 March 2020. Turnover galloped 44.6% to Rs 23,166 crore in Q4 FY21 from Rs 16,024 crore in Q4 FY20. Net debt (Non Ind-AS) decreased Rs 16,131 crore to Rs 15,350 crore as on 31 March 2021. The company achieved highest ever quarterly hot metal, crude steel and saleable steel production of 4.98 million tonnes (MT), 4.56 MT and 4.42 MT respectively during Q4 FY21, registering a growth of 8% year-on-year (Y-o-Y), 6% Y-o-Y and 11% Y-o-Y respectively.

National Fertilizers fell 3.64%. The company's net loss narrowed to Rs 9.53 crore in Q4 FY21 compared with net loss of Rs 248.65 crore in Q4 FY20. Net sales slipped 1.8% to Rs 2,961.17 crore in Q4 FY21 compared with Rs 3,014.43 crore in Q4 FY20. Pre-tax loss stood at Rs 9.80 crore in Q4 FY21 as against a pre-tax loss of Rs 333.11 crore in Q4 FY20.

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