Domestic shares plunged on Monday with the Nifty falling below the 14,700 mark. Rising COVID-19 cases and negative global cues spoiled sentiment. Barring the Nifty Metal index, all the sectoral indices on the NSE ended in the red. Metal shares were in demand on firm copper prices.
The barometer index, the S&P BSE Sensex, slumped 1,145.44 points or 2.25% to 49,744.32. The Nifty 50 index lost 306.05 points or 2.04% to 14,675.70.
TCS (down 3.69%), Reliance Industries (down 3.52%), HDFC (down 3.04%) and Infosys (down 2.06%) were major drags.
In the derivatives market, the NSE's Volatility Index (VIX), a gauge of market's expectation of volatility over the near term, surged 14.47% to 25.47.
In the broader market, the BSE Mid-Cap index fell 1.34% and the BSE Small-Cap index declined 1.01%. The decline in both these indices was lesser than the benchmark indices.
There were more sellers than buyers. On the BSE, 1,040 shares rose and 1,987 shares fell. A total of 152 shares were unchanged.
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COVID-19:
Amid a spurt in COVID-19 cases, Maharashtra Chief Minister Uddhav Thackeray on Sunday held a televised conference to address the COVID-19 situation in the state. "If the (COVID-19) situation deteriorates, then we have to impose lockdown. Those who want lockdown can roam around without mask while those who don't want it must wear mask and follow all the rules," he said.
Total COVID-19 confirmed cases worldwide stood at 11,13,43,040 with 24,65,882 deaths. India reported 1,50,055 active cases of COVID-19 infection and 1,56,385 deaths while 1,06,67,741 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Meanwhile, a total of over one crore 11 lakh people have been administered COVID-19 vaccines in the country so far. Union Health Ministry said that 31 thousand 681 people have been inoculated with COVID-19 doses in the last 24 hours. The country's COVID-19 recovery rate reached 97.22% with the total recovery of more than nine thousand patients in the last 24 hours.
Numbers to Watch:
The yield on 10-year benchmark federal paper rose to 6.205% as compared with 6.132% 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 72.49, compared with its close of 72.65 during the previous trading session.
In the commodities market, Brent crude for April 2021 settlement rose 58 cents at $63.49 a barrel. The contract fell $1.02, or 1.60% to settle at $62.91 a barrel in the previous trading session.
Foreign Markets:
The US Dow Jones 30 Futures was down 183 points, indicating a weak opening the US stocks on Monday.
Shares in Europe declined across the board while Asian markets ended mixed on Monday. Developments surrounding the pandemic and vaccine rollout remain in focus. The UK is set to detail later on Monday how it plans to lift lockdown measures gradually in the coming months, as its vaccination rollout maintains its good pace.
Meanwhile, China kept the one-year loan prime rate (LPR) unchanged at 3.85%, largely in line with expectations. The five-year LPR was also kept steady at 4.65%. The LPR is a lending reference rate set monthly by 18 banks.
Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued.
The House of Representatives will try to pass a $1.9 trillion coronavirus relief plan before the end of February, Speaker Nancy Pelosi said Thursday. Democratic Congressional leaders may try to pass a package without votes from Republicans.
Buzzing Indian Index:
The Nifty Metal index rose 1.60% to 3,609.10. The index declined 1.96% in the previous session.
Hindustan Copper (up 14.37%), Ratnamani Metals & Tubes (up 10.63%), JSW Steel (up 2.33%), Hindalco Industries (up 2.05%), MOIL (up 1.91%), Tata Steel (up 1.44%), Hindustan Zinc (up 1.4%), SAIL (up 1.38%), NMDC (up 1.23%) and NALCO (up 1.06%) advanced.
Shares of metal and mining companies were in demand after copper prices in London jumped on Monday to cross the $9,000 a tonne level for the first time since September 2011. Base metals prices are soaring on expectations that post-crisis demand will outstrip near-term supply.
Stocks to Watch:
Bharti Airtel fell 1.76%. The telecom major said it will meet global fixed income investors on or after 23 February 2021, following which and subject to market conditions, the company will take a final decision with reference to the issuance of foreign currency bonds/notes, and a deal may or may not follow, it said.
"Accordingly, subject to such final decision, a duly authorized Special Committee of Directors may meet anytime on or after two working days to consider the Issuance and its detailed terms and conditions," the teleco said in a BSE filing made after market hours today.
Larsen & Toubro (L&T) fell 3.68%. The power transmission & distribution business of L&T has won 'large' orders across its spectrum of offerings. According the company's classification, the value of 'large' orders lies between Rs 2,500 crore and Rs 5,000 crore.
Vivimed Labs hit an upper circuit of 20% to Rs 17.80. The company said it received approval for paracetamol 125mg/5mL + Chlorpheniramine Maleate 2.5mg/5ml syrup under brand name Febril syrup 100ml from Uzbekistan Government.
Sheela Foam fell 1.06% after the company said it received an order to close its Jalpaiguri plant from the West Bengal Pollution Control Board.
Torrent Power jumped 3.91%. The company emerged as the highest bidder for acquisition of 51% stake in the power distribution company in the Union Territory of Dadra & Nagar Haveli and Daman & Diu.
Karnataka Bank fell 3.96%. The bank reported to Reserve Bank of India (RBI) a fraud in the credit facilities extended earlier to IL&FS Transportation Networks with an outstanding balance of Rs 34.16 crore. IL&FS Transportation Networks availed credit facilities from Karnataka Bank during 2016 under multiple banking arrangement wherein, Karnataka Bank was one of the member banks and during 2018, the borrowing account was classified as Non-Performing Asset (NPA) and has been fully provided for.
Jubilant Foodworks rallied 5.93% after the fast-food chain operator said will fully acquire Fides Food Systems Cooperatief UA Netherlands (Fides) for an agreed investment of 24.8 million pounds, through its wholly-owned subsidiary, Jubilant FoodWorks Netherlands BV. Fides is the beneficial owner of 32.81% of equity shares of DP Eurasia N.V. (DP Eurasia). DP Eurasia is a public company listed with London Stock Exchange and is the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia. DP Eurasia (together with its subsidiaries) offers pizza delivery and takeaway/ eat-in facilities at 771 stores (568 in Turkey, 190 in Russia, 9 in Azerbaijan and 4 in Georgia as on 31 December 2020).
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