The benchmark indices traded in a narrow range with modest gains in afternoon trade. The moderation in daily new COVID-19 cases in India improved risk sentiments. The Nifty index continued to hover above 15,200 mark.
At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 169.65 points or 0.34% at 50,710.13. The Nifty 50 index gained 39.25 points or 0.26% at 15,214.55.
Housing Development Finance Corporation (HDFC) (up 1.55%), HDFC Bank (up 1%) and Larsen & Toubro (L&T) (up 2.54%) supported the indices.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.93%. The S&P BSE Small-Cap index gained 0.82%.
Buyers outpaced sellers. On the BSE, 1,915 shares rose and 1,177 shares fell. A total of 176 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 510.16 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 649.10 crore in the Indian equity market on 21 May 2021, provisional data showed.
More From This Section
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 16,71,79,637 with 34,63,894 deaths. India reported 27,20,716 active cases of COVID-19 infection and 3,03,720 deaths while 2,37,28,011 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Lockdown was extended on Sunday in Delhi, Haryana, Rajasthan and Puducherry, with many states already imposing COVID-induced restrictions till May-end to rein in the spread of infection. Delhi chief minister Arvind Kejriwal announced that the ongoing lockdown in the national capital will continue for another week and said the process of "unlock" will start from 31 May 2021 in a phased manner if the number of COVID-19 cases continues to decline.
Meanwhile, BioNTech's chief executive reportedly said that the COVID-19 vaccine it developed with U.S. pharmaceutical group Pfizer is likely to be effective against the Indian variant of coronavirus.
Gainers & Losers:
Indian Oil Corporation (IOCL) (up 3.98%), Larsen & Toubro (L&T) (up 2.54%), PowerGrid Corporation of India (up 2.04%), BPCL (up 1.80%) and State Bank of India (SBI) (up 1.74%) were major gainers in Nifty 50 index.
Shree Cement (down 2.43%), JSW Steel (down 2.13%), Tata Steel (down 1.77%), Britannia Industries (down 1.64%) and IndusInd Bank (down 1.60%) were major losers in Nifty 50 index.
Nifty Result Today:
Grasim Industries (down 0.69%) will announce its quarterly earning today.
Earnings Impact:
Godrej Industries gained 0.58%. The company reported a consolidated net loss of Rs 92.22 crore in Q4 FY21 as against a net profit of Rs 103.39 crore in Q4 FY20. Net sales during the quarter increased by 16.3% year-on-year (Y-o-Y) to Rs 2,610.69 crore. Total expenditure declined by 10% to Rs 2,626.66 crore in Q4 FY21 over Q4 FY20. Interest outgo increased by 6.1% to Rs 124.38 crore while depreciation costs were higher by 2.7% to Rs 62.76 crore in the fourth quarter compared with the same period last year. Profit before tax in Q4 FY21 stood at Rs 6.21 crore, down 97% from Rs 210.46 crore in Q4 FY20. Current tax expense jumped 14.4% Y-o-Y to Rs 57.39 crore in the fourth quarter.
CCL Products (India) surged 6.20% after the company's consolidated net profit jumped 16.6% to Rs 49.20 crore on 25.3% rise in net sales to Rs 331.58 crore in Q4 March 2021 over Q4 March 2020. Profit before tax grew 24.5% to Rs 71.78 crore in Q4 FY21 as against Rs 57.67 crore in Q4 FY20. Raw material cost declined 31% to Rs 95.52 crore in Q4 FY21 over Q4 FY20.
Dr Lal PathLabs declined 2.61%. The healthcare firm reported 161% jump in consolidated net profit to Rs 85.10 crore in Q4 FY21 as against Rs 32.6 crore in Q4 FY20. Revenue rose 42.9% year-on-year (Y-o-Y) to Rs 431 crore during the quarter. The company's non-COVID business grew at a growth rate of 26.8% Y-o-Y in Q4 FY21. Normalised EBITDA (after adjustment for stock-based compensation & CSR cost) for Q4 FY21 was at Rs 129.50 crore, up by 101.7% from Rs 64.20 crore in the same quarter last year. Normalised EBITDA margin was at 30% as on 31 March 2021 as against 21.3% as on 31 March 2020. Profit before tax in the fourth quarter stood at Rs 110.80 crore, up by 144.1% from Rs 45.40 crore in the same period last year.
Container Corporation of India soared 8.52%. On a consolidated basis, Container Corporation of India (CONCOR)'s net profit slumped 94.1% to Rs 18.58 crore on 23.5% increase in net sales to Rs 1,956.69 crore in Q4 March 2021 over Q4 March 2020. Profit before tax (after exceptional items) tumbled 90.4% to Rs 39.33 crore in Q4 FY21 as against Rs 410.88 crore in Q4 FY20.
Stocks in Spotlight:
Natco Pharma galloped 9.61% after the drug maker has received final approval for lenalidomide capsules of 5 mg, 10 mg, 15 mg, and 25 mg strengths from the US Food and Drug Administration (USFDA). The drug company said it has received a tentative approval of the 2.5 mg and 20 mg strengths. Lenalidomide capsules are used to treat various types of cancers. It works by slowing or stopping the growth of cancer cells. It is also used to treat anemia in patients with certain blood/bone marrow disorders. Natco Pharma, along with its marketing partner Arrow International previously settled the Paragraph IV litigation related to the product with Celgene which sells the product under the brand-name Revlimid. Natco Pharma and Arrow shall launch the product on agreed-upon launch dates in the future.
Hero MotoCorp rose 1.37% after the two-wheeler major announced that it is gearing up towards a gradual resumption of operations by starting production at all its manufacturing plants in India from Monday, 24 May 2021. The company had already commenced single shift production at three of its plants in Gurugram and Dharuhera located in Haryana and at Haridwar in the state of Uttarakhand from 17 May 2021. Hero said that the other plants of Hero MotoCorp in India namely Neemrana in Rajasthan, Halol in Gujarat and Chittoor in Andhra Pradesh, will also start single shift operations from 24 May 2021. The Global Parts Centre (GPC) at Neemrana will also be operational from 24 May 2021.
Global Markets:
The US Dow Jones futures were up 159 points, indicating a strong opening in the US market today.
Shares in Europe and Asia advanced on Monday, 24 May 2021. Investors anxiously awaited a key read on U.S. inflation this week for guidance on monetary policy.
In Europe, markets in Germany, Switzerland, Denmark, Norway, Belgium and Austria were closed for the Whit Monday public holiday.
In US, the Dow Jones Industrial Average closed higher Friday, while other major benchmarks slipped on concerns about Federal Reserve policy in the face of rising inflation pressures.
Helping sentiment Friday was a gauge for U.S. manufacturing activity that surged to a record high this month. The IHS Markit Flash U.S. Manufacturing Purchasing Managers' Index jumped to an all-time high of 61.5 in May from 60.5 in April.
However, housing data was soft. Existing-home sales fell 2.7% in April to a seasonally adjusted annual rate of 5.85 million annual rate, according to the National Association of Realtors.
Powered by Capital Market - Live News