Sensex slips 291 pts amid weak global cues; pharma, PSB stocks rally

Coal India, Cipla, Sun Pharma, UPL, Nestle India, Indian Oil Corporation, Tech M, Axis Bank, and SBI Life were the top gainers of the day

11:50 AM

Aarti Industries under pressure

11:41 AM

Stocks that hit 52-week high on BSE today in an otherwise volatile market

Company	PRICE(rs)	52 WK HIGH	CHG(%)
Adani Enterp.	1306.00	1350.50	-1.73
Adani Transmissi	1323.60	1323.60	5.00
Advanced Enzyme	483.00	503.00	2.04
Aegis Logistics	342.25	352.25	-1.48
Balkrishna Inds	2136.55	2209.00	0.89

11:30 AM

Bitcoin slides below $40,000 on China crypto restrictions, ether tumbles

Bitcoin's volatile week-long slide saw it tumble to below the $40,000 mark on Wednesday as news of further restrictions on cryptocurrency transactions in China added to earlier concerns sparked by Tesla boss Elon Musk's tweets. Bitcoin, the world's biggest and best-known cryptocurrency, fell about 9% to as low as $38,940.04, even slipping below a key 200-day moving average. It is now down 40% from the year's high of $64,895.22 on April 14. READ MORE

11:22 AM

Minda Corp jumps 7% on stellar March quarter results, dividend bounty

Minda Corporations' shares advanced 6.7 per cent to Rs 118, also ita fresh 52-week high, on the BSE in Wednesday's intra-day deals after the automobile component maker reported a consolidated net profit of Rs 12.92 crore for the March quarter of FY21 as against a loss of Rs 299.78 crore in the year-ago period. The stock suprassed its previous high of Rs 104.7, touched on April 28, 2021. READ MORE

11:12 AM

Oil prices fall on rising Covid-19 infections in Asia, inflation fears

Oil prices fell for a second day on Wednesday on renewed demand concerns as coronavirus cases in Asia rise and on fears of rising inflation might lead the US Federal Reserve to raise interest rates, which could limit economic growth. Brent crude futures fell 73 cents, or 1.1%, to $67.98 a barrel at 0452 GMT. It settled 1.1% lower on Tuesday after briefly climbing above $70 earlier in the session. READ MORE

11:01 AM

Torrent Pharma shares rise 6% post March quarter results

Shares of Torrent Pharmaceuticals, on Wednesday, gained 6 per cent at Rs 2,891.55 in intra-day trade on the BSE after the drug firm reported a 3.18 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 324 crore for the quarter ended March 31, 2021, mainly on the back of continued India business recovery momentum, and cost control.

 

Consolidated revenue from operations of the company stood at Rs 1,937 crore for the quarter under consideration. It was Rs 1,946 crore for the same period a year ago, Torrent Pharma said in an exchange filing, on Tuesday. READ MORE

10:51 AM

Street concerned over Ujjivan SFB's asset quality hit in Q4; stock sinks 8%

Shares of Ujjivan Small Finance Bank tumbled 8.1 per cent to hit an intra-day low of Rs 28 apiece on the BSE on Wednesday after the lender's asset quality worsensed in the March quarter. Gross non-performing asset (GNPA) ratio rose from 0.97 per cent last year and 0.96 per cent (4.8 per cent as per pro-forma) in Q3FY21 to 7.1 per cent in the quarter ended March 2021 which worried Street. Net NPA ratio, meanwhile, deteriorated from 0.2 per cent (Q4FY20) and 0.05 per cent (Q3FY21) to 2.93 per cent. READ MORE

10:42 AM

Jindal Stainless (Hisar) scales 52-week high on robust Q4 show

Shares of Jindal Stainless (Hisar) Ltd (JSHL) jumped nearly 7 per cent to hit a 52-week high of Rs 192.95 on the BSE in Wednesday's intra-day trade following a strong performance in the March quarter. The company reported an over three-fold jump in its consolidated net profit at Rs 350.65 crore for the quarter ended March 31, 2021, mainly on account of increased income, as against Rs 108.35 crore posted in the same quarter last fiscal. READ MORE

10:30 AM

Top losers among BSE500 stocks at this hour

Company	PRICE(rs)	CHG(%)
P I Industries	2574.95	-6.05
Aarti Industries	1659.00	-5.00
Tata Motors	318.00	-4.32
VRL Logistics	249.00	-3.86
Ujjivan Fin.Ser.	209.25	-3.33

10:21 AM

PSBs Q4 preview: Bond yields may dent treasury income; asset quality eyed

Public sector banks (PSBs) may surprise the Street with a healthy March quarter (Q4FY21) numbers as muted earnings in the previous year, lower provisioning in this quarter, and resolution of key accounts may support the earnings, say analysts. However, relative to their private peers, PSBs may have to take a sharper knock as regards the refund of interest on interest (loan moratorium case), which may dent their net interest income (NII), they fear. READ MORE

10:14 AM

Mid-cap stocks on a tear but beware of valuations, say analysts

Smaller stocks continue to shine at the bourses. The BSE MidCap index is up 18 per cent since the beginning of January this year against a 5 per cent rise in the Sensex during the period. With the current rally, the mid-cap index has doubled in value since the end of March 2020 against a 70 per cent rally in the Sensex during the period. On Tuesday, the mid-cap index closed at 21,232, as compared to 17,941 at the end of December 2020. READ MORE

10:04 AM

Rupee Opening

Rupee opens at 73.03 per US dollar vs Tuesday's close of 73.05/$

9:57 AM

Tata Motors dips 6% on profit booking post March quarter results

Shares of Tata Motors dipped 6 per cent to Rs 312.95 on the BSE in intra-day trade on Wednesday on account of profit booking in the counter even as the firm reported a strong operational performance for the quarter ended March 2021 (Q4FY21), led by its UK subsidiary Jaguar Land Rover (JLR) and its India business, and narrowing of consolidated loss, which was mainly on account of exceptional items. READ MORE

9:46 AM

MORNING MARKET COMMENTARY :: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The trend of low daily Covid cases and high recoveries has the potential to sustain the ongoing 'hope trade' in the market. But since the bulls are sitting on good profits, corrections caused by profit-taking are due anytime. Global support to markets is likely to continue since the consensus is that the Fed is likely to ignore the recent spurt in inflation dismissing it as transitory. A positive development is FIIs turning buyers with a net buy figure of Rs 618 cr yesterday.

 

The consensus pre-second Covid wave GDP growth rate of around 11% for FY22 is getting revised to around 9%. Earnings estimates for FY 22 also will take a hit. But it appears that the market is looking through this downward revision and is focussing on the post- second wave scenario

9:42 AM

MARKET CHECK :: Sensex turns positive