Key equity indices further pared losses in mid-morning trade. Metal stocks advanced for the second day. The Nifty was trading above the 14,250 mark. A steep surge in COVID-19 infections in the country weighed on the sentiment.
At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 195.73 points or 0.41% to 47,510.07. The Nifty 50 index lost 39.60 points or 0.28% to 14,256.80.
In the broader market, the S&P BSE Mid-Cap index slipped 0.20% while the S&P BSE Small-Cap index rose 0.45%.
The market breadth was positive. On the BSE, 1456 shares rose and 1133 shares fell. A total of 166 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 143,511,162 with 3,055,894 deaths.
India reported 2,291,428 active cases of COVID-19 infection and 184,657 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
The Maharashtra government on Wednesday imposed additional restrictions on travel within the state and the city, and a further reduction in attendance in government offices and such private offices that fall under the essential or exempted category. These curbs will kick in at 8 pm Thursday and be in force till 7 am on 1 May 2021.
In its second-highest single-day jump thus far, Maharashtra reported 67,468 new coronavirus cases on Wednesday, taking its tally beyond the 40 lakh mark. Maharashtra also recorded an all-time high of 568 deaths. The toll rose to 61,911.
Finance Minister Nirmala Sitharaman has urged the industry to wait and watch for next few days to assess the situation amid the second wave of COVID-19 pandemic and assured them of full government support. She was addressing the FICCI National Executive Committee Members through virtual mode.
Buzzing Index:
The Nifty Metal index rose 1.51% to 4,450.80, extending gains for second day. The index has added 1.94% in two sessions.
Tata Steel (up 4.45%), Hindustan Zinc (up 3.04%), SAIL (up 2.87%), JSW Steel (up 1.71%), Jindal Steel & Power (up 1.56%), Hindustan Copper (up 1.18%), Welspun Corp (up 1.20%) and NMDC (up 1.09%) advanced while APL Apollo Tubes declined 1.28%.
Stocks in Spotlight:
Indiabulls Housing Finance jumped 9.36% to Rs 180.55. The company entered into a strategic co-lending partnership with HDFC to offer housing loans to homebuyers at competitive rates. Indiabulls Housing Finance will originate retail home loans as per jointly drawn up credit policy and retain 20% of the loan in it's books and 80% will be on HDFC books. The arrangement is part of Indiabulls Housing Finance's balance sheet light growth model.
Larsen & Toubro fell 1.24% to Rs 1315. L&T Construction has secured a significant contract to design and build one of the world's largest oil & gas supply bases. According to L&T's classification, the value of the said orders lies between Rs 1,000 crore to Rs 2,500 crore.
Caplin Point Laboratories rose 2.92% to Rs 522 after the company said its subsidiary received a final approval from the US drug regulator for its Abbreviated New Drug Application, neostigmine methylsulfate injection. The injection is indicated for the reversal of the effects of non-depolarizing neuromuscular blocking agents (NMBAs) after surgery. According to IQVIA (IMS Health), neostigmine methylsulfate injection had US sales data of approximately $20 million for the 12-month period ending December 2020.
Global Markets:
Most Asian stocks were trading higher on Thursday following an overnight bounce on Wall Street.
The European Central Bank is scheduled to deliver its latest monetary policy announcement today, although no major shifts are expected.
In US, Wall Street rebounded on Wednesday after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc's sell-off after its disappointing results a day earlier. Both the S&P 500 and Dow hit all-time highs.
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