The benchmark indices were trading with minor losses in afternoon trade. The Nifty index regained 15,900 mark after briefly slipping below that level.
At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 80.16 points or 0.15% at 53,078.69. The Nifty 50 index slipped 19.30 points or 0.12% at 15,904.90.
Infosys (down 1.31%), ICICI Bank (down 1.24%) and HCL Technologies (down 3.82%) were major drags.
The broader markets outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.30%. The S&P BSE Small-Cap index added 0.23%.
Buyers outpaced sellers. On the BSE, 1,725 shares rose and 1,401 shares fell. A total of 150 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 264.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 439.41 crore in the Indian equity market on 15 July 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 18,89,28,123 with 40,66,605 deaths. India reported 4,30,422 active cases of COVID-19 infection and 4,12,531 deaths while 3,01,83,876 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reported 38,949 cases, 542 deaths in last 24 hours. The recovery rate has increased to 97.28% while active cases now constitute 1.39% of total cases. The European Medicines Agency (EMA) said it has not received any application from the COVID-19 vaccine Covishield maker Serum Institute of India (SII) for authorisation.
Economy:
India's overall exports in June 2021 are estimated to be $49.85 billion, exhibiting a positive growth of 31.87% over the same period last year. Overall imports in June this year are estimated to be $52.18 billion, exhibiting a positive growth of 73.65% over the same period last year.
India's overall exports in April to June this year are estimated to be $147.64 billion, exhibiting a positive growth of 50.24% over the same period last year. Overall imports in April to June this year are estimated to be $156.58 billion, exhibiting a positive growth of 80.75% over the same period last year.
Gainers & Losers:
Divi's Laboratories (up 3.26%), Bharti Airtel (up 3.15%), Tata Steel (up 1.19%), Reliance Industries (RIL) (up 1.12%) and Ultratech Cement Co. (up 1.09%) were major gainers in Nifty 50 index.
HCL Technologies (down 3.82%), Tech Mahindra (down 1.79%), Eicher Motors (down 1.56%), Shree Cements (down 1.42%) and Infosys (down 1.31%) were major losers in Nifty 50 index.
Nifty Result Today:
HDFC Asset Management Company (AMC) (up 3.61%) will announce its quarterly result today.
Earning Impact:
Wipro gained 0.05%. The IT major reported a 9.20% rise in consolidated net profit to Rs 3,248 crore in Q1 June 2021 (Q1 FY22) as against Rs 2,974.30 crore in Q4 March 2021 (Q4 FY21). Consolidated revenues grew 12.35% to Rs 18,252.40 crore in Q1 June 2021 compared with Rs 16,245.40 crore in Q4 March 2021. Profit before tax advanced 3.29% to Rs 3,873.30 crore in Q1 FY22 as against Rs 3,749.90 crore in Q4 FY21. The numbers are based on Indian accounting standards (IND AS).
As per International Financial Reporting Standards (IFRS), the IT major's consolidated net income for Q1 June 2021 was Rs 3,232.10 crore, an increase of 8.7% quarter-on-quarter (Q-o-Q) and 35.2% year-on-year (Y-o-Y). Gross consolidated revenue was Rs 18,252.40 crore in Q1 June 2021, an increase of 12.4% Q-o-Q and 22.4% Y-o-Y.
Stock in Spotlight:
JMC Projects advanced 2.67% after the EPC company said it has secured new orders worth Rs 1,624 crore. The company received orders of Rs 496 crore in Q1 FY22 and Rs 1,128 crores in Q2 FY22 till date. The orders consist of road project in Ghana worth Rs 1,128 crore and building project order worth Rs 496 crore in India.
Global Markets:
European shares advanced at opening bell while Asian stocks were mixed on Friday, 16 July 2021, as concerns about the economic growth outlook came to the fore.
The Bank of Japan held steady on monetary policy. Japan's central bank downgraded its real GDP forecast for 2021 to 3.8% growth, as compared with the 4% growth forecast made in April 2021. The Bank of Japan also kept its yield curve control target at -0.1% for short-term interest rates and 0% for 10-year Japanese government bond yields. Yield curve control is a policy to stimulate the country's economy, and entails keeping the 10-year Japanese government bond yield at zero.
US stocks indexes fell on Thursday as energy and technology stocks declined. Federal Reserve Chair Jerome Powell on Thursday maintained the central bank will continue to evaluate the economic recovery before changing its accommodating monetary policies. The Fed chair spoke before the Senate banking panel in a second day of testimony before Congress.
Meanwhile, Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast for a strong recovery in world oil demand in the rest of 2021 and predicted oil use would rise further in 2022 similar to pre-pandemic rates, led by growth in China and India.
"In 2022, healthy expectations for global economic growth in addition to improved containment of COVID-19 through the acceleration of vaccination programmes, effective treatment and natural immunisation, particularly in emerging and developing countries, along with frequent testing procedures, are assumed to spur consumption of oil next year to comparable pre-pandemic levels," OPEC said in the report.
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