Key benchmark indices are trading weak in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 303.13 points or 0.62% at 48,858.68. The Nifty 50 index was down 82.75 points or 0.56% at 14,768. The Sensex dropped below the key 49,000 mark in early trade.
The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index was up 0.38%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1514 shares rose and 694 shares fell. A total of 96 shares were unchanged.
Indian stock markets will remain closed tomorrow, 13 May 2021 on account of Id-Ul-Fitr (Ramzan Id).
On the macro data front, investors are awaiting the industrial production and manufacturing production data for March, and inflation for April, scheduled to be released later in the day.
Meanwhile, amid a strong second Covid wave, Moody's cut India's FY22 GDP growth forecast. The rating agency slashed the projection to 9.3% for FY22 from 13.7% forecasted earlier. It also ruled out a sovereign rating upgrade, at least for now.
Stocks in news:
Infosys fell 0.57%. Infosys announced that it has been selected by Britvic, one of the leading branded soft drinks businesses in Europe, as a strategic end-to-end partner to help them deliver their strategic transformation roadmap and operations, across Applications, Cloud Infrastructure, Service Management and End User Computing.
Dr. Reddy's Laboratories declined 0.22%. Dr. Reddy's Laboratories along with its subsidiaries announced the launch of Ertapenem for Injection, 1 g/vial, a therapeutic equivalent generic version of INVANZ (ertapenem for injection) for injection, 1 g/vial approved by the U.S. Food and Drug Administration (USFDA).
Godrej Consumer Products jumped 14.99%. On a consolidated basis, Godrej Consumer Products reported 59.13% jump in net profit to Rs 365.84 crore on 24.71% rise in total income to Rs 2,747.35 crore in Q4 March 2021 over Q4 March 2020.
Siemens surged 8.7%. On a consolidated basis, Siemens reported 90.32% jump in net profit to Rs 334.40 crore on 30.15% rise in total income to Rs 3,552.50 crore in Q2 March 2021 over Q2 March 2020.
Linde India rose 1.17%. On a consolidated basis, Linde India reported 676.94% jump in net profit to Rs 303.24 crore on 88.08% rise in total income to Rs 740.63 crore in Q1 March 2021 over Q1 March 2020.
Kalpataru Power Transmission gained 1.88%. On a consolidated basis, Kalpataru Power Transmission reported 461.29% jump in net profit to Rs 174 crore on 15.7% rise in total income to Rs 4,104 crore in Q4 March 2021 over Q4 March 2020.
Global Markets:
Overseas, Asian stocks are trading mostly lower on Wednesday, as investors remain cautious over growing inflation worries.
U.S. stocks dropped on Tuesday as speculation that rising inflation pressure could prompt interest rate hikes sooner rather than later dragged on shares.
Back home, domestic indices snapped four-day rising streak on Tuesday on account of negative global cues. The barometer index, the S&P BSE Sensex, declined 340.60 points or 0.69% to 49,161.81. The Nifty 50 index fell 91.60 points or 0.61% at 14,850.75.
Foreign portfolio investors (FPIs) sold shares worth Rs 336 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 676.67 crore in the Indian equity market on 11 May, provisional data showed.
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