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 266.37 points or 0.51% at 52,208.39. The Nifty 50 index was down 109.90 points or 0.7% at 15,689.45. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was down 1.95%. The S&P BSE Small-Cap index was down 1.43%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 845 shares rose and 1699 shares fell. A total of 104 shares were unchanged.
In economic data, Wholesale Price Inflation (WPI) and Consumer Price Inflation (CPI) inflation for May 2021 is due today, 14 June 2021.
India's index of industrial production (IIP) rose by a sharp 134.44% in April 2021, as per data from the National Statistical Office which stressed that the numbers are not strictly comparable with April 2020 when the country was in the midst of a national lockdown. April's industrial output was just 0.08% higher than the pre-pandemic levels of April 2019. On a sequential month-on-month basis, April's IIP contracted 12%.
Stocks in news:
Tata Consultancy Services (TCS) rose 0.18%. TCS announced that it has designed and delivered a key customer experience transformation program for Alcatel-Lucent Enterprise (ALE), a leading provider of communications, networking, and cloud solutions tailored to customers' industries, to drive improved sales velocity and revenue growth.
Adani Enterprises slumped 12.76%. Adani Enterprises said that the company has incorporated a wholly-owned subsidiary namely, Adani Cement Industries (ACIL) on 11th June, 2021 to carry on business as manufacturers, producers, processors of all types of cements.
Info Edge (India) declined 0.89%. Info Edge (India) said that the board of directors of the company approved acquisition of 100% of the Share Capital on a fully diluted basis of Zwayam Digital Pvt. Ltd. for an aggregate cash consideration of about Rs 61 crore.
DLF dropped 5.98%. DLF reported a consolidated net profit of Rs 480.94 crore in Q4 FY21 as against a net loss of Rs 1,857.76 crore in Q4 FY20. Total income during the quarter increased by 1.75% year-on-year (YoY) to Rs 1,906.59 crore.
Bharat Heavy Electricals tumbled 13.78%. Bharat Heavy Electricals reported a consolidated net loss of Rs 1,034.82 crore in Q4 FY21 as against a net loss of Rs 1,532.67 crore in Q4 FY20. Total income during the quarter increased by 39.6% year-on-year (YoY) to Rs 7,254.30 crore.
Sun TV Network lost 3.18%. Sun TV Network reported 98.77% surge in consolidated net profit to Rs 487.46 crore on 9.38% rise in total income to Rs 895.40 crore in Q4 FY21 over Q4 FY20.
Anupam Rasayan India rose 0.05%. The company reported 113.29% surge in consolidated net profit to Rs 22.14 crore on 65.89% rise in total income to Rs 274.16 crore in Q4 FY21 over Q4 FY20.
Ruchi Soya Industries rose 0.7%. Ruchi Soya Industries said that the issue committee constituted and authorised by its board has approved raising of funds by way of further public offer of equity shares of the company and the Draft Red Herring Prospectus dated June 12, 2021 (DRHP) for filing with Securities and Exchange Board of India (Sebi).
Global Markets:
Overseas, Asian stocks are trading mixed on Monday morning trade, with multiple major markets in the region closed for holidays. Markets in Australia, mainland China and Hong Kong are closed on Monday for holidays.
U.S. stocks rose slightly on Friday with the S&P 500 adding to its new record. The S&P 500 climbed 0.2% to a fresh closing high of 4,247.44, a second record close in a row. The Nasdaq Composite advanced 0.4% to 14,069.42 with Apple, Microsoft and Netflix all registering gains. The Dow Jones Industrial Average gained 13.36 points to 34,479.60.
Meanwhile, leaders of the Group of Seven wealthy nations staked their claim Sunday to leading the world out of the coronavirus pandemic and crisis, pledging more than 1 billion coronavirus vaccine doses to poorer nations, vowing to help developing countries grow while fighting climate change and backing a minimum tax on multinational firms. The G-7 also backed a minimum tax of at least 15% on large multinational companies to stop corporations from using tax havens to avoid taxes, a move championed by the United States.
Back home, key indices ended with small gains on Friday, supported by firmness in IT pivotals. The barometer index, the S&P BSE Sensex, rose 174.29 points or 0.33% at 52,474.76. The Nifty 50 index gained 61.60 points or 0.39% at 15,799.35.
Foreign portfolio investors (FPIs) bought shares worth Rs 18.64 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 666.36 crore in the Indian equity market on 11 June, provisional data showed.
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