The benchmark indices were trading with modest losses in early afternoon trade. The Nifty regained the 15,700 mark. Banks shares were under pressure while IT and pharma shares bucked the weak market trend.
At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 216.32 points or 0.41% at 52,258.44. The Nifty 50 index lost 75.35 points or 0.48% at 15,724.
In the broader market, the S&P BSE Mid-Cap index skid 1.07% while the S&P BSE Small-Cap index slipped 0.29%.
The market breadth was negative. On the BSE, 1,391 shares rose and 1,763 shares fell. A total of 168 shares were unchanged.
Economy:
India's annual rate of inflation, based on monthly Wholesale Price Index (WPI), was 12.94% in May 2021 compared to -3.37% in May 2020. The high rate of inflation in May 2021 is primarily due to low base effect and rise in prices of crude petroleum, mineral oils viz. petrol, diesel, naphtha, furnace oil etc. and manufactured products as compared the corresponding month of the previous year.
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. The manufacturing sector recorded a 197.1% uptick this April, though it was still 0.9% lower than April 2019 levels. Electricity output rose 38.5% in April 2021 from a year ago, and was 6.81% higher than the pre-COVID-19 levels of April 2019. Similarly, Mining output grew 37% year-on-year in April 2021, but was only 0.2% higher than the same month in 2019.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 17,59,52,756 with 38,03,985 deaths. India reported 9,73,158 active cases of COVID-19 infection and 3,74,305 deaths while 2,81,62,947 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India, on Monday, 14 June 2021 recorded 70,421 new cases of coronavirus infections detected on Sunday, the lowest since the end of March 2021. However, only 14.92 lakh samples tested on Sunday as compared to a weekly average of about 19 lakh. Tamil Nadu remains the highest contributor with 14,016 new cases. The country also saw 3,936 deaths in the same period. Maharashtra contributed to over 2,800 of them, including about 2,300 uncounted deaths from previous days.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, spurted 6.11% to 14.965. The Nifty 24 June 2021 futures were trading at 15,728.35, at a premium of 4.35 points as compared with the spot at 15,724.
The Nifty option chain for 24 June 2021 expiry showed maximum Call OI of 24.5 lakh contracts at the 16,000 strike price. Maximum Put OI of 28.4 lakh contracts was seen at 15,000 strike price.
Buzzing Index:
The Nifty Metal index fell 1.05% to 5,350.15. The index added 3.78% in the past two sessions.
Adani Enterprises (down 11.91%), Coal India (down 2.31%), Welspun Corp (down 1.69%), MOIL (down 1.16%) and Hindustan Zinc (down 1.12%) tumbled.
Stocks in Spotlight:
Sun TV Network slipped 1.77%. The broadcasting firm reported an 80% jump in standalone net profit to Rs 449.88 crore on 6.4% rise in net sales to Rs 781.99 crore in Q4 FY21 as compared to Q4 FY20. The company's advertisement revenues for the quarter ended 31 March 2021 were up by 8% year on year to Rs 314.87 crore. The subscription revenues for Q4 FY21 grew by 7% to Rs 428.12 crore as against Rs 398.79 crore in the corresponding quarter ended 31 March 2020. Standalone profit before tax jumped 54.5% to Rs 503.58 crore in Q4 FY21 from Rs 325.85 crore in Q4 FY20. EBITDA for Q4 FY21 was up by 9% year on year to Rs 546.79 crore as against Rs 503.51 crore for the previous quarter ended 31 March 2020.
Natco Pharma fell 0.51%. The drug maker on Monday announced that its marketing partner, Breckenridge Pharmaceutical Inc. (BPI), has received approval for its Abbreviated New Drug Application (ANDA) for carfilzomib vials from the US drug regulator. Carfilzomib vials ANDA is a generic version for KYPROLIS. The parties have received final approval for 10mg and 60mg strengths of the product and tentative approval for 30mg strength of the product. Based on the ANDA filing, NATCO believes that it is eligible for 180 days of sole generic marketing exclusivity for the 10mg strength and shared 180 days of generic marketing exclusivity for the 60mg strength of the product at the time of launch.
Lupin declined 2.43% after the company said that it has received a warning letter from the U.S. FDA for the company's Somerset, New Jersey facility. The U.S. FDA had inspected the Lupin Somerset site from 10 September 2020 to 5 November 2020. However, the company does not believe that the warning letter will have an impact on disruption of supplies or the existing revenues from operations of this facility, it stated.
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