As per the provisional closing data, the barometer index, the S&P BSE Sensex, fell 189.45 points or 0.36% at 52,735.11. The Nifty 50 index lost 45.65 points or 0.29% at 15,814.70.
The Nifty hit a record high of 15,915.65 and the Sensex hit a record high of 53,126.73 in opening trade today. Both these indices reversed gains as the session progressed and ended near their day's low.
While the fresh COVID cases have declined in India, the Delta variant continues to be a cause of concern. Due to its higher transmissibility, fresh restrictions are being imposed in developed countries like UK & Australia.
Firm crude oil prices above $75 mark also worried investors. India is heavily dependent on oil imports for satisfying its domestic demand. A high crude price directly maps into a high trade deficit and in turn a high current account deficit (CAD). At the same time, being an important input for the aggregate economy, a crude price shock also leads to a spike in domestic inflation.
The broader market ended higher. The S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index added 0.57%.
Buyers outpaced sellers. On the BSE, 1,877 shares rose and 1,442 shares fell. A total of 155 shares were unchanged.
Finance Minister Nirmala Sitharaman Press Conference:
Union Finance Minister Nirmala Sitharaman is addressing a press conference. The finance minister has announced some new relief measures amid economic distress caused by the second wave of COVID-19 in the country.
Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors announced. Of this, Rs 50,000 crore has been allocated to the health sector and Rs 60,000 crore for other sectors.
Additional Rs 1.5 lakh crore announced under the Emergency Credit Line Guarantee Scheme (ECLGS). Sector-wise details will be finalised as per evolving needs
Credit guarantee scheme announced to facilitate loans of up to Rs 1.25 lakh per individual to 25 lakh persons through micro-finance instituitions (MFIs). Interest rate on loans from banks will be capped at MCLR plus 2%.
EPF support to employers and employees under Aatmanirbhar Bharat Rozgar Yojana has been extended till 31 March 2022. The scheme was first rolled out in October 2020.
Finance minister announced financial support to more than 11,000 registered tourist guides/travel and tourism stakeholders through the loan guarantee scheme for COVID-affected sectors.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 18,10,96,913 with 39,23,105 deaths. India reported 5,72,994 active cases of COVID-19 infection and 3,96,730 deaths while 2,93,09,607 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reported 46,148 new COVID-19 cases and 979 deaths in the last 24 hours, according to data released by the Union Health and Family Welfare Ministry on Monday. This is for the first time in over two and half months that the death toll has come below the 1,000-mark and the 11th consecutive day in the last two months when the toll has been below the 2,000-mark. The total caseload rose to 3,02,79,331 as India crossed the mark of over three crore COVID-19 cases last Wednesday.
New Listings:
Shares of Krishna Institute of Medical Sciences (KIMS) were trading at Rs 1,002.35 at 15:20 IST on the BSE, a premium of 21.5% over the initial public offer price of Rs 825. The stock was listed at Rs 1008.9, a premium of 23.29% to the initial public offer (IPO) price. So far the stock hit a high of Rs 1,057.95 and low of 973. On the BSE, 2.04 lakh shares were traded on the counter so far. The IPO of Krishna Institute of Medical Sciences opened for bidding on Wednesday, 16 June 2021, and closed on Friday, 18 June 2021. The price band for the IPO was set at Rs 815-825 per share. The issue received bids for 5.56 crore shares as against 1.44 crore shares on offer, according to the stock exchange data. The issue was subscribed 3.86 times.
Shares of Dodla Dairy were trading at Rs 607.20 at 15:20 IST on the BSE, a premium of 41.87% over the initial public offer price of Rs 428. The stock was listed at Rs 528, a premium of 23.36% to the initial public offer (IPO) price. So far the stock hit a high of Rs 588.95 and low of 528. On the BSE, 6.31 lakh shares were traded on the counter so far. The IPO of Dodla Dairy opened for bidding on Wednesday, 16 June 2021, and closed on Friday, 18 June 2021. The price band for the IPO was set at Rs 421-428 per share.
Stocks in Spotlight:
Lupin rose 1.09%. The drug major announced the launch of Emtricitabine and Tenofovir Disoproxil Fumarate Tablets 200 mg/300 mg, having received an approval from the United States Food and Drug Administration (FDA).
Tech Mahindra gained 1.54%. The IT major, through its wholly-owned subsidiary viz., Tech Mahindra (Americas) Inc., approved the proposal to acquire 100% equity shares in US-based Brainscale Inc. Brainscale is headquartered in Princeton, New Jersey, US. The company is a cloud focused asset having expertise in cloud consulting, enablement, application development and data analytics. It has more than 120 employees. For the financial year ending 31 December 2020, the company had revenue of $10 million.
Strides Pharma Science gained 2.1% to Rs 776 after the company announced the successful completion of the EU GMP inspection carried out by the National Institute of Pharmacy and Nutrition (OGY), Hungry at its Puducherry facility. The company said it has received the renewed GMP (Good Manufacturing Practices) certificate thereby confirming the successful closure of the inspection. The company in August 2020 had also announced successful completion of the UK MHRA inspection at the site.
Granules rose 0.78%. The drug company announced that the United States Food and Drug Administration (USFDA) completed the inspection of the facility of Granules Pharmaceuticals, Inc., a wholly owned foreign subsidiary of the company located in Chantilly, Virginia, USA on Friday, 25 June 2021 with two minor observations. Granules assured that it will respond to these observations within the stipulated time.
Finolex Industries soared 4.66% after the company consolidated net profit soared 409.40% to Rs 298.84 crore on 62.5% jump in net sales to Rs 1,249.34 crore in Q4 March 2021 over Q4 March 2020. Profit before tax surged 356.50% to Rs 405.07 crore in Q4 FY21 as against Rs 88.73 crore in Q4 FY20.
Hindustan Copper declined 3.96%. On a consolidated basis, Hindustan Copper reported a net loss of Rs 36.82 crore in Q4 FY21, lower than net loss of Rs 514.27 crore in Q4 FY20. Net sales surged 255.70% to Rs 522.24 crore in Q4 FY21 as against Rs 146.84 crore in Q4 FY20. Pre-tax loss was at Rs 63.21 crore in Q4 FY21 as against a pre-tax loss of Rs 481.19 crore in Q4 FY20.
Global Markets:
European shares declined while most Asian stocks ended lower on Monday as a spike in coronavirus cases across Asia over the weekend hurt investor sentiment while oil hovered around 2-1/2 year highs.
Meanwhile, official data showed that China's industrial profits for May slowed. Data released Sunday by China's National Bureau of Statistics showed profits at China's industrial firms rose 36.4% in May as compared with a year earlier. That was a slowdown from the 57% year-on-year growth posted in April.
U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.
Bank shares jumped after the Federal Reserve announced the banking industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained well above minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.
A key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday.
Investors are concerned about a spike in coronavirus infections in Asia with Australia's most populous city of Sydney plunging into a lockdown after a cluster of cases involving the highly contagious Delta strain ballooned. Indonesia is battling record high cases while a lockdown in Malaysia is set to be extended. Thailand too announced new restrictions in Bangkok and other provinces.
Meanwhile, the World Health Organization on Friday, 25 June 2021 urged fully vaccinated people to continue to wear masks, social distance and practice other COVID-19 pandemic safety measures as the highly contagious delta variant spreads rapidly across the globe. WHO officials have said the variant, first found in India but now in at least 92 countries, is the fastest and fittest coronavirus strain yet, and it will "pick off" the most vulnerable people, especially in places with low COVID-19 vaccination rates.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
