The key equity indices pared early gains and were trading with minor losses in morning trade. The Nifty was trading below the 17,800 mark. PSU banks resumed uptrend after a day's breather.
At 10:23 IST, the barometer index, the S&P BSE Sensex, was down 81.11 points or 0.14% to 59,663.77. The Nifty 50 index lost 25.80 points or 0.14% to 17,796.50.
In the broader market, the S&P BSE Mid-Cap index shed 0.35% while the S&P BSE Small-Cap index gained 0.22%.
The market breadth was strong. On the BSE, 1798 shares rose and 1146 shares fell. A total of 143 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 235,805,910 with 4,816,244 deaths. India reported 246,687 active cases of COVID-19 infection and 449,538 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
A total of 92,12,85,696 COVID-19 vaccine doses have been administered in the country so far, with over 59.28 lakh doses being given yesterday, according to the Co-WIN dashboard.
Economy:
Rating agency Moody's Investors Service has upgraded India's sovereign rating outlook to 'stable' from 'negative' citing an ebbing of the risks from COVID-19 and the negative feedback between the real economy and financial system.
While it retained India's rating at Baa3, reflecting the lowest investment grade rating, Moody's said it expects real GDP to surpass pre-pandemic levels of 2019-20 this year itself, as the ongoing economic recovery is picking up steam with activity upticks broadening across sectors. It expects 2021-22 to record 9.3% growth in GDP, followed by 7.9% next year.
Buzzing Index:
The Nity PSU Bank index rose 1.01% to 2,567.70. The index had declined 0.44% to end at 2,542.05 yesterday. In the past one month, the index has advanced 9.86% while the benchmark Nifty 50 index added 2.61% during the same period.
Union Bank of India (up 1.62%), Bank Of Baroda (up 1.56%), Punjab & Sind Bank (up 1.15%), Bank of India (up 1.04%), Indian Bank (up 0.93%), SBI (up 0.85%) and Bank of Maharashtra (up 0.73%) advanced.
Central Bank of India gained 0.66% to Rs 22.85. The bank has entered into a co-lending partnership with IIFL Home Finance d to offer SME LAP Loan product under priority sector to MSME borrowers.
Stocks in Spotlight:
Bajaj Finance were trading 0.08% higher at Rs 7,730.20. The NBFC major's customer franchise grew 19.7% to 52.8 million as of 30 September 2021 from 44.1 million on 30 September 2020. Consolidated liquidity surplus stood at approximately Rs 16,500 crore as of 30 September 2021.
Assets under management (AUM) grew 21.74% and stood at approximately Rs 166,900 crore as of 30 September 2021 as compared to Rs 137,090 crore as of 30 September 2020. Deposit book stood at approximately Rs 28,700 crore as of 30 September 2021 as compared to Rs 21,669 crore as of 30 September 2020.
Godrej Consumer Products fell 1.24% to Rs 1,031.05. The FMCG company expects to deliver high single-digit sales growth with another quarter of double-digit two-year CAGR during July-September quarter. During the quarter, demand trends in categories across the key countries remained steady.
India sales growth is expected to be in double-digit during the second quarter, driven largely by volume growth and calibrated price increases. In Indonesia, the company expects a marginal decline in constant currency sales. In Godrej Africa, USA and Middle East, growth momentum continued across key countries of operations. The firm expects sales growth in its Latin America and SAARC businesses to be soft.
Godrej Consumer Products said it expects operating margins to contract during the quarter driven by a lag between the rise in input costs and increase in end consumer pricing.
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