As per the provisional closing data, the barometer index, the S&P BSE Sensex, slumped 1,707.94 points or 3.44% at 47,883.76. The Nifty 50 index tanked 524 points or 3.53% at 14,310.65.
Tata Motors (down 9.65%), Adani Ports & SEZ (down 8.94%), Bajaj Finance (down 7.25%), ICICI Bank (down 4.58%), Reliance Industries (down 3.4%) and HDFC Bank (down 3.28%) were major drags.
In the broader market, the S&P BSE Mid-Cap index lost 5.32% while the S&P BSE Small-Cap index tumbled 4.81%.
Sellers outnumbered buyers. On the BSE, 509 shares rose and 2,478 shares fell. A total of 174 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 13,60,56,956 with 29,36,768 deaths. India reported 12,01,009 active cases of COVID-19 infection and 1,70,179 deaths while 1,21,56,529 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India on Monday reported 1,68,912 new COVID-19 cases and 904 deaths in last 24 hours, according to data from the Union Health Ministry.
The media reported that a total lockdown may be impending in Maharashtra. With rising COVID cases, a total lockdown is mulled by state government officials. State health minister Rajesh Tope said that a decision could happen after it is discussed during Wednesday's cabinet meeting.
Economy:
India's foreign exchange reserves declined $2.415 billion to stand at $576.869 billion in the week ended 2 April 2021, RBI data showed on Friday. The reserves had touched a record high of $590.185 billion in the week ended 29 January 2021.
The gold reserves dropped by $884 million to $34.023 billion in the reporting week, as per the central bank data. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $4 million to $1.486 billion.
Meanwhile, commercial banks in India gave almost one fourth of loans (about Rs 1.55 trillion) in the last fortnight of the financial year. The total lending was Rs 5.80 trillion in FY21 lower than about Rs 6 trillion in FY20. The outstanding credit stood at Rs 109.51 trillion as of 26 March 2021, according to Reserve Bank of India data. On a year-on-year (Y-o-Y) basis, the lending by commercial banks rose by 5.6% in the financial year (FY21), a period marked by economic contraction due to COVID-19 pandemic as against 6.1% in FY20.
Nifty Result Today:
IT bellwether TCS was down 2% ahead of its Q4 earnings today, 12 April 2021.
Stocks in Spotlight:
Infosys was down 0.82%. The IT major said its board will consider a share buyback proposal on Wednesday, 14 April 2021. On the same day, the company will announce its audited consolidated financial results for the quarter and year ending 31 March 2021. Infosys said its board will also recommend a final dividend for the financial year ending 31 March 2021.
Coforge fell 1.86%. The IT company has signed definitive agreements to acquire a controlling interest in SLK Global Solutions, a business process transformation enterprise offering BPM and digital solutions for the financial services industry. The transaction is being funded by Coforge with a combination of internal accruals and external borrowings. Coforge shall initially acquire 60% stake in SLK Global, with SLK Global's founders completely exiting. Aggregate consideration paid by the company for the acquisition of 60% of the total issued and paid up share capital of SLK Global is Rs 918.321 crore.
Biocon fell 3.68%. Biocon Pharma, a wholly-owned subsidiary of Biocon, received a certificate of Good Manufacturing Practice (GMP) compliance from the Medicines & Healthcare products Regulatory Agency (MHRA), the United Kingdom (UK), for its manufacturing facility at Biocon Park in Bengaluru (Karnataka). The certificate, which includes manufacturing and packaging of tablets and capsules in the non-potent and potent blocks of the facility, was issued based on a remote inspection in the week of 22 March 2021, in the wake of travel restrictions amidst COVID-19.
Praj Industries declined 5.14%. The company bagged an order to set up India's largest capacity syrup based ethanol plant from Godavari Biorefineries (GBL) in Karnataka. As a part of this project, Praj Industries will expand the existing ethanol manufacturing capacity to 600 kilo litre per day (KLPD), using sugarcane syrup. When commissioned, this will become India's largest capacity syrup-based ethanol plant.
Castrol India down 2.48%. The company on Friday (9 April) announced that it has entered into an exclusive supply arrangement with ki Mobility Solutions in India. As part of the arrangement, Castrol India will supply lubricant products to ki Mobility's multi-brand workshops in India.
Ratnamani Metals & Tubes fell 2% after the company received a domestic order of Rs 594 crore for coated carbon steel pipes from oil and gas sector. The said order is to be executed between September 2021 and July 2022.
Music Broadcast declined 0.62%. The board of Music Broadcast has decided not to pursue the proposed investment in Big FM and the company will be terminating the definitive transaction documents with immediate effect. The parties have not yet received the approval from the MIB and the long stop date under the definitive agreements has expired.
Anupam Rasayan India fell 0.36%. The company has re-paid certain identified borrowings aggregating to Rs 470.73 crore as on 31 March 2021 of its total outstanding debt from the net proceeds of its recently completed initial public offering. The repayment of debt will result in significant savings in the finance cost. The company's total debt as on 31 December 2020 stood at Rs 841.975 crore.
Global Markets:
Shares in Europe and Asia saw a mixed trend on Monday as global stocks continue to search for direction after record highs in several regions last week.
The U.K. government is relaxing lockdown measures in England on Monday, with outdoor dining and hospitality venues, hairdressers, gyms, shops and outdoor attractions allowed to reopen.
In the US, the Dow Jones Industrial Average and S&P 500 index closed at record highs Friday as investors remain cautiously optimistic about economic growth and progress against the pandemic. Stocks linked to the recovering economy led the gains again amid the accelerating vaccine rollout.
On the data front, the U.S. producer-price index rose 1% in March, the U.S. Labor Department said Friday. The rate of wholesale inflation over the past 12 months climbed to 4.2% in March. That's the highest level since September 2011.
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