The benchmark indices continued to trade in the negative terrain in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 164.33 points or 0.31% at 52,337.65. The Nifty 50 index lost 59.25 points or 0.38% at 15,708.30.
HDFC (down 1.28%), ICICI Bank (down 1.23%) and HDFC Bank (down 0.66%) were major drags.
In the broader market, the S&P BSE Mid-Cap index skid 0.74%. The S&P BSE Small-Cap index slipped 0.02%.
The market breadth was almost even. On the BSE, 1,560 shares rose and 1,548 shares fell. A total of 154 shares were unchanged.
Global cues were mixed after the US Federal Reserve on Wednesday signaled that policy makers expect rates to rise earlier than previously expected by penciling in two increases by the end of 2023.
Foreign portfolio investors (FPIs) sold shares worth Rs 870.29 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 874.20 crore in the Indian equity market on 16 June 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 17,70,43,245 with 38,33,075 deaths. India reported 8,26,740 active cases of COVID-19 infection and 3,81,903 deaths while 2,84,91,670 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
A single day rise of 67,208 new coronavirus infections were recorded taking India's total tally of COVID-19 cases to 2,97,00,313, while the active cases declined to 8,26,740, the lowest after 71 days, according to the Union health ministry data updated on Thursday. The COVID-19 death toll climbed to 3,81,903 with 2,330 fresh fatalities, the data updated at 8 AM showed.
Economy:
The figures of direct tax collections for the FY 2021-22, as on 15 June 2021 show that net collections are at Rs 1,85,871 crore compared to Rs 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4% over the collections of the preceding year. The net direct tax collections include corporation tax (CIT) at Rs 74,356 crore (net of refund) and personal income tax (PIT) including security transaction tax (STT) at Rs 1,11,043 crore (net of refund).
The advance tax collections for the first quarter of the FY 2021-22 stand at Rs 28,780 crore against advance tax collections of Rs 11,714 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of approximately 146%.
Gainers & Losers:
UltraTech Cement Co. (up 1.78%), Asian Paints (up 1.50%), HDFC Life Insurance Company (up 1.50%), Tata Consumer Products (up 0.94%) and Shree Cements (up 0.84%) were major gainers in Nifty 50 index.
Adani Ports & Special Economic Zones (APSEZ) (down 5.04%), Coal India (down 1.77%), HeroMoto Corp (down 1.46%), Maruti Suzuki India (down 1.46%) and Hindalco Industries (down 1.29%) were major losers in Nifty 50 index.
Nifty Result Today:
Power Grid Corporation of India (down 1.16%) will announce its quarterly result today.
Earning Impact:
Somany Ceramics soared 11.45% after the company's consolidated net profit stood at Rs 35.26 crore in Q4 FY21 compared with net loss of Rs 9 crore in Q4 FY20. Revenue from operations surged 58.80% to Rs 561.74 crore in Q4 FY21 from Rs 353.72 crore in Q4 FY20. Pre-tax profit stood at Rs 48.98 crore in Q4 FY21 compared with pre-tax loss of Rs 10.75 crore in Q4 FY20.
EBITDA grew 546.7% to Rs 90 crore in Q4 FY21 as against Rs 14 crore in Q4 FY20. EBITDA margin improved to 16% during the quarter compared with 3.9% during the corresponding quarter, last year. During the financial year, Somany Ceramics' consolidated net profit galloped 214.20% to Rs 61.27 crore on 2.71% increase in revenue from operations to Rs 1,643.71 crore in FY 2021 over FY 2020. Total consolidated debt stood at Rs 412 crore in FY21 compared with Rs 498 crore in FY20, sliding 17.26% Y-o-Y (year-on-year).
Stocks in Spotlight:
Greenply Industries rose 1.26% after Mirae Asset Mutual Fund purchased 7,06,800 equity shares, or 0.576% stake of the company on 14 June 2021 through open market purchase. Following the transaction, Mirae Asset Mutual Fund has increased its stake in Greenply Industries to 5.45% from 4.874% held earlier.
Ashiana Housing gained 0.80%. The realty firm said that it has acquired a land admeasuring approximately 22.1 acre situated in Gurgaon, Haryana. The company added that a group housing project is planned on this land with potential saleable area of approximately 21,00,000 square feet, with a floor space index of approximately 17,00,000 square feet.
Global Markets:
European shares fell across the board while Asian stocks were mixed on Thursday, 17 June 2021, after the U.S. Federal Reserve on Wednesday moved up its timeline for rate hikes.
U.S. stocks dropped Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will next hike interest rates.
The Federal Reserve on Wednesday began closing the door on its pandemic-driven monetary policy as officials projected an accelerated timetable for interest rate increases, opened talks on how to end crisis-era bond-buying, and said the 15-month-old health emergency was no longer a core constraint on U.S. commerce.
Signaling that broad changes in policy may happen sooner than expected, U.S. central bank officials moved their first projected rate increases from 2024 into 2023, with 13 of 18 policymakers foreseeing a "liftoff" in borrowing costs that year and 11 seeing two quarter-percentage-point rate increases.
The Fed also raised its headline inflation expectation to 3.4% for 2021, a full percentage point higher than the March projection, but the post-meeting statement continued to say that inflation pressures are transitory. Powell said inflation could run hotter than the Fed expected amid the economic recovery.
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