Market Wrap Podcast, June 15: Here's all that happened in the markets today

Domestic equity indices ended a range-bound trade in the positive zone on Tuesday as a positive global mood and a steady decline in Covid-19 cases in the country supported sentiment. An across-the-board buying lifted benchmarks to new lifetime highs in early deals today where the S&P BSE Sensex touched 52,869.5 levels while the Nifty50 index surpassed the 15,900-mark to quote at 15,902.

By close, the BSE barometer was at 52,773 levels, up 221 points or 0.4 per cent. The 50-share index, on the other hand, was at 15,869 levels, up 57 points or 0.36 per cent.

Indices' breadth was 1:1 where Asian Paints, Axis Bank, ICICI Bank, HUL, Britannia Industries, SBI Life, and Indian Oil Corporation ended the day as the top gainers, up between 1 per cent and 3 per cent. Divis Labs, Coal India, Hindalco, Bajaj Finserv, Sun Pharma, and Dr Reddy's Labs, meanwhile, were the top laggards, down up to 1.6 per cent.

In the broader markets, the BSE MidCap index settled the day 0.6 per cent higher amid gains in GMR Infra, Future Retail, Whirlpool of India, and Crisil. The BSE SmallCap index too gained 0.4 per cent propelled by gains in Srei Infra, Reliance Industrial Infrastructure, Insecticides, and Action Construction Equipment.

Individually, shares of Reliance Industrial Infrastructure continued their upward movement, hitting a new high of Rs 744 after they rallied 20 per cent, on the BSE in intra-day trade on the back of heavy volumes. The stock of the construction & engineering company was trading higher for the fourth straight day, having zoomed 63 per cent during the period.

Meanwhile, shares of Newgen Software Technologies soared 12 per cent, hitting a new high of Rs 511.55, on the BSE after more than 10 per cent of the company's equity changed hands on the counter. The stock of the information technology (IT) consulting & software company surpassed its previous high of Rs 464, touched on Monday.

Around 7.5 million shares, representing 10.7 per cent of the total equity of Newgen Software Technologies, had changed hands on the BSE earlier today. The names of the buyers and sellers were not ascertained immediately.

Lastly, shares of Adani Group companies traded on a sombre note for the second straight day on Tuesday even after National Securities Depository Ltd (NSDL) clarified that the accounts of three foreign funds - holding nearly Rs 43,000 crore worth of Adani group shares - are 'active' and not frozen.

Shares of Adani Green Energy, Adani Ports and Adani Enterprises rose up to 5 per cent in intra-day today but soon pared gains to trade flat-to-negative. Meanwhile, Adani Transmission, Adani Power and Adani Total Gas were locked in 5 per cent lower circuit limit on the BSE.

Sectorally, the Nifty Pharma, PSU Bank, and Metal indices were the losers on the NSE, down 0.8 per cent, 0.26 per cent, and 0.05 per cent, respectively. On the upside, the Nifty Media index (up 2 per cent) and the Nifty Realty index (up 1.3 per cent) were the top gainers.

Meanwhile, on the BSE, the Consumer Discretionary Goods & Services index hit a fresh record high at 5,109 today, having surged 13.4 per cent in the past two months. In comparison, the benchmark Sensex index has added 8 per cent during the period.

The recent optimism at the bourses stems from the hope that consumers will resort to ‘revenge buying’ once the lockdown condition is lifted across most part of India.

Individually, Asian Paints, Avenue Supermarts, Titan Company, Westlife Development, Dollar Industries, Endurance Technologies, Filatex India, Garware Technical Fibres, Minda Corp and Minda Industries hit their respective record highs on the bourses today.

In the primary market, the three-day issue of Sona Comstar has been subscribed around 24 per cent so far on day two of the IPO while Shyam Metalics has seen a subscription of 3 times.

On the earnings front, shares of Jubilant Foods ended 0.28 per cent lower even as the company reported a net profit of Rs 104 crore in Q4FY21, compared with Rs 25 crore profit reported last year. It's revenue grew 14 per cent YoY to Rs 1,026 crore and margins expanded 540 bps on year.

Besides, recently listed Easy Trip Planners reported net profit of Rs 30.5 crore for the March quarter compared with a profit of Rs 3.4 crore clocked last year. Revenues also rose over 80 per cent YoY. The stock ended 0.67 per cent up on the BSE.

Global cues
 

World stocks hit yet another record high on Tuesday, with European stocks poised for their longest winning streak since 2019.

A majority of investors surveyed by BofA said inflation was transitory, a marked change from March, when worries about more sustained price rises had sent US 10-year Treasury yields surging to nearly 1.8 per cent.

Abating worries about inflation helped European shares scale new highs, with the pan-regional STOXX 600 rising 0.4 per cent. In Asia, the MSCI's broadest index of Asia-Pacific shares outside Japan trading flat. Japan's Nikkei rose 1 per cent and the Australian benchmark traded up 0.93 per cent, but Chinese blue chips fell 1.1 per cent.