The benchmark indices were trading in a narrow range with small losses in afternoon trade. The Nifty hit record high of 15,778.80 in early trade, encouraging traders to book profits.
At 13:20 IST, the barometer index, the S&P BSE Sensex, slipped 82.83 points or 0.16% at 52,245.68. The Nifty 50 index lost 23.75 points or 0.15% at 15,727.90.
ICICI Bank (down 1.26%), HDFC Bank (down 0.88%) and Housing Development Finance Corporation (HDFC) (down 1.11%) were major drags.
The broader market traded higher. The S&P BSE Mid-Cap index rose 0.40%. The S&P BSE Small-Cap index added 0.99%.
Buyers outpaced sellers. On the BSE, 1,741 shares rose and 1,374 shares fell. A total of 138 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 186.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 983.97 crore in the Indian equity market on 7 June 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 17,36,38,512 with 37,37,406 deaths. India reported 13,03,702 active cases of COVID-19 infection and 3,51,309 deaths while 2,73,41,462 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India reported less than 1 lakh new daily COVID-19 cases for the first time in 63 days. The 86,498 cases are also the lowest in 66 days. The number of deaths, on the other hand, remained above the 2000-mark over the past 24 hours. The country reported 2,123 deaths.
Prime Minister Narendra Modi on Monday announced that the Government of India will provide free vaccines to states for all people above 18 years, starting 21st June. Modi said no state government of the country will have to spend anything on the vaccine and the Government of India will provide free vaccines to all the countrymen. The government has decided that 25% of the vaccine responsibilities that were looked after by the state governments, will now be looked after by the Centre.
Modi said though the government will provide free vaccines to all the countrymen, those who want to pay for the same can get vaccinated at private hospitals. He said, 25% of vaccines can be purchased by the private hospitals. He added that private hospitals will be able to charge a maximum service charge of Rs 150 for a single dose after the fixed price of the vaccine.
Modi said seven companies are working on developing vaccines and three trials are underway. He said research is also underway on nasal vaccines.
The Prime Minister informed that Pradhan Mantri Garib Kalyan Anna Yojana has been extended till Diwali. He said, in this time of pandemic, the government is standing with the poor. Modi said free food grains will be available in fixed quantity every month to more than 80 crore countrymen till November.
Economy:
Ratings agency CRISIL has lowered India's gross domestic product (GDP) growth forecast to 9.5% for the current fiscal compared to 11% projected earlier. The downward revision reflects the major hit the two engines of growth - private consumption and investment - have taken due to the second COVID-19 wave.
Meanwhile, the World Bank has said it has approved a $500 million program to support MSMEs in India to increase liquidity access for viable small businesses impacted by COVID-19. The World Bank's Board of Executive Directors has approved a $500 million program to support the Government of India's nationwide initiative to revitalize the MSME sector, which has been heavily impacted by the COVID-19 crisis.
Gainers & Losers:
Britannia Industries (up 2.07%), HCL Technologies (up 1.99%), Tech Mahindra (up 1.88%), Infosys (up 1.80%) and Tata Consumer Products (up 1.76%) were major gainers in Nifty 50 index.
Hindalco Industries (down 2.49%), Tata Steel (down 1.85%), JSW Steel (down 1.58%), State Bank of India (SBI) (down 1.43%) and ICICI Bank (down 1.37%) were major losers in Nifty 50 index.
Earning Impact:
Jubilant Ingrevia fell 1.12%. On a consolidated basis, Jubilant Ingrevia's net profit stood at Rs 54.36 crore while total revenue from operations was at Rs 684.13 crore in Q4 March 2021. During the quarter, consolidated profit before tax stood at Rs 77.39 crore. On a pro-forma basis, the company's net profit surged 98% to Rs 95 crore on 30.98% rise in total revenue from operations to Rs 1,078 crore in Q4 March 2021 over Q4 March 2020. EBITDA grew 100.99% to Rs 203 crore in Q4 FY21 as against Rs 101 crore in Q4 FY20. EBITDA margin improved to 18.8% during the quarter compared with 12.3% during the corresponding quarter last year.
Stocks in Spotlight:
Shriram Transport Finance Co. rose 0.17%. The company board has fixed a floor price of Rs 1,433.32 per share for the qualified institutional placement (QIP) offering. The company's board authorised opening the QIP issue on 7 June 2021. The floor price of QIP issue is set at Rs 1,433.32 per equity share. Further, the board also approved raising funds by issuing equity shares and warrants to Shriram Capital, promoter of the company, on a preferential basis. The company proposed to issue up to 17,36,100 equity shares at a price of Rs 1,440 per equity share, for an aggregate consideration of up to Rs 249,99,84,000. The board proposed to issue up to 17,36,100 warrants at Rs 1,440 each aggregating to Rs 2,499,984,000.
MOIL gained 1.65% after the company said it has received its first patent for innovation in technology for a period of 20 years. MOIL filed a patent application for "a composition useful as an alternative filling material for hydraulic stowing in an underground mine and the methods thereof". The government has granted patent for 20 years from 31 March 2018. This is first patent of MOIL since its inception. Presently, hydraulic sand stowing is used for filling voids created in underground. This requires use of large quantity of rivers and and other materials for filling the voids. MOIL tookup a project of replacement of sand - a valuable natural resource - with alternate materials. Under the project, MOIL prepared an in-house kiln for heat treatment of the waste/overburden materials and invented suitable mix and heat technology by addition water, gypsum, bentonite, dolomite, etc.
Global Markets:
Most European shares advanced while Asian stocks declined on Tuesday, 8 June 2021.
Revised government data released Tuesday showed Japan's economy shrank 3.9% in the first quarter, an improvement from the initial estimate of a 5.1% contraction.
US stocks clawed back much of their early losses and ended mixed on Monday. Investors are focused on inflation data in the week ahead, with May's Consumer Price Index (CPI) scheduled to be released Thursday.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU