The benchmark indices ended near flat line after a volatile session on Monday. After hitting the day's high of 15,789.20 in morning trade, the Nifty settled below the 15,700 mark as profit selling emerged at higher levels. Realty shares rallied for the second day.
The barometer index, the S&P BSE Sensex, fell 13.50 points or 0.03% to 52,372.69. The Nifty 50 index rose 2.80 points or 0.02% to 15,692.60.
HDFC Bank (down 0.97%), Infosys (down 0.95%) and HDFC (down 0.74%) were major drags.
The broader market ended higher. The BSE Mid-Cap index rose 0.40% and the BSE Small-Cap index gained 0.75%.
Buyers outpaced sellers. On the BSE, 2,062 shares rose and 1,262 shares fell. A total of 171 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 18,68,05,301 with 40,31,711 deaths. India reported 4,50,899 active cases of COVID-19 infection and 4,08,764 deaths while 3,00,14,713 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India on Monday reported 37,154 new COVID-19 cases in last 24 hours, pushing the country's caseload to 3,08,74,376. With 724 deaths due to virus, the toll is at 4,08,764. Meanwhile, 39,649 people recovered from the virus.
Economy:
The industrial production and manufacturing production data for May will be released today, 12 July 2021.
Industrial production in India surged 134.4% year-on-year in April of 2021 due to a low base effect from last year.
Meanwhile, manufacturing production in India increased 197.10% in April of 2021 over the same month in the previous year. It is the biggest increase ever, following a record 66.6% drop in April 2020 due to the coronavirus pandemic.
Consumer price inflation rate for June 2021 is also due today. Annual consumer inflation rate in India increased to 6.3% in May of 2021, the highest in 6 months, from a downwardly revised 4.23% in April 2021.
Numbers to Watch:
The yield on 10-year benchmark federal paper rose to 6.223% as compared with 6.186% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.5850, compared with its close of 74.6425 during the previous trading session.
MCX Gold futures for 5 August 2021 settlement fell 0.39% to Rs 47,734.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.22% to 92.33.
In the commodities market, Brent crude for September 2021 settlement fell $1.17 at $75.55 a barrel. The contract rose $1.43, or 1.93% to settle at $75.55 a barrel in the previous trading session.
Foreign Markets:
European shares fell across the board while Asian stocks rallied on Monday after their U.S. peers chalked fresh records Friday in a broad-based rebound.
In economic news, China's central bank on Friday announced a 50 basis points cut in its reserve requirement ratio for all banks, effective from July. The RRR represents the amount of money that banks must hold in their coffers as a proportion of their total deposits. A lowering of that required amount will increase the supply of money that banks can lend to businesses and individuals.
The three major US stock indexes rallied to record closing highs on Friday as financials and other economically focused sectors rebounded after a selloff sparked by growth worries earlier in the week.
Meanwhile, the G20 Finance Ministers on July 10 approved a global corporate tax of at least 15% to be imposed on multinational companies (MNCs) with an aim to end tax havens. In a two-day virtual meet headquartered from Venice (Italy), the Group also endorsed a broad agreement plan introducing new rules for taxation of cross-border businesses, as per reports. Details and negotiations of the rules are likely to be finalised during the next G20 meet scheduled in October 2021.
Investors continued to watch the coronavirus situation in Asia-Pacific on Monday. Japan's government is set to put Tokyo under a new COVID state of emergency on Monday while stricter social distancing restrictions are set to kick in for the greater Seoul area in South Korea, as per reports. Elsewhere in Southeast Asia, several countries including Indonesia and Malaysia continue to struggle with a recent surge in infections, reports added.
Buzzing Index:
The Nifty Realty index advanced 3.61% to 379.35. The index has added 6.07% in two sessions.
Indiabulls Real Estate (up 14.89%), Sunteck Realty (up 4.91%), Hemisphere Properties India (up 3.8%), Oberoi Realty (up 3.35%), DLF (up 3.35%), Sobha (up 3.07%), Prestige Estates (up 2.55%), Godrej Properties (up 2.5%), The Phoenix Mills (up 2.25%) and Brigade Enterprises (up 1.94%) advanced.
Stocks in Spotlight:
Avenue Supermarts (DMart) shed 0.94%. On a consolidated basis, the company posted a 137.9% jump in net profit to Rs 95.36 crore on 33.5% rise in net sales to Rs 5,183.12 crore in Q1 FY22 over Q1 FY21. EBITDA in Q1 FY22 stood at Rs 224 crore, as compared to Rs 112 crore in the corresponding quarter of last year. EBITDA margin stood at 4.3% in Q1 FY22 as compared to 2.9% in Q1 FY21.
Delta Corp rose 1.14% after the company reported a consolidated net loss of Rs 28.93 crore in Q1 FY22 as against a net profit of Rs 57.77 crore in Q4 FY21. Net sales during the quarter slumped 64.1% to Rs 75.87 crore in Q1 FY22 from Rs 211.34 crore in Q4 FY21. The company had recorded a loss of Rs 28.24 crore in Q1 FY21. The firm's net sales have increased by 57% from Rs 48.34 crore in Q1 FY21.
Bajaj Healthcare fell 2.96% after the company reported a fire accident at one of its unit situated at Bharuch, Gujarat on Sunday, 11 July 2021. The company said it is taking steps to ensure normal operation at the plant at the earliest.
Tanla Platforms hit an upper circuit of 5% at Rs 886.25 after the company said its board will consider a share buyback on Thursday, 22 July 2021. On the same day, the company will consider and approve the unaudited financial results for the quarter ended 30 June 2021
Hatsun Agro Product jumped 7.64%. The company said its newly commissioned milk manufacturing plant in Tamil Nadu started commercial production on 12 July 2021. The plant has a milk handling capacity of 3.5 lakh litres per day (LLPD).
Container Corporation of India (CONCOR) grew 1.63%. The logistics firm said that total throughput increased by 35.35% to 9,91,746 twenty-foot equivalent units (TEUs) in Q1 FY22 from 7,32,711 TEUs in Q1 FY21. While the company's domestic throughput jumped 68.57% year-on-year to 1,76,669 TEUs in Q1 FY22. Export throughput improved by 29.81% to 8,15,077 TEUs in Q1 FY22 over Q1 FY21.
Maruti Suzuki India added 0.62% after the car major on Monday announced a price hike for Swift and all CNG variants owing to increase in various input costs. Increase in ex-showroom prices (Delhi) is up to Rs 15,000 on Swift and all CNG variants. The new prices are effective from Monday, 12 July, 2021. The company added that the price increase in other models is planned shortly and shall be intimated accordingly.
Adani Ports and Special Economic Zone (APSEZ) fell 1.38%. The company, on Friday, announced that its board will meet on Wednesday (14 July) to consider raising up to $750 million through issuance of US$ denominated foreign currency bonds. The total amount for fund raising will not exceed $750 million and the fundraising will be on a private placement basis or otherwise, to any persons, entities, bodies corporate, companies, banks, financial institutions under applicable laws.
Federal Bank advanced 4.50%. The bank has received the approval from Reserve Bank of India (RBI) on 9 July 2021 for the re-appointment of Shyam Srinivasan as the managing director (MD) and chief executive officer (CEO) of the bank for a period of three years with effect from 23 September 2021 till 22 September 2024.
Shaily Engineering Plastics hit an upper circuit of 5% at Rs 1,628.55 after the company said its board approved raising up to Rs 300 crore in one or more tranches for funding future capex requirements.
SJVN gained 2.30%. The company said that it has signed memorandum of understanding (MoU) with Investment Board of Nepal (IBN) in Kathmandu Nepal for the development of 679 MW Lower Arun hydroelectric project (HEP).
Steel Strips Wheels (SSWL) advanced 4.45%. The company's net profit increased 14.7% to Rs 51.08 crore in Q1 FY22 as against Rs 44.55 crore in Q4 FY21. Revenue from operations, however, declined 3.1% to Rs 678.12 crore in Q1 FY22 compared with Rs 699.87 crore in Q4 FY21. In the same period last year, the company recorded a net loss of Rs 38.09 crore and revenue of Rs 120.26 crore in Q1 FY21.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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