Stock market update: Sensex, Nifty hit day's low; breadth positive

Equity indices hit fresh intraday low as selling pressure intensified in morning trade. The Nifty slipped towards the 14,700 mark. PSU banks and pharma stocks were in demand while IT, metal and auto stocks corrected.

Sensex, was down 441.89 points or 0.9% at 48,719.68. The Nifty 50 index was down 131.40 points or 0.88% at 14,719.35.

In the broader market, the S&P BSE Mid-Cap index was down 0.49% while the S&P BSE Small-Cap index fell 0.22%.

The market breadth was positive. On the BSE, 1431 shares rose and 1185 shares fell. A total of 147 shares were unchanged.

Indian stock markets will remain shut tomorrow, 13 May 2021, on account of Id-Ul-Fitr (Ramzan Id).

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 159,337,160 with 3,312,920 global deaths.

India reported 37,04,099 active cases of COVID-19 infection and 254,197 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. In last 24 hours, India recorded 3,48,421 new cases and 4,205 deaths.

Economy:

Amid a strong second Covid wave, Moody’s cut India’s FY22 GDP growth forecast. The rating agency slashed the projection to 9.3% for FY22 from 13.7% forecasted earlier. It also ruled out a sovereign rating upgrade, at least for now.

On the macro data front, investors are awaiting the industrial production and manufacturing production data for March, and inflation for April, scheduled to release later today.

Buzzing Index:

The Nifty Realty index added 1.37% to 315.20, extending its winning run to the fifth consecutive trading session. The realty index has rallied 4% in five days.

Phoenix Mills (up 2.79%), Sunteck Realty (up 2.63%), Brigade Enterprises (up 1.65%), Prestige Estates Projects (up 1.19%), Oberoi Realty (up 1.04%), DLF (up 0.9%) and Mahindra Lifespace Developers (up 0.24%) were top gainers in realty space.

Results Today:

Asian Paints (up 0.35%), Apollo Tyres (up 0.11%), Borosil Renewables (down 0.69%), Happiest Minds (down 1.51%), Jindal Steel (down 0.04%), Lupin (up 0.81%), Mahindra Lifespace (up 0.18%), Pidilite Industries (down 0.43%), Prince Pipes (up 0.38%), Tata Power (down 1.01%), UPL (up 0.48%) and Voltas (down 1.63%) will announce their March quarter results today.

Earnings Impact:

Siemens jumped 8.66% to Rs 2117.80 after the company reported 90.8% jump in standalone net profit to Rs 328.30 crore in Q2 March 2021 as against Rs 172.10 crore in Q2 March 2020. Net sales during the quarter increased 29.7% year-on-year (YoY) to Rs 3298.30 crore in Q2 March 2021. Profit before tax from continuing operations in Q2 March 2021 stood at Rs 433 crore, an increase by 94.8% over the same period last year. In the second quarter, the company registered new orders from continuing operations of Rs 3,309 crore, registering a 16.9% increase over the same period last year. The company’s order backlog stands at Rs 12,677 crore.

KEC International rose 1.39%. On a consolidated basis, the EPC company reported a 0.7% rise in net profit to Rs 194.30 crore on 18.8% increase in net sales to Rs 4,360.54 crore in Q4 FY21 over Q4 FY20. Profit before tax declined 1.3% to Rs 265.66 crore in Q4 FY21 from Rs 269 crore posted in Q4 FY20. EBITDA fell 4.3% to Rs 355 crore in Q4 FY21 from Rs 371 crore in Q4 FY20. EBITDA margin declined to 8.1% in Q4 FY21 as against 10.1% in Q4 FY20.

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