Stock market update: Indices turn rangebound

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Domestic indices traded in a range with losses in mid-afternoon trade. The Nifty continued trading above the 14,800 mark.

BSE Sensex, declined 412.83 points or 0.83% to 49,090.36. The Nifty 50 index fell 106.35 points or 0.71% at 14,836.10.

The broader market traded higher. The S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap index added 0.8%.

Buyers outpaced sellers. On the BSE, 1,732 shares rose and 1,021 shares fell. A total of 177 shares were unchanged.

Investors locked profits after the Sensex rose 2.59% and the Nifty climbed 3.08% in the past four consecutive sessions.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 15,89,57,229 with 33,03,877 deaths. India reported 37,15,221 active cases of COVID-19 infection and 2,49,992 deaths while 1,90,27,304 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

The country reported 3,29,942 cases in the last 24 hours taking the total caseload of COVID-19 cases to 2,29,92,517. The last time India recorded around 3.20 lakh cases in a day was on 27 April 2021 when a 24-hour count stood at 3,23,144 cases.

The media reported that WHO has reclassified the highly contagious triple-mutant COVID-19 variant spreading in India as a variant of concern, indicating that it’s become a global health threat. WHO official said, We classify it as a variant of concern at a global level”.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 73.3725 compared with its previous closing of 73.3550.

MCX Gold futures for 4 June 2021 settlement fell 0.3% to Rs 47,808.

The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, was down 0.03% to 90.16.

In the commodities market, Brent crude for July 2021 settlement rose 70 cents to $67.62 a barrel. The contract increased by 0.06% to settle at $68.32 in the previous trading session.

Buzzing Index:

The Nifty Pharma index slipped 0.46% to 14,067.35. The index jumped 2.8% in previous session.

Lupin (down 2.17%), Aurobindo Pharma (down 1.57%), Torrent Pharmaceuticals (down 1.53%), Divi’s Laboratories (down 1.47%) and Cipla (down 0.79%) were top losers in pharma space.

Earnings Impact:

Paushak reported 72.8% jump in net profit to Rs 11.01 crore in Q4 FY21 as against Rs 6.37 crore in Q4 FY20. Net sales increased 32.3% to Rs 38.74 crore in the fourth quarter compared with the corresponding period last year. Profit before tax in Q4 FY21 stood at Rs 16.11 crore, up by 96.9% from Rs 8.18 crore in Q4 FY20.

Intellect Design Arena tumbled 8.6%. The company reported 96.7% jump in consolidated net profit to Rs 80.61 crore in Q4 FY21 as against Rs 40.99 crore in Q4 FY20. Net sales rose 11% to Rs 397.57 crore in Q4 FY21 over Q4 FY20. Profit before tax in the fourth quarter stood at Rs 90.15 crore, up 112.9% from Rs 42.35 crore reported in the same period last year.

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