SENSEX, NIFTY HIT FRESH INTRADAY LOW; BANKS SHARES DECLINE

The key equity indices pared early gains and hit fresh intraday low in morning trade. The Nifty held above the 15,750 mark. Banks, financials and metal stocks tumbled.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 119.3 points or 0.23% to 52,616.29. The Nifty 50 index lost 41.90 points or 0.26% to 15,773.50.

The broader market, however, outperformed. The S&P BSE Mid-Cap index gained 0.15% while the S&P BSE Small-Cap index rose 0.29%.

The market breadth was strong. On the BSE, 1695 shares rose and 1158 shares fell. A total of 139 shares were unchanged.

Though the financial relief package announced by the Finance Minister Nirmala Sitharaman yesterday was hailed by India Inc, the measure have, however, failed to enthuse the markets.

TV Narendran, president, Confederation of Indian Industry (CII) reportedly said, ?We are heartened by the targeted interventions announced by the government, with a special focus on health and tourism. The liquidity boosting measures to keep the enterprises afloat in the aftermath of COVID 2.0 in the form of extending loan guarantees to the healthcare, tourism sectors, and small borrowers, in addition to increasing the scope of ECLGS by Rs 1.5 lakh crore are very welcome steps."

While the overall investor sentiment remained positive on account domestic economic recovery, fears of the third Covid wave kept sentiment in check.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 181,388,210 with 3,928,804 global deaths.

India reported 552,659 active cases of COVID-19 infection and 397,637 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Results Today:

Balmer Lawrie Investments (up 0.20%), Dredging Corporation Of India (up 1.27%), EID-Parry (India) (down 0.48%), Fermenta Biotech (up 10.26%), Finolex Cables (down 0.37%), Gallantt Ispat (down 3.98%), GOCL Corporation (down 0.43%), Gujarat Mineral Development Corporation (down 0.99%), Hindustan Oil Exploration (down 0.04%), Himadri Speciality Chemical (up 0.34%), Housing & Urban Development Corporation (up 0.63%), Indian Railway Catering and Tourism Corporation (up 2.03%), Indian Railway Finance Corporation (up 0.20%), MTNL (down 1.57%), NBCC (India) (up 1.38%) and Ruchi Soya Industries (up 5%) will announce their quarterly earnings today.

Earning Impact:

NALCO shed 0.87% to Rs 79.35. On a consolidated basis, NALCO`s net profit jumped 830.99% to Rs 935.74 crore on 45.74% rise in revenue from operations to Rs 2,821.48 crore in Q4 March 2021 over Q4 March 2020.

Hindustan Aeronautics (HAL) gained 1.52% to Rs 1,057.65 after the company`s consolidated net profit jumped 31.2% to Rs 1,621.76 crore on 4.8% rise in net sales to Rs 10,738.74 crore in Q4 FY21 over Q4 FY20.

Buzzing Index:

The Nifty Bank index fell 0.68% to 35,117.60, declining the most among the sectoral indices on the NSE.

Bandhan Bank (down 1.64%), ICICI Bank (down 1.09%), Kotak Mahindra Bank (down 1.04%), HDFC Bank (down 0.82%), IndusInd Bank (down 0.66%), RBL Bank (down 0.63%) and Federal Bank (down 0.40%) declined while Punjab National Bank (up 0.69%) managed to outperform.

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