Benchmarks reverse early gains; breadth positive

The equity benchmarks reversed early gains and hit the day's low in morning trade. The Nifty hovered above the 15,750 level. Auto and metal stocks rallied while IT shares were under pressure.

At 10:31 IST, the barometer index, the S&P BSE Sensex, was down 57.05 points or 0.11% at 52,531.70. The Nifty 50 index fell 12.9 points or 0.08% at 15,759.45.

In the broader market, the S&P BSE Mid-Cap index was down 0.27% while the S&P BSE Small-Cap index fell 0.1%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1526 shares rose and 1330 shares fell. A total of 146 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 179,105,648 with 3,880,875 global deaths.

India reported 643,194 active cases of COVID-19 infection and 390,660 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Metal index gained 0.2% to 5,129.05, rising for third trading day. The metal index added 1.59% in three days.

Hindalco Industries (up 2.26%), Vedanta (up 1.15%), JSW Steel (up 0.91%), Tata Steel (up 0.67%) and Jindal Steel & Power (up 0.63%) were the top gainers. Among the other gainers were Steel Authority of India (up 0.63%) and Coal India (up 0.57%).

NMDC fell 2.29%. On a consolidated basis, the PSU miner's net profit surged 717.15% to Rs 2,835.54 crore on 114.83% jump in revenue from operations to Rs 6,847.57 crore in Q4 March 2021 over Q4 March 2020. Profit before tax soared 188.41% to Rs 4,264.39 crore in Q4 FY21 as against Rs 1,478.55 crore in Q4 FY20. The Q4 earnings were announced after trading hours yesterday, 22 June 2021. EBITDA grew 183% to Rs 4,330 crore in Q4 FY21 as against Rs 1,528 crore in Q4 FY20. EBITDA margin improved to 63% during the quarter as compared to 48% during the corresponding quarter, last year. Iron ore production jumped 30% to 123.08 LT in Q4 FY2020-21 as against 94.74 LT in Q4 FY2019-20. Iron Ore sales rose 29% to 110.91 LT in Q4 March 2021 from 86.19 LT in Q4 March 2020.

Stocks in Spotlight:

Minda Industries rose 1.60% to Rs 652.50 after the company said that it had won the bid to acquire 51% stake in leading automotive lighting manufacture UZ Chasys LLC in Uzbekistan. The acquisition is being done for a cash consideration of 83.1 billion Soums, equivalent to approximately Rs 58 crore. The company expects to complete the transaction within a period of six months.

Glenmark Pharmaceuticals rose 0.02%. The drug company on Wednesday received final approval from the USFDA for Arformoterol Tartrate inhalation solution, 15 mcg/2 mL. Arformoterol Tartrate inhalation solution is generic version of BROVANA inhalation solution of Sunovion Pharmaceuticals Inc. According to IQVIA sales data for the 12 month period ended April 2021, the BROVANA Inhalation Solution market achieved annual sales of approximately $437.9 million.

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