Sensex tumbles 478 pts; breadth remains strong

The key barometers further extended losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, declined 477.70 points or 0.92% at 51,457.18. The Nifty 50 index lost 111.90 points or 0.72% at 15,462.95.

ITC (down 2.65%), HDFC (down 1.79%), HDFC Bank (down 1.15%) and Infosys (down 1.25%) were major drags.

The broader market was trading higher. The S&P BSE Mid-Cap index rose 1.03%. The S&P BSE Small-Cap index gained 0.92%.

Buyers outpaced sellers. On the BSE, 1,959 shares rose and 1,069 shares fell. A total of 137 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 449.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 230.49 crore in the Indian equity market on 1 June 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 17,11,88,807 with 35,65,284 deaths. India reported 17,93,645 active cases of COVID-19 infection and 3,35,102 deaths while 2,61,79,085 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

After reporting its lowest daily rise in new COVID-19 cases since 8 April 2021, India reported a slight increase in cases on Wednesday. The country reported 1,32,788 new COVID-19 cases and 3,207 deaths in the last 24 hours.

Gainers & Losers:

UPL (up 2.20%), SBI Life Insurance Company (up 2.04%), HDFC Life Insurance Company (up 1.56%) and Cipla (up 1.22%) were major gainers in Nifty 50 index.

Asian Paints (down 1.43%), Tech Mahindra (down 1.40%) and Titan Company (down 1.21%) were major losers in Nifty 50 index.

Earning Impact:

Emami Paper Mills hit an upper circuit of 20% at Rs 152.40 after the company's standalone net profit stood at Rs 47.28 crore in Q4 FY21 compared to a net loss of Rs 31.05 crore in Q4 FY20. Net sales jumped 9.8% to Rs 411.38 crore in Q4 FY21 over Q4 FY20. Pre-tax profit stood at Rs 102.27 crore in Q4 FY21 as against a pre-tax loss of Rs 43.23 crore in Q4 FY20. During the financial year, Emami Paper Mills' net profit stood at Rs 51.06 crore in FY21 compared with net loss of Rs 10.45 crore in FY20. Revenue from operations skid 19.73% to Rs 1,216.27 crore in FY21 over FY20.

Stock in Spotlight:

Adani Ports and Special Economic Zone (APSEZ) rose 2.24% after the company said it handled cargo volume of 25.65 MMT in May 2021, registering a growth of 79% on year on year basis. In the container segment, APSEZ handled container volume of 0.72 MN Twenty-foot Equivalent Units (TEUs) last month, registering a growth of 67% on a YoY basis. Mundra port handled container volume jumped 61% YoY to 0.56 MN TEUs in May 2021.

Global Markets:

European shares were trading higher while most Asian stocks traded higher on Wednesday, 2 June 2021.

South Korea's consumer inflation accelerated to a more than nine-year high in May. Consumer prices rose 2.6% in May from a year earlier, government data showed on Wednesday, logging the fastest growth since April 2012. It grew 2.3% in April.

U.S. stocks finished Tuesday almost flat as optimism about the economic reopening met lingering angst about inflation and price pressure.

Investors began the first week of June on a high note as COVID-19 cases continue to decline and vaccinations rise in the U.S. In a major milestone, more than half the U.S. population has received at least one dose of a COVID-19 vaccination, according to data posted by the Centers for Disease Control and Prevention.

Growth in U.S. manufacturing picked up in May. The Institute for Supply Management, a trade group of purchasing managers, said Tuesday that its index of manufacturing activity rose in May to a reading of 61.2 in May from 60.7 in April.

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