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Sensex slips 291 pts amid weak global cues; pharma, PSB stocks rally
Coal India, Cipla, Sun Pharma, UPL, Nestle India, Indian Oil Corporation, Tech M, Axis Bank, and SBI Life were the top gainers of the day
Stock market updates: After clocking one-way rally over the past two days, domestic indices took a breather on Wednesday to digest news flow around record Covid-19 fatalities in the country along with global inflation fears.
India's daily virus cases rose marginally on Wednesday with over 267,000 fresh cases. With this, the new infection count has remained below the 300,000-mark for the third consecutive day. However, the country reported a national record of 4,529 new deaths which, analysts say, remains a cause of concern. The country has been reporting over 4,000 deaths per day for over a week now.
Globally, stocks dipped and cryptocurrencies extended losses on Wednesday as uncertainties over inflation prompted investors to reduce exposure to riskier assets for now. Investors concerned about rising inflation will be keeping a close eye on the Federal Open Market Committee as it publishes the minutes from its April meeting later today.
In Europe, the pan-European STOXX 600 index fell 1.1 per cent in early deals while in Asia, Japan's Nikkei erased 1.3 per cent, China's CSI300 slipped 0.3 per cent, and Australia's S&P/ASX 200 index tumbled 2 per cent.
With these dual concerns in mind, domestic investors booked profit, marjorly in large-caps, on Dalal Street. After a gap-down start, the BSE barometer of 30-shares managed to eke out slim gains in the intra-day deals but tumbled nearly 450 points from the day's high to hit a low of 49,831. The index settled the day at 49,903 levels, down 291 points or 0.58 per cent.
On the NSE, the Nifty50 index defended the crucial 15,000-mark and closed at 15,030 levels, down 78 points or 0.52 per cent. Earlier today, it hit a low of 15,008.
Coal India, Cipla, Sun Pharma, UPL, Nestle India, Indian Oil Corporation, Tech M, Axis Bank, and SBI Life were the top gainers of the day, up between 1 per cent and 4 per cent, while Tata Motors, HDFC, M&M, JSW Steel, Bajaj Finserv, Bharti Airtel, and Kotak Bank were the top laggards, down up to 5 per cent.
In the broader market space, the S&P BSE MidCap and SmallCap indices ended 0.53 per cent and 0.35 per cent higher, respectively.
Sectorally, the trend was largely mixed. The Nifty Financial Services index declined 1 per cent, followed by 0.9 per cent loss each in the Nifty Private Bank and Metal indices. On the upside, the Nifty Realty index zoomed over 2 per cent while the Nifty Pharma index added 1 per cent.
Shares of Tata Motors dipped 6 per cent to Rs 312.95 on the BSE in intra-day trade on Wednesday on account of profit booking in the counter even as the firm reported a strong operational performance for the quarter ended March 2021 (Q4FY21), led by its UK subsidiary Jaguar Land Rover (JLR) and its India business. It also narrowed consolidated loss, which was mainly on account of exceptional items. READ MORE
Shares of Birla Corporation traded higher for the eight straight days, up 7 per cent at Rs 1,289.65 on the BSE in Wednesday's intra-day trade, after reporting a strong set of numbers for the quarter ended March 2021 (Q4FY21). It was trading close to its all-time high level of Rs 1,290, touched on January 8, 2018. READ MORE
Shares of Ujjivan Small Finance Bank tumbled 8.1 per cent to hit an intra-day low of Rs 28 apiece on the BSE on Wednesday after the lender's asset quality worsensed in the March quarter. Gross non-performing asset (GNPA) ratio rose from 0.97 per cent last year and 0.96 per cent (4.8 per cent as per pro-forma) in Q3FY21 to 7.1 per cent in the quarter ended March 2021 which worried Street. READ MORE
Gland Pharma shares hit a new high of Rs 3,266, up 7 per cent on the BSE, in intra-day trade on Wednesday. In the last two days, the scrip has surged 17 per cent after the company reported a healthy 34 per cent year-on-year (YoY) rise in its consolidated net profit to Rs 260.4 crore in the March 2021 quarter (Q4FY21) on robust sales. READ MORE