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Indices trade with modest losses; PSU banks tumble

Capital Market 

The key equity indices continued to trade with moderate losses in mid morning trade. The Nifty was trading below the 15,700 mark. Shares of PSU Bank declined across the board.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 274.25 points or 0.52% to 52,200.51. The Nifty 50 index lost 104.95 points or 0.66% to 15,694.40.

In broader market, the S&P BSE Mid-Cap index fell 1.35% while the S&P BSE Small-Cap index declined 0.60%.

The market breadth was weak. On the BSE, 1200 shares rose and 1876 shares fell. A total of 158 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 175,910,592 with 3,800,590 global deaths.

India reported 973,158 active cases of COVID-19 infection and 374,305 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

India's index of industrial production (IIP) rose by a sharp 134.44% in April 2021, as per data from the National Statistical Office which stressed that the numbers are not strictly comparable with April 2020 when the country was in the midst of a national lockdown.

April's industrial output was just 0.08% higher than the pre-pandemic levels of April 2019. The manufacturing sector recorded a 197.1% uptick this April, though it was still 0.9% lower than April 2019 levels.

Electricity output rose 38.5% in April 2021 from a year ago, and was 6.81% higher than the pre-COVID-19 levels of April 2019. Similarly, Mining output grew 37% year-on-year in April, but was only 0.2% higher than the same month in 2019.

Buzzing Index:

The Nifty PSU Bank index fell 2.21% to 2,419.60. The index has lost 2.74% in two sessions.

Bank of Baroda (down 3.26%), Bank of Maharashtra (down 3.01%), Canara Bank (down 2.53%), Punjab National Bank (down 2.50%), CBI (down 2.10%), Punjab & Sind Bank (down 1.72%), SBI (down 1.66%), Bank of India (down 1.49%), UCO Bank (down 1.47%), Indian Bank (down 1.28%), Jammu and Kashmir Bank (down 1.03%) and Union Bank of India (down 0.97%) declined.

Stocks in Focus:

Indiabulls Housing Finance gained 0.52% to Rs 288.75. As per the bulk deal data on the NSE, Blackrock Emerging Markets Fund bought 25,50,957 equity shares (or 0.55% stake) of Indiabulls Housing Finance at an average price of Rs 287.84 each on Friday, 11 June 2021. As of 31 March 2021, Blackrock Strategic Funds - Blackrock Emerging Market Fund held 1.19% stake in Indiabulls Housing Finance.

Cadila Healthcare slipped 1.65% to Rs 654. The drug maker has secured a tentative approval from the US drug regulator to market Brivaracetam tablets, in the strengths of 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg. The drug is used to treat partial-onset of seizures (epilepsy).

Bharat Heavy Electricals (BHEL) slumped 10.56% to Rs 68.15. On a consolidated basis, BHEL reported net loss of Rs 1,034.82 crore in Q4 FY21, lower than net loss of Rs 1,532.67 crore in Q4 FY20. Net sales rose 47% to Rs 6,751.88 crore in Q4 FY21 over Q4 FY20. As of 31 March 2021, the total order book stood at Rs 1,02,090 crore.

Global Markets:

Asian stocks were trading higher on Monday morning trade. Markets in mainland China and Hong Kong are closed on Monday for holidays.

U.S. stocks rose slightly on Friday with the S&P 500 adding to its new record. The S&P 500 climbed 0.2% to a fresh closing high of 4,247.44, a second record close in a row. The Nasdaq Composite advanced 0.4% to 14,069.42 with Apple, Microsoft and Netflix all registering gains. The Dow Jones Industrial Average gained 13.36 points to 34,479.60.

Meanwhile, leaders of the Group of Seven wealthy nations staked their claim Sunday to leading the world out of the coronavirus pandemic and crisis, pledging more than 1 billion coronavirus vaccine doses to poorer nations, vowing to help developing countries grow while fighting climate change and backing a minimum tax on multinational firms.

The G-7 also backed a minimum tax of at least 15% on large multinational companies to stop corporations from using tax havens to avoid taxes, a move championed by the United States.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, June 14 2021. 11:28 IST
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