Key benchmark indices are trading with steep losses in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 1291.63 points or 2.6% at 48,299.69. The Nifty 50 index was down 416.30 points or 2.81% at 14,418.55. Small and mid-cap stocks dropped sharply. Rapidly rising Coronavirus cases in the country weighed heavily on the sentiment.
The S&P BSE Mid-Cap index was down 4.43%. The S&P BSE Small-Cap index was down 3.73%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 358 shares rose and 1913 shares fell. A total of 83 shares were unchanged.
Economy:
On the macro front, the Industrial Production and Manufacturing Production data for February will be released today, 12 April 2021.
Stocks in news:
IT bellwether Tata Consultancy Services (TCS) fell 1.33%. TCS scheduled announce Q4 result today, 12 April 2021.
Infosys rose 0.71%. Infosys said that the board of directors of the company will consider a proposal for buyback of fully paid-up equity shares on 14 April 2021.
Castrol India fell 2.12%. Castrol India on Friday (9 April) announced that it has entered into an exclusive supply arrangement with ki Mobility Solutions in India. As part of the arrangement, Castrol India will supply lubricant products to ki Mobility's multi-brand workshops in India.
Tata Communications declined 1.43%. Tata Communications and Bahrain Internet Exchange (BIX), its exclusive cable landing partner in Bahrain, extend their partnership to offer high speed internet connectivity with very low latency for a superior quality and seamless viewing, gaming and download experience for customers in Bahrain.
NATCO Pharma slipped 0.12%. announced that its marketing and distribution partner Alvogen Pine Brook LLC, has received tentative approval for our Abbreviated New Drug Application (ANDA) for Ibrutinib Tablets 560mg, 420mg, 280mg and 140mg strengths (generic for IMBRUVICA), from the U.S. Food and Drug Administration (USFDA).
Balrampur Chini Mills dropped 2.88%. Credit ratings agency ICRA has reaffirmed the long and short-term credit ratings of the company as [ICRA] AA and [ICRA] A1+, respectively.
Global Markets:
Asian stocks are trading mixed on Monday trade after the Dow Jones Industrial Average and S&P 500 notched record closing highs on Friday.
In US, the Dow Jones Industrial Average and S&P 500 index closed at record highs Friday as investors remain cautiously optimistic about economic growth and progress against the pandemic. Stocks linked to the recovering economy led the gains again amid the accelerating vaccine rollout.
On the data front, the U.S. producer-price index rose 1% in March, the U.S. Labor Department said Friday. The rate of wholesale inflation over the past 12 months climbed to 4.2% in March. That's the highest level since September 2011.
Back home, the domestic equity benchmarks ended with small losses after a volatile session on Friday. The barometer index, the S&P BSE Sensex, declined 154.89 points or 0.31% to 49,591.32. The Nifty 50 index lost 38.95 points or 0.26% to 14,834.85.
Foreign portfolio investors (FPIs) sold shares worth Rs 653.51 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 271.26 crore in the Indian equity market on 9 April, provisional data showed.
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