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Nifty slips below 14,700; breadth remains strong

Capital Market 

The benchmark indices sharply pared gains in afternoon trade as selling emerged at higher levels. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 4.97 points or 0.01% at 49,154.35. The Nifty 50 index rose 24.35 points or 0.17% at 14,662.15.

Asian Paints (up 3.62%), HDFC (up 0.92%) and Hindustan Unilever (up 1.12%) supported the indices.

The broader market traded higher. The S&P BSE Mid-Cap index rose 0.94%. The S&P BSE Small-Cap index added 0.71%.

Buyers outnumbered sellers. On the BSE, 1,666 shares rose and 1,090 shares fell. A total of 166 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 13,18,28,728 with 28,61,100 deaths. India reported 7,88,223 active cases of COVID-19 infection and 1,65,547 deaths while 1,17,32,279 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India, on Monday, reported 96,982 fresh coronavirus cases and 446 related deaths. Of these, 47,288 cases were reported in Maharashtra. While cases in Chhattisgarh scaled a new high of 7,302, and the count in Karnataka crossed the 5,000-mark. The country's active case tally now stands at 7,88,223. While 164 people died in Maharashtra, 72 deceased in Punjab. Over 43 lakh people were also inoculated on Monday, pushing the vaccination count up to 8,31,10,926.

Meanwhile, the Delhi government has imposed a night curfew from 10 pm to 5 am till April 30 in the wake of rising cases. This comes a day after Maharashtra imposed full lockdown on weekends and fresh restrictions to last through April.


RBI Governor Shaktikanta Das-led rate-setting panel Monetary Policy Committee (MPC) started its three-day deliberation on the next monetary policy on Monday. The Reserve Bank will announce the resolution of the MPC on Wednesday, 7 April 2021.

Gainers & Losers:

Asian Paints (up 3.62%), Tata Consumer Products (up 3.51%), JSW Steel (up 2.80%) and UPL (up 2.54%) were major gainers in Nifty 50 index.

Grasim Industries (down 1.20%), HCL Technologies (down 0.97%), IndusInd Bank (down 0.89%), ICICI Bank (down 0.83%) and HDFC Bank (down 0.76%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Mahindra Logistics advanced 2.09% after the company announced that it has partnered with Flipkart as one of its key logistics partners to help fast track deployment of electric vehicles across its logistics fleet in the country. Flipkart committed to 100% electric mobility in its logistics fleet and will deploy more than 25,000 electric vehicles (EVs) by 2030. Mahindra Logistics will play a significant role in working with various OEMs and help Flipkart's sustainable transition to EVs.

RBL Bank gained 1.60% after the bank's total deposits jumped 26% to Rs 73,123 crore as on 31 March 2021 as against Rs 57,812 crore as on 31 March 2020. Retail LCR Deposits surged 43% to Rs 27,203 crore in 31 March 2021 compared with Rs 19,004 crore in 30 March 2020. Current Account-Savings Account (CASA) soared 36% to Rs 23,264 crore in 31 March 2021 from Rs 17,116 crore in 31 March 2020.

CASA ratio stood at 31.8% as on 31 March 2021 as against 29.6% as on 31 March 2020. Liquidity Coverage Ratio was at 154% as on 31 March 2021 as against 155% as on 31 March 2020. Gross advances rose 2% to Rs 60,012 crore as on 31 March 2020 as against Rs 58,966 crore as on 31 March 2020.

Adani Ports & Special Economic Zone (APSEZ) spurted 9.03% after the company said it handled cargo volume of 26 MMT in March 2021, a growth of 41% on year on year basis and 23% on month on month basis. APSEZ handled cargo volume of 73 MMT (million metric tonnes) in Q4 FY21, registering a growth of 27% on Y-o-Y (year-on-year) basis. APSEZ handled cargo volume of 247 MMT in FY21, registering a growth of 11% on Y-o-Y basis. In the container segment APSEZ handled 7.22 million TEUs (Twenty-foot Equivalent Unit) in FY21, registering a growth of 16 % on Y-o-Y basis. Market share of APSEZ in container has increased to 41% of all India container volume in FY21.

Global Markets:

European shares advanced on Tuesday as trading resumes after the Easter holiday. Most Asian indices rose on Tuesday, 6 April 2021. Markets in Hong Kong were closed today for a holiday.

China's services sector activity grew in March, according to a private sector survey released Tuesday. The Caixin/Markit services Purchasing Managers' Index for March came in at 54.3, as compared to February's reading of 51.5.

U.S. stocks rallied on Monday with the Dow and S&P 500 closing at record levels, as a round of strong economic data buoyed investor optimism for the economic reopening.

The Dow Jones Industrial Average rose 373.98 points to 33,527.19, a record closing high. The S&P 500 gained 1.4% to 4,077.91, also hitting a new record close. The tech-heavy Nasdaq Composite also climbed 1.7% to 13,705.59.

Treasury Secretary Janet Yellen on Monday pushed for a global minimum corporate tax in an effort to keep companies from relocating to find lower rates.

Meanwhile, a measure of U.S. services industry activity soared to a record high in March. The Institute for Supply Management's non-manufacturing activity index jumped to a reading of 63.7 last month. That was the highest in the survey's history and followed 55.3 in February.

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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: Tue, April 06 2021. 13:30 IST