Volatility struck bourses in early trade as the key benchmark indices dipped in negative after opening higher. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 83.69 points or 0.17% at 49,818.95. The Nifty 50 index was down 66.65 points or 0.44% at 14,963.50. The Nifty fell below the psychological 15,000 mark in early trade.
The S&P BSE Mid-Cap index was down 0.42%. The S&P BSE Small-Cap index was down 0.21%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 1211 shares rose and 1034 shares fell. A total of 108 shares were unchanged.
Fertilizer subsidy:
The union government has decided to increase the fertilizer subsidy outlay for the year by Rs 14,775 crore. This will take the fertilizer subsidy outlay for 2021-22 to Rs 94,305 crore from a budgeted outlay of Rs 79,530 crore.
Stocks in news:
MAS Financial Services fell 1.85%. On a consolidated basis, MAS Financial Services' net profit rose 7.17% to Rs 36.33 crore on 17.4% fall in total income to Rs 147.26 crore in Q4 March 2021 over Q4 March 2020.
JK Tyre & Industries rose 2.99%. On a consolidated basis, JK Tyre & Industries reported a net profit to Rs 189.12 crore in Q4 FY21 compared with a net loss of Rs 47.20 crore in Q4 FY20. Net sales increased by 63.1% year-on-year (YoY) to Rs 2,927.28 crore during the quarter.
Endurance Technologies gained 2.3%. On a consolidated basis, Endurance Technologies' net profit rose 75.42% to Rs 187.40 crore on 32.56% rise in total income to Rs 2,139.77 crore in Q4 March 2021 over Q4 March 2020.
Clariant Chemicals (India) lost 7.23%. On a standalone basis, Clariant Chemicals (India) net profit dropped 28.63% to Rs 10.97 crore on 15.65% increase in total income to Rs 223.45 crore in Q4 March 2021 over Q4 March 2020.
Shree Pushkar Chemicals & Fertilisers fell 1.47%. The company informed that due to the severe cyclonic storm Tauktae hitting the shores of Maharashtra & Gujarat on 18 May 2021, the company has witnessed some disruption at Ratnagiri plant in Maharashtra.
Alankit rose 1.67%. Alankit informed that one of its subsidiary company i.e. Alankit Imaginations has launched a Digital Platform for investors for accumulating electronic Swiss Gold electronically in fractional quantities through Digital Swiss Gold App that enables investors to buy, hold, sell, and gift 24K Swiss gold in a simple, safe and Cost-effective way.
Global Markets:
Overseas, Asian stocks are trading mixed on Thursday, with data showing Japan's exports surging in April.
Japan's exports grew the most since 2010 in April, supported by a favourable comparison with the sharp plunge seen during the pandemic last year. Data out on Thursday showed exports rose 38% in April from a year earlier, compared with a 16.1% rise in March.
China's benchmark lending rate was kept unchanged in May, with the one-year loan prime rate (LPR) sitting at 3.85%. The five-year LPR was also held steady at 4.65%.
Wall Street's main indexes closed lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the U.S. economy remained far from the central bank's goals, with some considering discussions on tapering its bond buying program.
The Fed's minutes said a strong pickup in economic activity would warrant discussions about tightening monetary policy in the coming months.
Back home, the domestic equity barometers ended with steep losses after a volatile session on Wednesday. The barometer index, the S&P BSE Sensex, declined 290.69 points or 0.58% to 49,902.64. The Nifty 50 index lost 77.95 points or 0.52% to 15,030.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 697.75 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 852.52 crore in the Indian equity market on 19 May, provisional data showed.
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