Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 208.94 points or 0.43% at 47,871.73. The Nifty 50 index was down 51.85 points or 0.36% at 14,354.30. Volatility is high in early trade. The Sensex is currently trading below the psychological 48,000 mark after regaining that level in opening trade. A steep surge in COVID-19 infections in the country weighed on the sentiment. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index was up 0.64%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1229 shares rose and 715 shares fell. A total of 97 shares were unchanged.
Stocks in news:
Tata Motors shed 0.05%. Tata Motors said that the company's wholly owned subsidiary - Jaguar Land Rover UK, like other automotive manufacturers, is currently experiencing some Covid-19 supply chain disruption, including the global availability of semi-conductors, which is having an impact on its production schedules and ability to meet global demand for some of their vehicles. As a result, JLR have adjusted production schedules for certain vehicles which means that the Castle Bromwich and Halewood manufacturing plants will be operating a limited period of nonproduction from Monday, April 26, 2021. Manufacturing continues at the Solihull plant. JLR is working closely with affected suppliers to resolve the issues and minimise the impact on customer orders wherever possible.
Indus Towers fell 0.4%. On a consolidated basis, Indus Towers' net profit jumped 109.96% to Rs 1,363.70 crore on 234.27% increase in total income to Rs 6,569.10 crore in Q4 FY21 over Q4 FY20.
Tata Elxsi jumped 8.03%. Tata Elxsi's net profit rose 9.5% to Rs 115.20 crore on 8.7% increase in revenue from operations to Rs 518.40 crore in Q4 FY21 over Q3 FY21.
Visaka Industries surged 6.79%. On a consolidated basis, Visaka Industries net profit surged 350% to Rs 30.87 crore on 55.47% increase in total income to Rs 356.60 crore in Q4 FY21 over Q4 FY20.
Rallis India rose 0.89%. On a consolidated basis, Rallis India's net profit spurted 1149.23% to Rs 8.12 crore on 30.97% increase in total income to Rs 480.95 crore in Q4 FY21 over Q4 FY20.
Gland Pharma rose 1.58%. Gland Pharma received approval from the United States Food and Drug Administration (US FDA) for generic Foscarnet Sodium Injection, 6000 mg/250 mL (24 mg/mL) Single-Dose Bag for Infusion.
Wonderla Holidays declined 1.36%. Wonderla Holidays announced closure of its Kochi and Hyderabad parks till 29th April or until further notice due to the current COVID 19 situation. This decision was taken to contain the spread of COVID 19 and to ensure the safety of the customers.
Global Markets:
Asian stocks are trading mixed on Friday following an overnight drop on Wall Street.
U.S stocks reversed lower in a swift fashion on Thursday after reports that President Joe Biden is slated to propose much higher capital gains taxes for the rich. Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans. The proposal would hike the capital gains rate to 39.6% for those earning $1 million or more, up from 20% currently, as per reports.
On the economic front, the number of Americans applying for unemployment aid fell last week to 547,000, a new low since the pandemic struck and a further encouraging sign that layoffs are slowing on the strength of an improving job market. The Labor Department said on Thursday that applications declined 39,000 from a revised 586,000 a week earlier.
Back home, the domestic equity benchmarks ended near the day's high on Thursday, led by strength in banks and financial shares. The barometer index, the S&P BSE Sensex, rose 374.87 points or 0.79% to 48,080.67. The Nifty 50 index added 109.75 points or 0.77% to 14,406.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 909.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 849.98 crore in the Indian equity market on 22 April, provisional data showed.
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