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Sensex, Nifty drift lower in early trade; breadth negative

Capital Market 

Key benchmark indices are trading lower in early trade on selling pressure in index pivotals as trading resumed after long weekend. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 390.27 points or 0.78% at 49,639.56. The Nifty 50 index was down 99.40 points or 0.67% at 14,767.95.

The S&P BSE Mid-Cap index was down 0.47%. The S&P BSE Small-Cap index was down 0.53%.

The market breadth, indicating the overall health of the market, is negative. On the BSE, 882 shares rose and 1158 shares fell. A total of 142 shares were unchanged.

Meanwhile, in the wake of rising COVID-19 cases in Maharashtra, Uddhav Thackeray-led state government on April 4 imposed new curbs to control the transmission rate of the contagion. Maharashtra will be put under night curfew from 8 pm to 7 am from April 5.

Stocks in news:

Maruti Suzuki India fell 0.82%. Maruti Suzuki India said that Suzuki Motor Gujarat Private Limited (SMG), a 100% subsidiary of Suzuki Motor Corporation for the production of automobiles in India, has completed construction of the Plant C, and started production from April 2021. With production starting at the Plant C, which has an annual production ability of 250,000 units, together with Plant A and Plant B, the total ability of SMG will be 750,000 units. Together with Maruti Suzuki's production ability of 1.5 million units, Suzuki's production ability of automobiles in India will be 2.25 million units. All automobiles that will be produced in SMG will be supplied to Maruti Suzuki.

Hero MotoCorp slipped 0.21%. Hero MotoCorp sold 576,957 units of motorcycles and scooters in March 2021, registering a growth of 72% over the corresponding month in the previous year. The company had sold 334,647 units in March 2020.

Tata Motors rose 0.29%. Tata Motors has completed the transfer of its Defense business with effect from 1 April 2021 to Tata Advanced Systems Limited (TASL) for an upfront consideration of Rs 227.7 crore (which is subject to closing balance sheet adjustments). The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad.

TVS Motor Company rose 0.45%. TVS Motor Company registered sales of 322,683 units in March 2021 as against 144,739 units in March 2020.

Eicher Motors fell 1.19%. Eicher Motors registered total sales of 66,058 units in March 2021 as against 35,814 units in March 2020.

NTPC lost 1.34%. NTPC informed that based on achievement of approved norms, Unit-2 of 660 MW capacity of Nabinagar Super Thermal Power Project (3 x 660 MW) of Nabinagar Power Generating Co. Limited (a wholly owned subsidiary of NTPC Limited) has successfully completed trial operation and consequently included in the installed capacity of NTPC Group with effect from 31 March 2021.

Wipro gained 1.69%. Wipro has completed the take over of METRO-NOM GMBH and METRO Systems Romania S.R.L. for a purchase consideration of EUR 52.04 million based on the financials at the time of completion of the transaction.

Britannia Industries rose 0.97%. The Board of Directors of Britannia Industries declared Interim Dividend of Rs. 62 per equity share for the Financial Year 2020-21. The record date for determining the eligibility of shareholders for payment of interim dividend has been fixed as April 10.

Adani Enterprises advanced 2.77%. Adani Enterprises alongwith its Wholly Owned Subsidiary company, Gare Palma II Collieries Private Limited ("GPIICPL") has signed Coal Mining Agreement ("CMA") with Maharashtra State Power Generation Company Limited ("MAHAGENCO") for development and operation of Gare Palma Sector II Coal Mine.

Global Markets:

Overseas, shares in Japan nudged higher on Monday as investors cheered a strong bounce in U.S. job growth last month amid accelerating vaccine rollout. Markets in Australia, mainland China and Hong Kong are closed today for holidays.

In US, the S&P 500 surged on Thursday to its first-ever close above the 4,000 mark, lifted by gains in Microsoft, Amazon and Alphabet, as well as optimism about a recovering U.S. economy.

The Labor Department reported Friday that nonfarm payrolls increased by 916,000 in March, the highest since August 2020, while the unemployment rate fell to 6%.

Back home, the markets remained shut on Friday, 2 April 2021 on account of Good Friday. The domestic equity indices ended near the day's high on Thursday, led by strength in banks and auto stocks. The barometer index, the S&P BSE Sensex, jumped 520.68 points or 1.05% to 50,029.83. The Nifty 50 index advanced 176.65 points or 1.20% to 14,867.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 149.41 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 296.84 crore in the Indian equity market on 1 April 2021, provisional data showed.

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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, April 05 2021. 09:33 IST