Stock Market Live Updates: Sensex trades lower, Nifty around 14,550; banks drag; metals, FMCG gain

EVENT HIGHLIGHTS

Stock Market Live Updates: The Indian market traded lower Monday dragged by selling in banking and financial stocks amid weak global cues. Smallcap and midcap indices traded mixed. Banks and financial services indices dragged, while Nifty Metal and Nifty FMCG traded in the green.

Glenmark Pharmaceuticals | The company has launched Ryaltris-AZ Nasal Spray for the treatment of moderate to severe allergic rhinitis, in India.

Yes Bank reports Q4 net loss of Rs 3,788 crore on higher provisioning

Private sector Yes Bank on Friday reported a net loss of Rs 3,788 crore for the quarter ended March 31, 2021, on higher provisioning. The bank had posted a net loss of Rs 3,668 crore for the corresponding period of the previous fiscal, Yes Bank said in a filing to BSE. However, due to the exceptional write-back of Rs 6,296.94 crore, the bank’s bottom line turned positive at Rs 2,628.61 crore during the January-March period of 2019-20.

Bajaj Auto April Sales | The company’s total sales during April 2021 rose 5.1 percent to 3.88 lakh units as compared to 3.69 lakh units in April 2020. Exports were at 2.50 lakh units, while domestic sales were at 1.34 lakh units.

Opening Bell | The Indian market opened lower Monday dragged by heavy selling across the board on worries over sustained rise in coronavirus cases in the country and strict lockdowns imposed in many states. At 9:15 am, the Sensex opened 0.87 percent, or 426.35 points, lower at 48,356.01, while the Nifty50 index opened at 14,481.05, 150.05 points, or 1.03 percent.

Reliance Industries Q4 cons net profit rises to Rs 13,227 cr; revenue at Rs 1.49 lk cr; O2C biz revenue jumps 20%

Reliance Industries Ltd (RIL) on Friday reported a consolidated net profit of Rs 13,227 crore for the fourth quarter of fiscal 2021, registering a growth of 1 percent as compared to Rs 13,101 crore in the previous quarter. Net profit was lower than CNBC-TV18 Analysts’ poll estimates of Rs 14,800 crore. Consolidated revenue of the company during Q4FY21 rose 33 percent to Rs 1.49 lakh crore from Rs 1.12 lakh crore, QoQ, beating estimates of Rs 1.45 lakh crore. On the operational front, Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased 8.2 percent to Rs 23,351 crore from Rs 21,566 crore, while EBITDA margin contracted to 15.6 percent from 18.3 percent, QoQ.

FPIs turn net sellers after 6 months; withdraw Rs 9,659 crore in April

Snapping their six-month buying spree, foreign investors turned net sellers in April and pulled out Rs 9,659 crore from Indian equities, spooked by the intense second wave of coronavirus and its fallout on the economy. If the fears of COVID-19 increases among foreign investors, we can witness further redemptions, which can result in some more volatility in the market, Harshad Chetanwala, co-founder Mywealthgrowth.com, said. This was the first net withdrawal since September 2020, when they had pulled out a net of Rs 7,782 crore from equities.

GST collections hit record high of Rs 1.41 lakh crore in April

GST collections crossed the Rs 1 lakh crore mark for the seventh month in a row and touched a record high of over Rs 1.41 lakh crore in April, indicating economic recovery, the Finance Ministry said on Saturday. The Goods and Services Tax (GST) collections, which directly reflect the state of economic activity, in April are 14 per cent higher than Rs 1.23 lakh crore mopped up in March. In April last year, the revenue had plummeted to a record low of Rs 32,172 crore, after the government imposed a nationwide lockdown to curb the spread of coronavirus.

RBI  to strengthen risk-based supervision of banks, NBFCs

The Reserve Bank has decided to review and strengthen the Risk Based Supervision (RBS) of the banking sector with a view to enable financial sector players to address the emerging challenges. “It is now intended to review the supervisory processes and mechanism in order to make the extant RBS model more robust and capable of addressing emerging challenges, while removing inconsistencies, if any,” the RBI said while inviting bids from technical experts/consultants to carry forward the process for banks.

Rupee | Snapping its four-day winning streak, the Indian rupee on Friday settled with a marginal 2 paise loss at 74.09 against the US dollar amid concerns over economic recovery in view of mounting Covid-19 cases in the country. At the interbank forex market, the local unit opened at 74.03 against the greenback and witnessed an intra-day high of 73.95 and a low of 74.12. It finally ended at 74.09 against the American currency, registering a fall of 2 paise. For the week, the domestic unit strengthened 1.22 per cent or 92 paise against the dollar. However, for the month, the rupee weakened by 97 paise or 1.32 per cent.

Crude Oil | Oil prices climbed on Monday as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic. Brent crude futures for July gained 36 cents, or 0.5 percent, to $67.12 a barrel while US West Texas Intermediate for June was at $63.94 a barrel, up 36 cents, or 0.6 percent.

Asia off to slow start ahead of US data deluge

Asian share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the US leading a global economic recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan was all but flat after taking a bit of a spill on Friday. Japan’s Nikkei was shut for a holiday, but Nikkei futures edged up 0.2 percent.

US Stocks | Wall Street ended lower on Friday, with Apple, Alphabet and other tech-related companies weighing on the S&P 500 and Nasdaq despite recent strong quarterly earnings reports. The Dow Jones Industrial Average fell 0.54 percent, or 185.51 points to end at 33,874.85 points, while the S&P 500 lost 0.72 percent, or 30.30 points, to 4,181.17. The Nasdaq Composite dropped 0.85 percent, or 119.86 points, to 13,962.68.

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