By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian markets today were dragged down by the banking and financial stocks.
Nifty declined by 0.56% or 62.35 points and closed at 11,131.80, while S&P BSE Sensex went down by 0.51% or 194.17 points and closed at 37,934.73.
Around 1790 shares declined, 857 shares advanced, while 161 shares remained unchanged.
ICICI Bank (6.05%), Zee Entertainment (3.99%), HDFC Bank (3.50%), Axis Bank (3.07%), and IndusInd Bank (2.93%) were among top Nifty losers, while Asian Paints (3.53%), HCL Tech (3.07%), Infosys (2.63%), TCS (2.21%), and BPCL (2.01%) were among top Nifty losers.
BSE Midcap went down by 1.00% while BSE Smallcap tripped down by 0.98%.
Escort Limited’s net profit for the first quarter of the FY21 rose by 5.4% while the revenue of the company for the same period was down by 24.4%. As a result, the stocks of the company went down by 2.64% and traded at Rs.1,098.50.
Stocks of Yes Bank went down by 9.89% and traded at Rs.12.30 after the company’s shares allotted for the FPO got listed on the bourses.
ICICI Securities Limited
Stocks of ICICI Securities Limited went down by 8.30% and traded at Rs.493.00 after the company’s CEO said that the bank will dilute 4% stake in the company.
The stocks of the company fell down by 3.50% after Aditya Puri, the bank’s Managing Director sold 0.13% stake in the bank. The stock traded at Rs.1,079.95.
Dr. Reddy’s Laboratories Limited
The company received approval for XEGLYZE (abametapir) lotion by the USFDA. Despite the approval, the stocks of the company fell by 1.41% and traded at Rs.4,008.75 in today’s trading session.
Stocks of Reliance Industries Limited rose marginally by 0.41% and traded at Rs.2154.95 reaching the fresh all-time high after the company’s market capitalization crossed the 14 lakh crore mark.
The year-on-year net profit of the company declined by 66.7% for the first quarter of the FY21 due to lockdown. The company’s revenue from operations too fell down by 42.7%. Despite this, the stocks of the company went up by 3.53% and traded at Rs.1,772.55.
Stocks of ITC Limited went down by 1.90% and traded at Rs.195.80 after the standalone net profit of the major FMCG player declined by 26% during the first quarter of the FY21. The company’s revenue from cigarettes too was down by 29%.
Indian rupee ended lower at Rs. 74.83 against the US Dollar after erasing all the gains amid selling in the domestic equity market.
The yellow metal reached the all-time high of Rs.52,000 per 10gm as investors seek to invest in safe-haven asset amid the rising US-China tension.
Global Markets Trade Negative
The rising covid-19 cases and the increasing tension between US and China resulted in Asian markets trading lower. Nasdaq fell by 0.94%, while Nikkei 225 and Hang Seng tripped down by 0.16% and 0.41%. European markets too projected a downward trend as FTSE 100 fell down by 0.25% and FTSE MIB went down by 0.42%.