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Markets are likely to remain volatile ahead of GDP data for the March quarter and the core sector data for April
Indian benchmark equity indices inched higher in the early trade on Monday amid volatility. After opening in the red, indices recouped the losses led by gains in FMCG, realty and pharma stocks. At 10:12am, the Sensex was at 51,609.68, up 186.80 points or 0.36%, while the Nifty advanced 52.80 points or 0.34% to 15,488.45. According to experts, markets are likely to remain volatile ahead of GDP data for the March quarter and the core sector data for April.
ITC, RIL, ICICI Bank, Bharti Airtel and Asian Paints were among top gainers on the 30-share gauge. M&M, Sun Pharma, Infosys, TechM were among the laggards in the other hand.
“Usually, when markets touch new highs, some consolidation with minor corrections happen even in bull markets. This can happen since Nifty touched new highs last Friday. Auto numbers of May will be very dismal and some market reaction can be expected in this segment. Banking appears to be on a strong wicket in the light of new reliefs announced for the MSME segment,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
On the sectoral front, Nifty FMCG, Nifty Metal & Nifty Pharma rose around 0.65% each. Ahead of the monthly sales numbers Nifty Auto index tanked 1.03%, Nifty PSU Bank slipped 0.89% and Nifty Bank & Nifty IT indices were down around 0.35%.
Economic data
The key data point to watch out for would be the GDP growth rate for March 2021 quarter, which will be released today, 31 May 2021. The infrastructure output and fiscal deficit for April will also be announced today.
Earnings today
Apar Industries, Asian Granito, Auro Pharma, Honeywell Auto, Ingersoll Rand, Jamna Auto, JBF Industries, Kolte-Patil, Magma Fincorp, Narayana Hruda, Prakash Industries, Shilpa Medicare, Tourism Finance, TRF, Venus Remedies amongst others will be announcing their quarterly numbers today.
Stocks in spotlight
Aviation stocks: The Civil Aviation Ministry has raised the lower limit on fares by 13 to 16%, as per an official order. The government has increased the airfare charges with effect from June 1, 2021.
HDFC Bank informed that the Reserve Bank of India (RBI) has imposed, by an order dated May 27, 2021, a monetary penalty of Rs 10 crore on the bank. As per the said order, the penalty has been imposed for marketing / sale of third party non-financial products in contravention of provisions of Section 6(2) and Section 8 of the Act.
Kotak Mahindra Bank said that its board of directors approved the proposal for issuance of Unsecured, Redeemable, Non-Convertible Debentures/Bonds/other Debt Securities, on private placement basis for an amount upto Rs 5,000 crore, in one or more tranches.
Cadila Healthcare has received final approval from the USFDA to market Fluphenazine Hydrochloride Tablets in the strengths of 1 mg, 2.5 mg, 5 mg, and 10 mg. This medication is used to treat symptoms of a certain type of mental/mood condition (schizophrenia).
Punjab National Bank informed that the bank intends to divest its stake in Canara HSBC OBC Life Insurance Co. Ltd., an associate company of the Bank, at an appropriate time depending upon market conditions and available options.
Bank of Baroda reported a net loss of Rs 1,046.50 crore in Q4 FY21 as against a net profit of Rs 506.59 crore in Q4 FY20. Total income remained almost unchanged at Rs 21,532.91 crore.
Divis Laboratories’ net profit surged 29.31% to Rs 502.02 crore on 23.54% increase in total income to Rs 1,811.71 crore in Q4 March 2021 over Q4 March 2020.
Dollar Industries’ net profit surged 58.74% to Rs 19.35 crore on 28.87% increase in total income to Rs 310.44 crore in Q4 March 2021 over Q4 March 2020.
Fortis Healthcare reported a net profit of Rs 43.17 crore in Q4 FY21 as against a net loss of Rs 44.51 crore in Q4 FY20. Total income rose 12.73% to Rs 1,277.66 crore.
Affle India’s net profit surged 282.67% to Rs 58.51 crore on 112.84% increase in total income to Rs 177.59 crore in Q4 March 2021 over Q4 March 2020.
Global markets
Overseas, Asian stocks are trading mixed on Monday, as investors reacted to the release of China’s official manufacturing Purchasing Managers’ Index for May.
China’s official manufacturing Purchasing Managers’ Index for May came in at 51.0. The May figure was also a slight decrease from the previous month’s reading of 51.1.
Japan’s retail sales rose 12% in April as compared with a year earlier, according to government data released Monday.
Markets in the U.S. are closed on Monday for a holiday. US stocks climbed on Friday as investors brushed off a stronger-than-expected inflation reading.