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As on Jul 27, 2021 12:00 AM Your results on : Quick Review    
Sensex, Nifty end with modest losses; pharma shares slide
27-Jul-2021 (15:33)

The key equity indices ended lower after a volatile trading session on Tuesday. The Nifty closed below the 15,750 mark. Pharma shares declined the most, followed by bank, auto and realty stocks while metal shares managed to outperform.

As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 273.51 points or 0.52% to 52,578.76. The Nifty 50 index lost 78 points or 0.49% to 15,746.45.

Among the Nifty stocks, Hindalco Industries (up 4.32%), SBI Life Insurance Company (up 3.19%), Tata Steel (up 2.74%) and Bajaj Finserv (up 2%) edged higher.

Adani Ports (down 3%), Kotak Mahindra Bank (down 2.32%), Grasim Industries (down 2.05%) and HDFC (down 1.34%) edged lower.

In the broader market, the S&P BSE Mid-Cap index slipped 0.67% while the S&P BSE Small-Cap index shed 0.11%.

Sellers outnumbered the buyers. On the BSE, 1604 shares rose and 1660 shares fell. A total of 110 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 19,47,23,719 with 41,67,658 deaths. India reported 3,98,100 active cases of COVID-19 infection and 4,21,382 deaths while 3,06,21,469 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India on Tuesday reported 29,689 new cases, the number falling under 30,000 for the first time since 17 March 2021. The country's active caseload too has dropped, and now stands under 4 lakh. Even as the mass vaccination programme progresses, there are concerns about the private sector not administering enough doses. Despite being allotted 25% vaccines, private firms have vaccinated only 7% people so far.

Economy:

The second wave of COVID-19 may have a more lasting damage on the Indian economy and exports will once again be the foundation for recovery, Moody's Analytics said on Monday.

The Delta variant of COVID-19 is among factors now adversely affecting economies of the Asia-Pacific (APAC) region, but the economic hit from the current round of movement restrictions in the region will not be as severe as the recessions in the second quarter of last year.

In India, where exports make up relatively small shares of the economy, high commodity prices have boosted the value of exports. This is one factor that helped reinvigorate India after its first devastating wave of COVID-19.

Primary Market:

The initial public offer of bulk drug and contract manufacturer Glenmark Life Sciences received bids for 3.60 crore shares as against 1.50 crore shares on offer on Tuesday (27 July 2021), according to stock exchange data at 15:20 IST. The issue was subscribed 2.40 times.

The Retail Individual Investors (RIIs) category was subscribed 4.47 times, as it received bids for 3.37 crore shares as against 75.43 lakh shares reserved for them.

The issue opened for bidding on Tuesday (27 July 2021) and it will close Thursday (29 July 2021). The price band of the IPO was fixed at Rs 695-720 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma index slumped 4.30% to 14,022.30. The index had advanced 1.20% in the past three sessions.

Lupin (down 4.89%), Aurobindo Pharma (down 4.70%), Cipla (down 3.58%), Divi's Labs (down 2.52%), Biocon (down 2.22%), Torrent Pharma (down 2.21%), Sun Pharma (down 2.15%), Cadila Healthcare (down 1.15%) and Alkem Laboratories (down 1.12%) declined.

Dr. Reddy's Laboratories slumped 10.67% to Rs 4832.15. The drug company's consolidated net profit fell 1.47% to Rs 570.8 crore in Q1 FY22 from Rs 579.30 crore reported in Q1 FY21. Consolidated revenue from operations increased by 11.3% to Rs 4,919 crore in Q1 FY22 from Rs 4,417.5 crore posted in Q1 FY21.

GlaxoSmithKline Pharmaceuticals fell 3.46% to Rs 1666.55. The pharmaceutical major's consolidated net profit grew 9.2% to Rs 121.08 crore on a 21.8% jump in net sales to Rs 789.99 crore in Q1 June 2021 over Q1 June 2020.

Earnings Impact:

Axis Bank fell 3.27% to Rs 731.40. The private sector bank reported a 94.2% jump in standalone net profit to Rs 2,160 crore on a 2.4% rise in total income to Rs 19,591 crore in Q1 FY22 over Q1 FY21. The bank's net interest income (NII) grew 11% year on year (YoY) to Rs 7,760 crore from Rs 6,985 crore in Q1FY21. Net interest margin (NIM) for Q1 FY22 stood at 3.46%.

Larsen & Toubro (L&T) added 0.64% to Rs 1608.10. The engineering and construction major's consolidated net profit soared 141.2% to Rs 1,556.18 crore on a 38% jump in revenue from operations to Rs 29,334.73 crore in Q1 June 2021 over Q1 June 2020.

L&T bagged orders worth Rs 26,557 crore at the Group level during the quarter ended 30 June 2021, registering a growth of 13% over corresponding period of the previous year. The consolidated order book of the group was stood at Rs 3,23,721 crore as on 30 June 2021, with international orders at 20% of the total order book.

DLF gained 0.97% to Rs 337.25. The realty major posted a consolidated net profit of Rs 337 crore in Q1 FY22 as against a net loss of Rs 70.65 crore registered in Q1 FY21. Net sales jumped 107.7% to Rs 1,139.53 crore in Q1 FY22 from Rs 548.63 crore registered in Q1 FY21.

Vedanta slipped 2.41% to Rs 264.95. The company's consolidated net profit soared 247% to Rs 5,282 crore on a 79.2% jump in net sales to Rs 28,105 crore in Q1 June 2021 over Q1 June 2020. Revenue for Q1 FY2022 was higher by 79.2% Y-o-Y (year-on-year), primarily due to improved commodity prices and higher volumes across businesses. The revenues for Q1 FY2022 was at Rs 28,105 crore, higher by 1% Q-o-Q (quarter-on-quarter), primarily due to improved commodity prices, partially offset by lower sales volume at Zinc India, Iron Ore & Steel and Copper business.

Tata Motors skid 0.77% to Rs 290.85. The auto major's consolidated net loss contracted to Rs 4,450.92 crore in Q1 June 2021 as compared to a net loss of Rs 8,437.99 crore in Q1 June 2020. Total revenue from operations soared 107.63% to Rs 66,406.45 crore in Q1 FY22 from Rs 31,983.06 crore in Q1 FY21.

Stocks in Spotlight:

IndusInd Bank shed 0.60% to Rs 975.40, ahead of the release of its quarterly results today.

APL Apollo Tubes jumped 8.74% to Rs 1748.55. The company said that its board will meet on Friday, 6 August 2021, to consider a proposal for issuance of bonus equity shares. On the same day, the board will also consider and approve the unaudited financial results of the company for the first quarter ended 30 June 2021.

Housing & Urban Development Corporation (HUDCO) fell 3.92% to Rs 45.35 after the offer for sale (OFS) opened for non-retail investors today, 27 July 2021. Through the OFS, the Government of India proposes to sell up to 11,01,04,500 equity shares (representing 5.5% stake), with an option to sell an additional 2.5% stake or 5,00,47,500 equity shares in case of oversubscription. The floor price for the OFS set at Rs 45 per equity share.

As on 15:25 IST, the OFS received subscription for 17,42,34,625 shares. It was subscribed 175.83% on the base non-retail offer size of 9,90,94,050 shares.

Global Markets:

European markets declined across the board on Tuesday as investors continued to monitor corporate earnings, along with extreme weather and the spread of COVID-19 across the continent.

Asian stocks ended mostly lower today as several major Chinese tech stocks in Hong Kong remained under pressure following a Monday tumble. Investors continued to assess the steep losses incurred in Chinese stocks sparked by Beijing's sweeping regulatory overhaul.

All three major US stock indexes eked out record closing highs for a second straight session on Monday as investors were optimistic heading into a slew of earnings from heavyweight technology and internet names this week, while caution ahead of a Federal Reserve policy meeting kept the market in check.

Investors will be watching the Federal Reserve's two-day policy meeting, beginning Tuesday. The Federal Open Market Committee and the Board of Governors are expected to issue a statement on the stance of monetary policy Wednesday. On Thursday, the Commerce Department will report second-quarter gross domestic product data.

Meanwhile, on the data front, sales of new U.S. single-family homes dropped unexpectedly in June, falling 6.6% to a seasonally adjusted annual rate of 6,76,000 units, the Commerce Department said on Monday.

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30-Jun-2021 (15:33)
Sensex, Nifty end with modest losses; banks stocks tumble
29-Jun-2021 (15:34)
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