Sensex, Nifty Close Lower As RIL, IT Stocks Drag; Metals, Pharma Outperform
A man looks at a screen displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Photo: Bloomberg)

Sensex, Nifty Close Lower As RIL, IT Stocks Drag; Metals, Pharma Outperform

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Finance Minister To Announce Relief Measures

Closing Bell

India shares took a breather after the benchmark surged to a record last week, as investors await a slew of economic indicators to gauge the pace of the economic recovery.

The S&P BSE Sensex declined 0.36% to 52,735.59 while the NSE Nifty 50 Index fell 0.29% to 15,814.70. Reliance Industries fell 0.9% to contribute the most to the Sensex’s drop. The index heavyweight has now fallen for the fifth day, its longest streak of declines since March 18. Tata Consultancy and HDFC Bank were also among prominent decliners, falling 1.3% and about 0.4%, respectively.

Ten of the 19 sector sub-indexes compiled by BSE Ltd. declined, led by a gauge of energy companies.

Sensex, Nifty Close Lower As RIL, IT Stocks Drag; Metals, Pharma Outperform

Investors are awaiting economic indicators later this week that should show strong improvement following the reopening of business activity in states across India, Binod Modi, head of strategy at Reliance Securities wrote in a note. Among releases scheduled are the performance of key industries, the government’s fiscal deficit, and manufacturing PMI.

ISGEC Heavy Jumps After Reporting Nearly Fivefold Profit Growth

ISGEC Heavy Engineering surges after the Maharashtra-based company reported nearly fivefold growth in quarterly net income, helped by performance of its machinery making business.

  • Shares rise as much as 16.3%; most since Nov. 9

  • Best performer on India’s S&P BSE Industrials Index; trading vol. >9.5x

  • Co.’s net income for the March quarter rose to Rs 63.42 crore from Rs 13.19 crore y/y, while Q4 revenue was up 4.5% y/y to Rs 1620 crore, according to its earnings statement released today

  • Revenue from machinery and equipment business, which includes manufacturing of boiler tubes & panels, castings and containers, was up 57% y/y to Rs 550 crore

  • Shares have gained ~105%

Escorts Shares Gain After Raising Tractor Prices

Shares of the tractor maker rose after it announced a price hike effective July 1.

"There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the continuing inflation. The increase in prices would vary across models and variants," Escorts said in a statement on the exchanges.

The company did not disclose the quantum of the price hikes.

Escorts Agri Machinery Segment (EAM) in May 2021 sold 6,423 tractors against 6,594 tractors sold in May 2020, a decline of 2.6%.

Sequentially, Escorts' total tractor sales declined 2.37% in May 2021 compared with 6,979 tractors sold April 2021. The company's domestic tractor sales declined 4.59% in May 2021 to 6,158 tractors as against 6,454 tractors in May 2020.

Also read: Escorts Q4 Review - Topline, Bottomline Prospects Dip: ICICI Direct

Market Update: Sensex, Nifty Remain Lower

Indian equity benchmarks continued to trade in the red, paring their early morning gains.

The S&P BSE Sensex was down 0.18% at 52,831.42, while NSE Nifty 50 Index was trading 0.09% lower at 15,845.60.

The broader market outperformed their larger peers. The S&P BSE MidCap and S&P BSE SmallCap both advanced 0.57%. Six of the 19 sector sub-indices compiled by BSE Ltd. declined. The S&P BSE Metal was the best performer, up 1.44%.

The market breadth was skewed in favour of the bulls. About 1,866 stocks gained, 1,340 declined and 169 remained unchanged.

Nalco Gains Ahead Of Results

National Aluminium Co. Ltd. surges most in more than a month ahead of its scheduled announcement of earnings for the three months ended March later today.

  • The state-run aluminum maker is expected to report parent sales of Rs 2,610 crore for the quarter, a YoY increase of 35%, according to the average analyst estimate compiled by Bloomberg.

  • Shares rise as much as 9.5%, most since May 7; set for 2nd day of gains; trading vol. > 3x 3-mo., full-day avg

  • Q4 net income adj. parent est. Rs 305 crore (range Rs 268 crore-Rs 353 crore, 3 analysts) versus Rs 103 crore year earlier: Bloomberg data

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