The benchmark indices extended losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, declined 453.05 points or 0.92% at 49,049.36. The Nifty 50 index skid 119.25 points or 0.80% at 14,823.10.
Housing Development Finance Corporation (HDFC) (down 2.90%), Kotak Mahindra Bank (down 2.42%) and HDFC Bank (down 1.02%) were major drags.
The broader market traded higher. The S&P BSE Mid-Cap index rose 0.07%. The S&P BSE Small-Cap index added 0.63%.
Buyers outpaced sellers. On the BSE, 1,725 shares rose and 1,193 shares fell. A total of 201 shares were unchanged.
Investors locked profits after the Sensex rose 2.59% and the Nifty climbed 3.08% in the four consecutive sessions.
Foreign portfolio investors (FPIs) bought shares worth Rs 583.69 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 476.26 crore in the Indian equity market on 10 May 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 15,89,57,229 with 33,03,877 deaths. India reported 37,15,221 active cases of COVID-19 infection and 2,49,992 deaths while 1,90,27,304 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The country reported 3,29,942 cases in the last 24 hours taking the total caseload of COVID-19 cases to 2,29,92,517. The last time India recorded around 3.20 lakh cases in a day was on 27 April 2021 when a 24-hour count stood at 3,23,144 cases.
The media reported that WHO has reclassified the highly contagious triple-mutant COVID-19 variant spreading in India as a "variant of concern", indicating that it's become a global health threat. WHO official said, "We classify it as a variant of concern at a global level".
Gainers & Losers:
Coal India up 4.79%,IOCL up 4.29%,NTPC up 2.65%,Ultratech Cement up 2.06% and BPCL up 1.52% were major gainers in Nifty 50 index.
Hindalco Industries down 2.45%,Wipro down 1.87% and Divi's Laboratories down 1.63% were major losers in Nifty 50 index.
Stocks in Spotlight:
HSIL spurted 14.25% after the company's net profit surged to Rs 33.02 crore in Q4 FY21 as against Rs 3.38 crore in Q4 FY20. Net sales during the quarter increased 37.3% year-on-year (Y-o-Y) to Rs 633.21 crore. The company delivered EBITDA of Rs 102 crore, registering a robust growth of 65.5% on Y-o-Y basis. EBITDA margins improved to 15.9% in Q4 FY21 compared with 13.1% in Q4 FY20.
Solara Active Pharma Sciences advanced 3.41% after Shivanand Shankar Mankekar bought 8.70 lakh equity shares or 2.42% stake at Rs 1,552.05 per share of the company via bulk deal on NSE on Monday (10 May 2021). Pronomz Ventures sold 8.70 lakh equity shares of Solara Active Pharma at Rs 1,552.05 per share via bulk deal on NSE on Monday. Professor Shivanand Shankar Manekar is a high net investor (HNI) and a former a full-time professor at Mumbai's Jamnalal Bajaj Institute of Management Studies.
UPL slipped 0.08%. The company has announced that its subsidiary has entered into a license agreement with Japanese company, Meiji Seika Pharma Co., for exclusive access to Flupyrimin for rice in Southeast Asia. Under the license agreement, UPL will obtain exclusive rights to develop, register and commercialize formulations of Flupyrimin for foliar applications in rice in Southeast Asia, expanding the on-going collaboration between the two companies with this compound.
Global Markets:
Shares in Europe and Asia declined on Tuesday, 11 May 2021, following a sell-off in tech stocks that weighed down major U.S. indexes overnight.
In the US, technology shares led the broader market lower on Monday as investors dumped high-flying Big Tech stocks, pushing the Dow Jones Industrial Average and the S&P 500 off their record highs.
Investors around the world are also focused on the latest inflation data this week. US inflation data will release on Wednesday amid growing concerns that the Federal Reserve will be prompted to tighten its monetary policy stance as prices rise along with the reopening of the global economy.
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