The domestic equity benchmarks pared early losses in morning trade. The Nifty was trading above the 15,700 mark. Realty shares were in demand.
At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 103.84 points or 0.20% to 52,398.14. The Nifty 50 index lost 32.10 points or 0.20% to 15,735.45.
In the boarder market, the S&P BSE Mid-Cap index declined 0.41% while the S&P BSE Small-Cap index rose 0.46%.
The market breadth was positive. On the BSE, 1763 shares rose and 1079 shares fell. A total of 154 shares were unchanged.
Global cues were mixed after the US Federal Reserve on Wednesday signaled that policy makers expect rates to rise earlier than previously expected by penciling in two increases by the end of 2023.
Federal Reserve officials held interest rates near zero but signaled they expect two increases by the end of 2023, pulling forward the date of liftoff as the economy recovers.
“Progress on vaccinations has reduced the spread of Covid-19 in the United States,” the Federal Open Market Committee said in a statement released Wednesday following the conclusion of its two-day policy meeting. “Amid this progress and strong policy support, indicators of economic activity and employment have strengthened.”
The central bank held the target range for its benchmark policy rate unchanged at zero to 0.25% and pledged to continue asset purchases at a $120 billion monthly pace until substantial further progress had been made on employment and inflation.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 177,040,221 with 3,832,997 global deaths.
India reported 826,740 active cases of COVID-19 infection and 826,740 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Realty index rose 0.55% to 354.50. The index declined 1.26% yesterday.
Indiabulls Real Estate (up 2.53%), The Phoenix Mills (up 1.74%), Godrej Properties (up 1.02%), Oberoi Realty (up 0.89%) and Prestige Estates (up 0.81%) advanced.
Earnings Today:
State-run Power Grid Corporation of India was down 0.56% ahead of its quarterly earnings today.
Natco Pharma (down 1.09%), Tube Investments of India (down 0.29%), Jammu & Kashmir Bank (up 1.80%), Nava Bharat Ventures (up 0.79%), Novartis India (up 0.10%) and Power Mech Projects (up 0.35%) will announce their quarterly earnings today.
Earnings Impact:
Welspun Enterprises (WEL) fell 3.74% to Rs 113.40. The company's consolidated net profit tumbled 54.04% to Rs 40.94 crore on 20.84% rise in revenue from operations to Rs 568.82 crore in Q4 March 2021 over Q4 March 2020.Welspun recorded its highest ever EPC order book (excl. Kozhikode project) of Rs 8,437 crore as on 31 March 2021 with Rs 5,893 crore in road and Rs 2,544 crore in water segment. The company's cash and cash equivalents stood at Rs 375 crore in 31 March 2021 as against Rs 529 crore in 31 March 2020 and Rs 198 crore in 30 December 2020.
CESC rose 3.23% to Rs 795.25. The company's consolidated net profit jumped 13.49% to Rs 429 crore on a 10.26% rise in revenue from operations to Rs 2,890 crore in Q4 March 2021 over Q4 March 2020. The company's board has approved a proposal for sub-division of existing one share of Rs 10 each to be sub-divided into 10 shares of Re 1 each.
Economy:
The figures of direct tax collections for the Financial Year 2021-22, as on 15 June 2021 show that net collections are at Rs 1,85,871 crore compared to Rs 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4% over the collections of the preceding year. The net direct tax collections include corporation tax (CIT) at Rs. 74,356 crore (net of refund) and personal income tax (PIT) including security transaction tax (STT) at Rs 1,11,043 crore (net of refund).
The advance tax collections for the first quarter of the FY 2021-22 stand at Rs 28,780 crore against advance tax collections of Rs 11,714 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of approximately 146%.
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