Shakeout

Nifty50: 17,757 ▼181 (-1.0%)

Sensex: 59,464 ▼634 (-1.0%)

• The markets fell for the third day in a row as the number of new cases jumped.

• Continuous selling from foreign investors and weak international equities spoiled sentiments.

• Traders will take any bounce back from here with a pinch of salt.

Among the Nifty sectoral indices, Metal (+0.5%) and Realty (+0.2%) were the top gainers, whereas IT and Pharma lost about 1.6% each.

For more updates on F&O, click here

Here are the top stories of the day.

Indigo wants excise cut on fuel

The airline major has reportedly urged the Centre to reduce central excise on fuel to 5% from the current 11% in the upcoming Union Budget. According to its management, the airline industry pays 21% of its revenues to the government in indirect taxes.

Further, it has also requested to bring Aviation Turbine fuel (ATF) under the purview of GST and eliminate custom duty on repair parts. These requests come at a time when the aviation sector is hit hard by the pandemic. The company believes that rationalisation of taxes could result in high growth for the sector.

CEAT skids to 52-week low

The tyre maker’s revenue rose 9% year-on-year to ₹2,413 crore in the December quarter. However, the company's operating margins came crashing down due to a surge in commodity prices. The company posted a net loss of ₹20 crore compared to ₹132 crore profit in the same quarter last year. 

Meanwhile, the company has said that the raw material prices tapered down toward the end of the December quarter. It's stock opened nearly 7% lower but gradually recovered during the day. 

Mastek tumbles post Q3

The digital services and cloud consulting company’s December quarter revenue and profit stood at ₹552 crore and ₹83 crore, up 3% QoQ and 2% QoQ, respectively. The growth rate was lower compared to industry leaders who grew on an average above 4%. 

Meanwhile, its attrition rates zoomed to 28% from 24% in the previous quarter. Its stock fell sharply coupled with high volumes, indicating heavy selling pressure.

IPO Corner

The IPO of omnichannel payment solutions provider AGS is receiving robust response. On day 2, the public issue was oversubscribed more than 1.4 times. Retail investors have shown strong interest in the IPO with the retail portion being oversubscribed 2 times. Click here to apply for the IPO on Upstox..

Good to know

What is a startup incubator?

Startup incubators focus on early stage startups and help them by providing them with mentorship, advice and resources. The resources could be in the form of office space, capital and even networking. Founded in 2005, US-based Y Combinator has launched 300 tech startups. Some of its prominent startups include Dropbox and Airbnb.

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