Nifty50: 15,080 ▼ 164 (-1.0%)
Sensex: 50,846 ▼ 598 (-1.1%)
After three days of gains, India’s bourses opened with a gap-down today. Despite signs of recovery in between, the weakness persisted throughout the trading session, with 38 of the Nifty50 stocks closing in the red.
Among the sectoral indices, only the Nifty Media (+1.6%) and Nifty Realty (+0.1%) posted gains. Meanwhile, Nifty Metal (-2.0%) and Nifty Financial Services (-1.8%) posted the highest losses.
| Top gainers | Today's change |
| Ultratech Cement | ▲ 3.9% |
| Adani Port | ▲ 2.9% |
| Shree Cement | ▲ 2.9% |
| Top losers | Today's change |
| JSW Steel | ▼ 2.9% |
| HDFC | ▼ 2.6% |
| Hindalco | ▼ 2.6% |
Here are the top stories of the day.
IRCTC surges on improved prospects
- Despite the weakness in the broader market, shares of Indian Railway Catering and Tourism Corporation (IRCTC) rose 7% intraday to hit a lifetime high of ₹2,015. The street expects traction due to the strong adoption of online ticketing during the pandemic.
- Further, opportunities outside of rail ticketing, such as e-catering, air and bus ticketing, and hotel booking are also expected to gain pace as the travel industry goes back on track in the coming months. The stock closed 3.7% higher today and has gained 36% since the beginning of the year.
Power stocks up on higher demand outlook
- The stocks of power companies such as Tata Power (+3.8%), Adani Power (+9.9%), NHPC (+4.4%) and Torrent Power (2.5%) rallied on expectations of higher power demand.
- Among these, Adani Power and Tata Power hit their 52-week highs, with the former locked in its upper circuit.
Phenol makers soar on duty extension
- Shares of Deepak Nitrite and Hindustan Organic Chemicals (HOCL) rose around 5% intraday, after the Indian government extended the anti-dumping duty on import of phenol from the EU and Singapore till 7 June 2021.
- As of FY20, Deepak Nitrite and HOCL derived nearly 50% and 65% of their revenues from phenol and related products. Their shares closed 0.8% and 4.9% higher and witnessed high volumes in an otherwise weak market.
Alembic’s JV gets USFDA nod for testosterone gel
- The Vadodara-based pharma company’s joint venture Aleor Dermaceuticals has received the USFDA approval for the sale of its testosterone gel, used to treat testosterone deficiency in men.
- The drug is a therapeutic equivalent of AndroGel 1.62%, produced by US-based AbbVie Inc. As per reports, the testosterone gel market was pegged at $86 million (~₹630 crore) during CY20. The stock was down 0.6% in a weak market.
Closing bell
Taking cues from falling global markets, rising 10-year treasury yields and a nearly 5% drop in copper prices, sentiments in the Indian markets turned weak today. Now, all eyes will be on the outcome of the OPEC+ meeting, scheduled today, wherein the oil-exporting nations will decide on oil output. Petrol and diesel prices are already at record highs in India and pose the risk of fueling inflation. Suddenly, there are multiple events that don’t augur well for equity markets.
Good to know
What is long-term capital gain?
Long-term capital gain or LTCG is the gain on investing in the equity market over the long-term. In the Indian market, investment for one year or more is considered a long-term investment. The LTCG over ₹1 lakh on listed equity shares will be taxable at the rate of 10%.
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