Indices at previous closing
Nifty50: 15,767 ▼-101 (-0.6%)
Sensex: 52,501 ▼-271 (-0.5%)
Nifty Bank: 35,003 ▼-224 (-0.6%)
In the news
LIC Housing Finance falls on subdued quarter
- The shares of LIC Housing Finance dropped by 5.4% on Wednesday after the company posted subdued Q4 numbers. The non-banking finance company’s net profits dropped by 5% year-on-year to ₹398 crore. But the company’s net interest income rose by 33% to ₹1,505 crore.
- The drop in profit growth was led by losses over asset impairment. LIC Housing Finance’s asset quality also deteriorated with gross bad loans rising to 4.0% of the loan book from 2.8% in March 2020.
Commercial properties’ woes to continue
- The commercial real estate sector will continue to reel under the impact of the second wave in the near term, warned rating agency ICRA. In its report, the rating agency said there might be temporary deferment in leasing or a permanent reduction in real estate demand.
- The restriction on movement coupled with new working practices like work from home and flexi seating could dent the commercial real estate sector, said ICRA’s report. The Nifty Realty Index has fallen 1.5% so far this week.
Jet fuel prices hiked
- Oil marketing companies have increased air turbine fuel (ATF) prices by almost 3% to ₹65,908 per kilolitre. As most of the states enter into unlock mode, there is a possibility of fuel demand recovery.
- Air turbine fuel accounts for 40% of the airlines’ total operating expenses. Shares of Indigo and SpiceJet were down 3% and 1% respectively on Wednesday.
Sectoral indices (16 June)
| Top gainers | Top losers |
| Nifty FMCG ▲ 0.5% | Nifty Metal ▼ 2.8% |
| Nifty IT ▲ 0.2% | Nifty Realty ▼ 1.2% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.6% |
| Nikkei 225 (Japan) | ▼ 1.2% |
| Hang Seng (Hong Kong) | ▲ 0.0% |
| SSE Composite (China) | ▲ 0.2% |
| Dow Jones (US) (16 June) | ▼ 0.7% |
Key data releases this week
- Thursday: Initial jobless claims (US)
Fact of the day
Soft drink major Coca-Cola's market cap dropped by $4 billion on Monday. This comes after football superstar and Portugal captain Cristiano Ronaldo set aside Coca-Cola bottles during a press conference. Following this, he held up a bottle of water, signalling that he prefers it over Coca-Cola.
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