Sensex Ends 85 Points Lower; ITC and Tech Mahindra Among Top Nifty Losers

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Indian share markets recouped some early losses during afternoon deals and ended today's volatile session lower.

Fag-end buying in Reliance Industries, auto, and metal counters helped domestic benchmark indices erase most of the day's losses even as they ended in the red.

Moreover, a surge in Brent Crude price, which was hovering around US$ 71 per barrel, exerted pressure on the bourses.

At the closing bell, the BSE Sensex stood lower by 85 points (down 0.2%).

Meanwhile, the NSE Nifty closed higher by 1 point (down 0.1%).

UPL and Tata Steel were among the top gainers today.

ITC and Tech Mahindra, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,627, down by 4 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended up by 1.8% and 1.3%, respectively.

Sectoral indices ended on a mixed note with stocks in the FMCG sector and IT sector witnessing most of the selling pressure.

Power and energy stocks, on the other hand, witnessed buying interest.

Shares of Adani Enterprises and Lupin hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng and the Shanghai Composite ended the day down by 0.6% and 0.8%, respectively.

The Nikkei ended up by 0.5% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading up by 31 points.

The rupee is trading at 73.08 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 49,140 per 10 grams.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about how you should go about making your investments when inflation is going up, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the textiles sector, Century Enka was among the top buzzing stocks today.

Shares of Century Enka were locked in the 20% upper circuit band at Rs 396.6 per share on the BSE today on the back of heavy volumes.

In the past one month, the stock of the company, engaged in manufacturing of synthetic yarn, has zoomed 58% as compared to a 5.6% rise in the S&P BSE Sensex.

In January-March quarter, Century Enka's net profit more-than-doubled at Rs 485.7 m on the back of a strong operational performance.

The company had reported profit of Rs 218.8 m in the March 2021 quarter. On sequential basis, net profit grew 50% from Rs 324.7 m in December quarter.

Moreover, the company's revenue from operations grew 29% year on year (YoY) at Rs 4.5 bn from Rs 3.4 bn in the corresponding quarter of previous year.

Going forward, the company expects nylon tyre cord fabric's (NTCF) demand to pick up on the back of a good monsoon which in turn should lead to the revival of rural demand, and increased fund allocation to the infrastructure sector.

'The revival of nylon filament yarn (NFY) demand could take longer, due to non-availability of labour, and the lingering effect of the lockdown on consumer demand,' the management said.

Meanwhile, the board of directors of Century Enka had, last month, approved investment of Rs 2.4 bn to strengthen its competitive position in tyre reinforcement market by modernization of plant, and augmenting capacity by around 30% and Rs 230 m for increasing the capacity of draw texturized yarn and mother yarn.

The funding for Rs 2.6 bn capital expenditures (capex) is mix of debt and internal accrual.

Century Enka share price ended the day up by 20% on the BSE.

Speaking of the current stock market scenario, note that smallcap stocks are on a roll recently.

Despite the BSE Smallcap index being up more than 157% since the March 2020 lows, Richa believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

INCLUDEPICTURE "https://www.eqimg.com/profit-hunter/images/2021/05202021-chart01-equitymaster.gif" \* MERGEFORMATINET

As can be seen from the chart above, the rebound in the smallcap index at 157% is way below past rebounds which have ranged from 210% to 293%.

Here's what Richa wrote in a recent edition of Profit Hunter...

• There's consolidation happening in the smallcap space. The survivors and resilient players are not just see fundamental upside but are also likely to get rerated.
  
  But there is more to stock markets than smallcaps.

And it will be good to see how different stock classes are stacked against each other.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Moving on to news from the macroeconomic space...

Exports Jump by 67% in May, Trade Deficit at US$ 6.3 Bn

India's exports grew by 67.4 per% to US$ 32.2 bn in May driven by healthy growth in sectors such as engineering, pharmaceuticals, petroleum products and chemicals, according to government data released today.

Exports in May last year stood at US$ 19.2 bn and in May 2019 it was at US$ 29.9 bn, the commerce ministry's preliminary data showed.

Imports in May rose by 68.5% to US$ 38.5 bn, from US$ 22.9 bn in May 2020. In May 2019, imports stood at US$ 46.7 bn.

"India is thus a net importer in May 2021 with a trade deficit of US$ 6.3 bn, an increase of 74.7% over trade deficit US$ 3.6 bn in May 2020 and reduction by 62.5% over trade deficit US$ 16.8 bn in May 2019," the ministry said.

Oil imports during the month under review rose to US$ 9.5 bn, compared to US$ 3.6 bn in May 2020.

Exports during April-May this year jumped to US$ 62.8 bn, as against US$ 29.6 bn in the same period last year.

In April-May 2021, oil imports aggregated at US$ 20.3 bn from US$ 8.2 bn in April-May 2020.

We will keep you updated on the latest news from this space. Stay tuned!

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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