Markets defy positive cues after inflation, IIP data; Metal underperforms; Tata twins, Hindalco, Coal India top bears; Asian Paints surge 10%

India's CPI Inflation contracted to 4.29% in April 2021, while the Index of Industrial Production (IIP) increased to 22.4% in March 2021.

May 14, 2021 09:05 IST India Infoline News Service

Indian markets defied positive global cues on Friday led by a broad-based selloff. Metal, auto and IT stocks were under sharp selling pressure. However, pharma and PSU Bank stocks outperformed the bearish tone of Sensex and Nifty 50. Japan shares led the rally in Asian markets tracking the lead in Wall Street overnight as investors took to stocks that would benefit from economic recovery ahead amid the Coronavirus pandemic.

At around 09.39 am, Sensex was trading at 48,659.07 down by 31.73 points or 0.07%. The Nifty 50 was trading at 14,663.95 lower by 32.55 points or 0.22%.

In the early deals, Sensex has dived to an intraday low of 48,485.85, while Nifty 50 slipped to the day's low of 14,618.80.

Gainers on Nifty 50 were - Asian Paints soaring nearly 10% followed by UPL advancing by 5.4%. Cipla surged by 2%, while ITC and Dr Reddy's Lab climbed around 1% each.

Top bears on Nifty 50 were - Tata Steel and Hindalco plunged by nearly 3% each. Coal India shed 2.4%, while M&M and Tata Motors dived around 2% each.

Companies that are set to announce their financial performance for March 2021 (Q4FY21) quarter today are - Larsen & Toubro, Dr Reddy's Laboratories, Cipla, Aditya Birla Capital, Macrotech Developers, The Anup Engineering, Asian Star Company, Automotive Axles, Balkrishna Industries, BCPL Railway Infrastructure, Bharat Seats, Cholamandalam Financial Holdings, Deccan Gold Mines, DRC Systems India, Escorts, Gokaldas Exports, Greenpanel Industries, Hi-Klass Trading and Investment, HIL, Indigo Paints, Jindal Stainless, Just Dial, Kartik Investments Trust, Kesoram Industries, Menon Bearings, Mindspace Business Parks REIT, Monte Carlo Fashions, Oberoi Realty, Octal Credit Capital, Onward Technologies, Privi Speciality Chemicals, QGO Finance, Reliance Infrastructure, Rossari Biotech, Sagarsoft (India), Saint-Gobain Sekurit India, SKF India, Surbhi Industries, Texmaco Infrastructure, Vimta Labs, and Welspun India.

In terms of sectoral indices, Nifty PSU Bank and Nifty Pharma jumped nearly 1% each. While Nifty Metal nosedived by more than 3%, while Nifty IT and Nifty Auto dropped by over 1% each.

The domestic equities performance comes after economic data presented by the government.

India's CPI Inflation eased to 4.29% in April 2021, while the Index of Industrial Production (IIP) increased to 22.4% in March 2021. 

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