The S&P 500 and the Dow indices ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under pressure from declines in some high-flying growth stocks, as the rotation into cyclical and “reopening” stocks continued. Dow Jones Industrial Average rose 0.71%, the S&P 500 gained 0.27% while the Nasdaq Composite dropped 0.48%. Meanwhile, in Asia, stocks traded mixed and US equity futures retreated in the wake of a dip in technology giants on Wall Street. Australia’s S&P/ASX 200 Index rose 0.3%, South Korea’s Kospi shed 0.4% and US futures declined 0.2%. Amid a mixed global setup, Indian markets too seemed indecisive as SGX Nifty was ruling only 17 points lower at 14,665, indicating a flat start to the day. Besides global cues, stock-specific moves amid quarterly earnings and development on the Covid and vaccine front could further sway market trajectory.
Here are the top stocks to track in today s session:
JSW Energy: The firm said its arm JSW Renew Energy has signed a power purchase agreement (PPA) for supply of 540 MW of blended wind power capacity. The PPA is signed with Solar Energy Corporation of India (SECI).
Tata Chemicals: The company reported a sharp decline in consolidated profit to Rs 29.26 crore in Q4FY21 as against Rs 197.56 crore in Q4FY20.
ICICI Bank: RBI has imposed a Rs 3 crore penalty on ICICI Bank for contravention of prudential norms for classification, valuation and operation of the investment portfolio of banks. RBI found contravention of norms in an instance where the bank shifted securities from one category to another.
JSW Energy rose 1.36% to Rs 111.85 after the company said its subsidiary has signed a power purchase agreement for 540 MW of blended wind capacity with Solar Energy Corporation of India (SECI).In September last year, JSW Energy had informed that JSW Future Energy (formerly JSW Solar) (100% subsidiary of JSW Energy) had received letter of awards for total blended wind capacity of 810 MW from Solar Energy Corporation of India (SECI) in respect of the tariff based competitive bid invited by SECI for setting up of 2500 MW ISTS-connected Blended Wind Power Projects (Tranche-IX).
JSW Renew Energy, wholly owned subsidiary of JSW Future Energy, has signed a power purchase agreement with SECI for the contracted capacity of 540 MW out of total awarded capacity of 810 MW. This is the single largest PPA for wind/blended wind category in the industry, and marks the foray of the company into wind/blended wind energy generation segment.
ICICI Bank said that the Reserve Bank of India (RBI) has, by an order dated May 03, 2021, imposed a monetary penalty of Rs 3 crore on the bank . This penalty has been imposed under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949 for shifting certain investments from HTM category to AFS category in May 2017.
L&T Technology Services reported 4.5% rise in consolidated net profit to Rs 194.50 crore on 2.8% rise in revenue to Rs 1440.50 crore in Q4 March 2021 (Q4FY21) over Q3 December 2020 (Q3FY20).
Tata Chemicals reported 99.82% drop in consolidated net profit to Rs 11.77 crore on 68.81% slide in total income to Rs 2,710.44 crore in Q4 March 2021 (Q4FY21) over Q4 March 2020 (Q4FY20).
Key benchmark indices are trading with modest gains in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 92.97 points or 0.19% at 48,811.49. The Nifty 50 index was up 24.75 points or 0.17% at 14,658.90. Asian stocks were trading mixed.
The S&P BSE Mid-Cap index was up 0.86%. The S&P BSE Small-Cap index was up 0.84%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1564 shares rose and 470 shares fell. A total of 87 shares were unchanged.
Stocks in news:
ICICI Bank fell 1.33%. ICICI Bank said that the Reserve Bank of India (RBI) has, by an order dated May 03, 2021, imposed a monetary penalty of Rs 3 crore on the bank . This penalty has been imposed under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949 for shifting certain investments from HTM category to AFS category in May 2017.