The equity barometers trimmed losses in early afternoon trade. The Nifty regained 14,750 mark after hitting the day's low of 14,695.10 in mid-morning trade.

At 12:20 IST, the barometer index, the S&P BSE Sensex, dropped 306.93 points or 0.62% at 48,854.88. The Nifty 50 index lost 82.10 points or 0.55% at 14,768.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.16% while the S&P BSE Small-Cap index rose 0.12%.

The market breadth was positive. On the BSE, 1,575 shares rose and 1,290 shares fell. A total of 165 shares were unchanged.

Indian stock markets will remain closed tomorrow, 13 May 2021 on account of Id-Ul-Fitr (Ramzan Id).

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 2.08% to 20.2425. The Nifty 27 May 2021 futures were trading at 14,765, at a discount of 3.65 points as compared with the spot at 14,768.65.

The Nifty option chain for 27 May 2021 expiry showed maximum Call OI of 29.6 lakh contracts at the 15,000 strike price. Maximum Put OI of 42.7 lakh contracts was seen at 14,000 strike price.

Buzzing Index:

The Nifty Media index rose 1.11% to 1,637.20. The index added 7.31% in six sessions.

Sun TV Network (up 2.78%), PVR (up 1.70%), Zee Entertainment Enterprise (ZEEL) (up 1.34%), Inox Leisure (up 1.14%) and Dish TV India (up 1.12%) were major gainers.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) declined 2.20% after the company said that the estimated sales volume for the quarter ending June 2021 will be lower by 15-20% as compared to Q4 F21. The revenue and profitability will be impacted in line with the fall in volumes. However, the company is taking various cost optimisation measures to limit the adverse impact, M&M said in a statement. The auto maker said that with the rampant spread of the second wave of COVID-19 and lockdowns enforced in various states / parts of the country coupled with disruption in the supply of oxygen for industrial use, demand and supply for vehicles and tractors is expected to be impacted temporarily.

Infosys slipped 0.33%. Britvic, a leading branded soft drinks businesses in Europe, has selected Infosys as its strategic partner for end-to-end IT services across applications and infrastructure. As Britvic's strategic partner, Infosys will provide end-to-end IT services and deliver a technology-driven approach to fulfill Britvic's business goals and strategic digital transformation roadmap. Infosys will also simplify and streamline its cloud infrastructure and operations leveraging Infosys Cobalt while improving service delivery through analytics, automation and process maturity.

Economy:

Amid a strong second COVID-19 wave, Moody's cut India's FY22 GDP growth forecast. The rating agency slashed the projection to 9.3% for FY22 from 13.7% forecasted earlier. It also ruled out a sovereign rating upgrade, at least for now.

However, the UN has raised India's growth forecast to 7.5% for calendar year 2021, a 0.2% increase from its projection in January 2021. The country's outlook for the year, remained highly fragile, it said. The World Economic Situation and Prospects report released on Tuesday, 11 May 2021, also projected India's GDP to grow by 10.1% in 2022.

On the macro data front, investors are awaiting the industrial production and manufacturing production data for March and inflation data for April, scheduled to release later today.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 15,97,03,471 with 33,17,685 deaths. India reported 37,04,099 active cases of COVID-19 infection and 2,54,197 deaths while 1,93,82,642 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India lost 4,205 people to the coronavirus pandemic in the last 24 hours, said the government data released on Wednesday morning. This is the highest-ever death count that India has ever seen in a single day since the pandemic began in 2020. This is the third time in the span of 10 days that India has officially recorded over 4,000 deaths in 24 hours. India had seen over 4,000 deaths on 8 May 2021. On 9 May 2021, the second day in a row, India reported 4,092 deaths.

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