Sensex, Nifty Give Up Early Gains

Indian shares fluctuated in early trade on Monday, tracking mixed Asian cues.

Markets opened higher earlier in the day as the country recorded steady decline in the number of fresh coronavirus cases and the RBI surprised the Centre with a record Rs 99,122 crore in surplus transfer for FY21, helping cushion the fiscal deficit burden for the government.

The benchmark S&P BSE Sensex was down 27 points, or 0.1 percent, at 50,513, giving up early gains. The broader NSE Nifty index was down 24 points or 0.2 percent at 15,152.

Shree Cement lost 3 percent despite reporting a 30 percent rise in its Q4FY21 profit.

Punjab & Sind Bank rallied 3 percent as It returned to profit after eight quarters of losses.

JSW Steel tumbled 3 percent. The company called media reports saying that it was weighing a bid for Liberty Steel’s assets in the U.K. “speculative” and “misleading.”

Hero MotoCorp rose about 2 percent. The two-wheeler manufacturer will be resuming gradual production at all its plants in the country starting today.

Elgi Equipments advanced 1.3 percent. The air-compressor manufacturer has increased the capacity to manufacture compressors for specific models of oxygen generation plants.

Axis Bank edged down slightly. The private sector lender is awaiting regulatory approval to reclassify 3 promoters as public shareholders.

MCX was down more than 3 percent after reporting a 41 percent fall in Q4 net profit.
Minda Industries gained 2.2 percent after its board approved the acquisition of 33,750 equity shares of special purpose vehicle CSE Dakshina Solar Private Ltd.

Adani Green surged 4.3 percent. The company’s unit Adani Renewable Energy Holding Four Ltd has transferred 74 percent shareholding of MSEL to Adani Tradecom.