After opening the day on a positive note, Indian share markets witnessed huge selling during closing hours and ended their day 1% lower.

Benchmark indices witnessed a sharp sell-off across all sectors in the afternoon session and fluctuated between gains and losses throughout the day amid fresh woes pertaining to the impact of coronavirus on businesses.

The BCCI cancelled the ongoing IPL season after several players and support staff tested positive.

Selling pressure was also seen in index heavyweights Reliance Industries and HDFC twins.

At the closing bell, the BSE Sensex stood lower by 465 points (down 1%).

Meanwhile, the NSE Nifty closed lower by 137 points (down 0.9%).

SBI Life Insurance and ONGC were among the top gainers today.

Tata Consumer Products and Cipla, on the other hand, were among the top losers today.

The SGX Nifty was trading at 14,555, down by 128 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.5% and 0.6%, respectively.

Sectoral indices ended on a negative note with stocks in the healthcare sector, telecom sector and energy sector witnessing most of the selling pressure.

Banking stocks reversed early gains and ended on a negative note.

Oil and gas stocks, on the other hand, witnessed buying interest.

Shares of Grindwell Norton and Tata Elxsi hit their respective 52-week highs today.

Adani Ports and JSW Energy were among the top buzzing stocks today.

Asian stock markets ended on a positive note today. The Hang Seng ended up by 0.7%. Financial markets in Japan and China were closed today for a public holiday.

US stock futures are trading on a flat note today with the Dow Jones Futures trading up by 13 points.

The rupee is trading at 73.84 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.4% at Rs 47,148 per 10 grams.

Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia talks about why he is bullish on the sugar sector.

As per Brijesh, sugar stocks are looking positive. As per his charts, they are breaking out and could potentially deliver huge returns.

In news from the banking sector, IDBI Bank was among the top buzzing stocks today.

IDBI Bank turned profitable in FY21 after five years as the private sector lender on 3 May reported a net profit of Rs 13.6 billion for the financial year against a net loss of Rs 128.9 billion in FY20.

The bank posted a 278% year-on-year (YoY) rise in net profit at Rs 5.12 billion for the fourth quarter ended March 2021 (Q4FY21) on robust growth in net interest income.

Sequentially, its net profit was up 35% from Rs 3.8 billion in the quarter ended December 2021 (Q3FY21).

The company's CFO, Ajay Sharma said that the bank received a tax write-back of over Rs 23.1 billion in Q4FY21 for cases pertaining 1998-2001 period.

The interest component in it was Rs 13.1 billion, which has to be used to make a provision of Rs 5 billion for the second wave of pandemic and Rs 8 billion for loans under stressed assets stabilization fund.

The net interest income (NII) improved by 38% for Q4FY21 to Rs 32.40 billion. Sequentially NII was up by 79% over Rs 18.1 billion in Q3FY21.

However, other income fell by 11% to Rs 11.8 billion. Sequentially, it was down by 14% in Q3FY21.

Its asset quality improved in the reporting quarter (Q4FY21).

The gross non-performing asset (GNPA) improved 22.4% in March 2021 whereas sequentially, it declined from 24.3% (pro forma basis) at the end of December 2020.

The net non-performing assets (NNPAs) improved to 2% as of March 2021 from 4.2% a year ago. NNPA stood at 2.8% (on a pro forma basis) in December 2020.

The company's provision cover for bad loans rose to 96.9% in March 2021 from 93.7% a year ago.

Its deposits rose 4% to Rs 2.3 trillion in FY21. The share of low-cost deposits rose to 50.5% in March 2021 from 47.7% in March 2020.

The bank, which was under prompt corrective action, saw a marginal dip in advances to Rs 1,280 billion in March 2021 from Rs 1,290 billion a year ago.

IDBI Bank expects to grow loan book by 10% in the current financial year with calibrated exposure to corporate accounts and thrust on the retail segment.

IDBI Bank's share price ended the day up by 0.6% on the BSE.

Moving on to news from the auto ancillaries sector...

Motherson Sumi Acquires Bombardier Transportation's Electrical Wiring Business

Motherson Sumi, the Indian automotive component maker has successfully completed the acquisition of Bombardier's Mexico business related to electric wiring.

The acquisition was completed by Motherson Sumi's Mexican subsidiary Motherson Rolling Stock Division (MRS).

MRS is part of the Motherson Rolling Stock Division which manufactures and designs power packs, electrical cabinets, and electrical distribution systems for leading rolling stock manufacturers.

The transformation process of Bombardier was overseen by MRS and this acquisition was a part of the deal. MRS has also acquired Bombardier's UK systems business and electrical component facility in Derby.

Vivek Chaand Sehgal, Chairman of Motherson Sumi said, "Motherson is driven by its vision of being a globally preferred solutions provider to its customers. By strengthening the Rolling stock product portfolio in the American region, we reaffirm our commitment to our customers, we are very happy that the teams involved worked relentlessly to close this deal despite the pandemic-induced challenges. We would also like to take this opportunity to warmly welcome the team at Huehuetoca, Mexico into the Motherson family."

Back in October last year, the company had announced the acquisition of Bombardier's Mexico-based electrical wiring interconnection systems (EWIS) business for around US$ 10 million.

We will keep you posted on updates from this space. Stay tuned.

Motherson Sumi share price ended the day up by 0.5% on the BSE.

Speaking of the stock markets, the right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you farewell when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception. This compares favorably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in small-caps. However, the long-term track record and the post-Covid rebound underscores the strength of the stock-picking process.