Key barometers continued trading firm in afternoon trade, led by firmness in banks and pharma shares. At 13:20 IST, the barometer index, the S&P BSE Sensex jumped 277.63 points or 0.80% at 35,009.36. The Nifty 50 index advanced 91.80 points or 0.90% at 10,336.20.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.97%. The S&P BSE Small-Cap index gained 1.34%.
Buyers outpaced sellers. On the BSE, shares 1,781 rose and 808 shares fell. A total of 171 shares were unchanged. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,237 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 880.66 crore in the Indian equity market on 19 June, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 89,52,428 far with 4,68,331 deaths. India reported 1,74,387 active cases of COVID-19 infection and 13,699 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
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Gainers & Losers:
Bajaj Auto (up 5.89%), Bajaj Finserv (up 5.11%), Bajaj Finance (up 4.39%), Cipla (up 4.20%) and Coal India (up 3.90%) were top gainers in Nifty 50 index.
Wipro (down 1.51%), Hindalco Industries (down 0.89%), Maruti Suzuki India (down 0.86%), Mahindra & Mahindra (down 0.71%) and ONGC (down 0.70%) were top losers in Nifty 50 index.
Q4 Results Today:
Aegis Logistics (up 4.94%), AIA Engineering (down 0.39%), Balaji Amines (up 2.73%), Kirloskar Industries (up 0.46%), Morepen Laboratories (up 3.90%), Sudarshan Chemical Industries (up 3.95%), The Investment Trust Of India (down 4.96%) and UFO Moviez India (up 1.43%) are some of the companies that will announce their quarterly earnings today.
Earnings Impact:
Power Grid Corporation of India rose 0.50% after state-run firm reported an 8.2% rise in consolidated net profit to Rs 3,313.47 crore on a 6.4% rise in net sales to Rs 10,148.26 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax and regulatory deferral account balances stood at Rs 3357.14 crore in Q4 March 2020, rising 2.7% from Rs 3266.89 crore posted in Q4 March 2019.
Balkrishna Industries advanced 1.48% after tyre maker reported a 42.3% rise in consolidated net profit to Rs 264.70 crore on 1.2% rise in revenue from operations to Rs 1,372.27 crore in Q4 FY20 over Q4 FY19. The stock was in demand after positive management commentary and a robust outlook. The management said, During February 2020, we had indicated that we should be able to cross 2,00,000 MT sales volume for FY20. We have crossed this benchmark and have achieved the sales volume of 201,760 MT for FY20. This is despite shutdown of manufacturing operations and dispatches across all our plants from 25th March 2020 due to lockdown on account of COVID-19. After resumption of manufacturing activities and dispatches in later part of April 2020, we were gradually able to ramp up our activities and have gradually gained normalcy in our manufacturing activities as well as dispatches to a large extent. If everything remains what it is, as of today, performance for FY21 should be at similar levels, of what has been achieved during FY20.
Punjab National Bank rallied 3.19% after the bank reported net loss of Rs 697.20 crore in Q4 March 2020, lower than net loss of Rs 4,749.64 crore in Q4 March 2019. Total income rose 11.3% year-on-year (Y-o-Y) to Rs 16,388.32 crore in Q4 FY20. Provisions and contingencies fell 51.3% to Rs 4,901.31 crore in Q4 March 2020 from Rs 10,071.11 crore in Q4 March 2019. The bank has made a total provision of Rs 383.19 crore in 9 accounts during the quarter. The ratio of gross NPAs to gross advances stood at 14.21% as on 31 March 2020 as against 16.30% as on 31 December 2019 and 15.50% as on 31 March 2019. The ratio of net NPAs to net advances stood at 5.78% as on 31 March 2020 as against 7.18% as on 31 December 2019 and 6.56% as on 31 March 2019. Deposits increased by 4.1% to Rs 7,03,846.32 crore in FY20 from Rs 6,76,030.13 crore in FY19. Advances grew by 3% to Rs 4,71,827.72 crore as on 31 March 2020 from Rs 4,58,249.20 crore as on 31 March 2019. With respect to the impact of COVID-19 on its business operations, the bank said that the situation continues to be uncertain and it is evaluating the situation on ongoing basis. It added that the major identified challenges for the bank would arise from eroding cash flows and extended working capital cycles.
Akzo Nobel India gained 1%. The paint maker's consolidated net profit slipped 23.1% to Rs 54.08 crore on 17.6% decline in net sales to Rs 581.27 crore in Q4 March 2020 over Q4 March 2019. Meanwhile, the BMW Group has chosen Akzo Nobel to be a trusted supplier of vehicle refinish products and services to a large part of its distribution network around the world. The deal came into effect on 1 February 2020. Covering 44 locations, the agreement means that the company's premium Sikkens and Lesonal brands are now approved for paint repairs of BMW and Mini passenger cars at authorized dealers, repairers, importers and national BMW Group branches.
LIC Housing Finance tumbled 5.48% after the housing financier's consolidated net profit tanked 39.1% to Rs 424.31 crore on 5.1% rise in total income to Rs 4,903.54 crore in Q4 March 2020 over Q4 March 2019. The extent to which the COVID-19 pandemic will impact the results of company's business and financials in future, as the same will be dependent on future developments, which at present are extremely uncertain, the company said.
Global Markets:
European stocks opened lower while Asian markets were mostly lower on Monday as investors react to a surge in coronavirus cases in the States, and growing concerns over a rise in infections in Germany.
The World Health Organization (WHO) reported a record single-day total of new coronavirus cases around the world on Sunday, and said that the coronavirus pandemic has entered a "new and dangerous phase."
Meanwhile in Europe, Germany's Robert Koch Institute for public health has said the coronavirus reproduction rate (an indicator of how many people a person who has the coronavirus could be expected to go on to infect, on average) jumped to 2.88 on Sunday, 21 June 2020 up from 1.79 a day earlier.
The US stocks finished mostly lower after erasing early gains on Friday, 19 June 2020, as risk sentiments dampened after reports showing a surge in coronavirus infections in several states in America and the World Health Organization's warning that the pandemic is accelerating and the world is in a new and dangerous phase.
Investors were optimistic about economic recovery in the wake of recent strong data on employment and retail sales. Meanwhile, reports that Beijing is planning to buy more agricultural goods from the United States, in line with the phase one trade deal the two countries agreed to in January also boosted shares.
However, stocks reversed initial gains and headed lower, as worries about growing COVID-19 infections. Parts of the country have been dealing with thousands of new infections, which is spooking businesses, economists and investors.
Highlighting economic challenges from the impact of social restrictions to contain the pandemic, Apple Inc said on Friday it would temporarily shut 11 U.S. stores as coronavirus cases rise in some states, triggering selling in stocks.
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