After a brief recovery, key indices tumbled once again in mid-afternoon trade. The Nifty was trading below the crucial 11,300 mark. Markets witnessed volatility on account of weekly index options expiry on the NSE.
At 14:28 IST, the barometer index, the S&P BSE Sensex, fell 82.23 points or 0.21% at 38,287.40. The Nifty 50 index lost 15.60 points or 0.14% at 11,292.80.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index gained 1.21% while the S&P BSE Small-Cap index rose 0.72%.
The market breadth was positive. On the BSE, 1482 shares rose and 1170 shares fell. A total of 133 shares were unchanged.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 5.896% compared with previous closing of 5.884% in the previous trading session.
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In the foreign exchange market, the partially convertible rupee edged higher to 74.8475 compared with its previous closing 74.83.
In the commodities market, Brent crude for October 2020 settlement gained 11 cents to $45.54 a barrel. The contract rose 2.09% or 93 cents to end at $45.43 in the previous trading session.
MCX Gold futures for 5 October 2020 settlement fell 0.31% to Rs 52,090.
Buzzing Index :
The Nifty Media index rose 1.47% to 1,419.35, extending gains for fourth consecutive day. The index has added 6.2% in four sessions.
PVR (up 5.04%), Inox Leisure (up 3.36%), D.B.Corp (up 2.22%) and Sun TV Network (up 0.92%) advanced.
Hathway Cable (down 2.75%), Dish TV India (down 1.16%), T.V.Today Network (down 0.64%) and TV18 Broadcast (down 0.30%) declined.
Earnings Impact :
GAIL (India) declined 0.97% to Rs 97.1 after the company posted a 57.2% drop in consolidated net profit to Rs 642.97 crore in Q1 June 2020 as compared to Rs 1503.67 crore reported in Q1 June 2019. Consolidated revenue from operations stood at Rs 12,180.62 in Q1 June 2020, falling 34% from Rs 18481.56 crore posted in Q1 June 2019.
GAIL said that the COVID-19 impacted company's physical performance due to nationwide lockdown. However, the company said it expects to reach normal levels during upcoming period in FY 2020-21.
Cummins India advanced 3.59% to Rs 438.10. The company's consolidated net profit slumped 65.24% to Rs 53.02 crore on 63.11% decrease in revenue from operations to Rs 488.74 crore in Q1 June 2020 over Q1 June 2019.
Cummins expects gradual recovery of demand in coming months. However, there remains significant uncertainty around how COVID-19 will impact market demand as well as customer and supplier operations. Due to this uncertainty the company is not providing a full year revenue guidance for FY 2021.
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