The equity barometers hit fresh intraday high in mid-morning trade, mirroring gains in other Asian peers. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 232.25 points or 0.64% at 36,703.93. The Nifty 50 index added 80.55 points or 0.75% at 10,820.50.
In the broader market, the S&P BSE Mid-Cap and the S&P BSE Small-Cap indices rose 1% gain each.
The market breadth was strong. On the BSE, 1445 shares rose and 780 shares fell. A total of 125 shares were unchanged.
Buzzing Index:
The Nifty Metal index rose 2.12% to 2,114.65, outperforming other sectoral indices on the NSE. The index has added 3.03% in three sessions.
Hindustan Copper (up 7.44%), NMDC (up 4.26%), MOIL (up 3.99%), JSW Steel (up 3.53%), SAIL (up 3.33%), Tata Steel (up 3.34%), Ratnamani Metals Tubes (up 2.95%), National Aluminum Co. (up 2.22%), Coal India (up 2.10%), Jindal Steel & Power (up 1.67%), Welspun Corp (up 1.28%), APL Apollo Tubes (up 0.97%), Hindalco Industries (up 0.69%), Vedanta (up 0.64%) and Hindustan Zinc (up 0.53%) advanced.
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Stocks in Spotlight :
L&T Finance Holdings rose 1.67% to Rs 60.80. The company's consolidated net profit tanked 73.2% to Rs 147.44 crore on 1.8% slip in total income to Rs 3,623.14 crore in Q1 June 2020 over Q1 June 2019. An exceptional item during the quarter ended 30 June 2020 represents net gain of Rs 225.61 crore on the divestment of entire stake in the subsidiary company, L&T Capital Market concluded on 24 April 2020.
The company created an incremental provision of Rs 577 crore against its standard assets book in this quarter. The COVID-19 provision was at Rs 277 crore in Q1FY21 (5% of 1-90 DPD book with moratorium, along with Rs 209 crore in Q4 FY20). Its macro-prudential provisions was at Rs 300 crore during the quarter. The Average Assets under Management (AAUM) of the Investment Management business stood at Rs 58,362 crore in Q1 FY21.
Dinanath Dubhashi, the company's managing director (MD) and chief executive officer (CEO), said, "Enhanced provisioning, stronger risk controls, ample liquidity, along with a resilient business model and the revival seen in the rural economy from June onwards, give us the confidence that we will bounce back faster to the pre-COVID levels than anticipated."
Cyient gained 4.33% to Rs 296.45 after the company's consolidated net profit surged 80% to Rs 81.40 crore on 7.62% decline in revenue from operations to Rs 991.70 crore in Q1 June 2020 over Q4 March 2020.
The company's services revenue was at $112.2 million, registering a de-growth of 15.2% Q-o-Q (quarter-on-quarter) and de-growth of 18.6% Y-o-Y (year-on-year). DLM revenue stood at $18.4 million, recording a growth of 8.5% Q-o-Q and de-growth of 1.4% Y-o-Y.
Krishna Bodanapu, its MD & CEO, said,"Our outlook for Q2 is positive and we expect growth to return in all industries except Aerospace, which will de-grow further in Q2. For the year, we expect a de-growth in revenue in double digits. We will also reiterate that H2 margin will be back to the steady state margin of H1 of last year. This will continue to be underpinned by strong free cash flow generation and prudent capex spend."
Global Market :
Most Asian markets advanced on Friday amid investor expectation of greater economic stimulus from government across the globe following the adoption of status quo by the ECB with respect to its monetary policy.
The European Central Bank (ECB), for the time being, has made no changes to its asset-buying program or to interest rates at a meeting Thursday. Global debt surged to a record $258 trillion in the first quarter of 2020.
In Asia, Singapore's trade data reportedly released on Friday showed that non-oil domestic exports (NODX) for June soared to 16.1% as compared to a year ago, helped by shipments of pharmaceuticals, specialised machinery and electronics.
The US stock market finished session lower on Thursday, 16 July 2020, with the Dow Jones Industrial Average snapping a four-day winning streak, as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases. Meanwhile, US-China tensions also weighed down stocks.
A jump in cases of the virus has forced California and other states to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally.
US first-time claims for unemployment benefits slipped to 1.300 million in the week ended July 11th, a report released by the Labor Department on Thursday showed, a decrease of 10,000 from the previous week's revised level 1.310 million. Jobless claims fell for the fifteenth consecutive week, although the pace of decline has slowed considerably from April and May.
US retail sales soared by 7.5% in June after skyrocketing by an upwardly revised 18.2% in May, reflecting the reopening of businesses following the coronavirus-induced lockdowns, the Commerce Department reported on Thursday.
Meanwhile, investor focus is turning towards the action the United States might adopt further stimulus to help steer the world's largest economy through a worsening coronavirus pandemic.
As per media reports, the US Congress is set to begin debating such a package next week, as several states in the South and West implement fresh lockdown measures to curb cases. While May and June U.S. retail sales continued to show signs of recovery, questions, however, remain as to how long this recovery could last for.
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