Reliance Industries (up 0.80%), ICICI Bank (up 1.92%) and HDFC (up 1.36%) were the major index movers.
The broader market advanced for second trading session after the Sebi on 11 September issued a circular mandating multi cap funds to allocate least 25% of their portfolios in large-, mid- and small-caps each by February 2021. The S&P BSE Mid-Cap index gained 0.83% while the S&P BSE Small-Cap index rose 1.4%.
Buyers outpaced sellers. On the BSE, 1480 shares rose and 1134 shares fell. A total of 186 shares were unchanged.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged lower to 73.645 compared with its previous closing 73.48.
The yield on 10-year benchmark federal paper fell to 6.03% compared with previous closing of 6.031% in the previous trading session.
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MCX Gold futures for 5 October 2020 settlement rose 0.56% to Rs 51,976.
In the commodities market, Brent crude for November 2020 settlement rose 30 cents to $39.91 a barrel. The contract fell 0.55% to settle at $39.61 in the previous trading sessions on Tuesday.
Buzzing Index:
The Nifty IT index gained 1.45% to 19,787.60, rising for fourth consecutive trading session. The IT index has surged 8.3% in four trading days.
Mphasis (up 3.24%), Info Edge (up 3%), MindTree (up 2.52%), Larsen & Toubro Infotech (up 1.49%), Tech Mahindra (up 1.44%), TCS (up 1.43%), HCL Tech (up 1.42%) and Infosys (up 0.98%) advanced.
Earnings Impact:
Apollo Hospitals Enterprise was up 2.38%. The healthcare company posted a consolidated net loss of Rs 226.24 crore in Q1 June 2020 compared with net profit of Rs 49.15 crore in Q1 June 2019. Consolidated net sales fell 15.6% to Rs 2,171.50 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss stood at Rs 267 crore in Q1 June 2020 compared with pre-tax profit of Rs 94.40 crore in Q1 June 2019. Current tax expense for the quarter slumped 86.4% year-on-year to Rs 8.28 crore. The Q1 earnings was announced post trading hours yesterday, 14 September 2020.
Steel Authority of India (SAIL) fell 1.39% after the state-run steel major posted a consolidated net loss of Rs 1226.47 crore in Q1 June 2020 compared with net profit of Rs 102.68 crore in Q1 June 2019. Consolidated net sales for Q1 June 2020 stood at Rs 9,067.52 crore, nearly 39% lower than net sales of Rs 14,820.89 crore in Q1 June 2019. SAIL posted a pre tax loss of Rs 1930.23 crore quarter ending June 2020 as against a pre-tax profit of Rs 150.46 crore in quarter ending June 2019. The result was announced after market hours yesterday, 14 September 2020.
Future Retail gained 3.32%. The company registered a consolidated net loss of Rs 561.95 crore in Q1 June 2020 compared with net profit of Rs 159.24 crore in Q1 June 2019. Consolidated net sales slumped 73.9% to Rs 1,358.11 crore in Q1 June 2020 over Q1 June 2019. The COVID-19 pandemic and consequent lockdown imposed throughout the country, has had a significant adverse impact on the business operations and the financial results of the company for the quarter ended 30 June 2020.
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