Key benchmarks hit fresh intraday high in early afternoon trade, supported by firmness in other Asian stock markets. At 12:27 IST, the barometer index, the S&P BSE Sensex, rose 219.32 points or 0.63% at 35,130.64. The Nifty 50 index added 77.15 points or 0.75% at 10,388.35.
In the broader market, the S&P BSE Mid-Cap index rose 1.23% while the S&P BSE Small-Cap index gained 1.12%.
The market breadth was strong. On the BSE, 1734 shares rose and 760 shares fell. A total of 133 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.92% to 31.0475. The Nifty June 2020 futures were trading at 10,359.15, a discount of 20.8 points compared with the spot at 10,321.80.
On the options front, the Nifty option chain for 25 June 2020 expiry showed maximum call open interest (OI) of 39.15 lakh contracts at the 10,500 strike price. Maximum put OI of 52.74 lakh contracts was seen at 10,000 strike price.
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Covid-19 Update:
India reported 1,78,014 active cases of COVID-19 infection and 14,011 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 90,98,855 far with 4,72,172 deaths, according to data from Johns Hopkins University.
Buzzing Index:
The Nifty Metal index gained 1.2% to 2,074.30. The index has added 3.8% in two sessions.
Among the index constituents, Welspun Corp (up 4.99%), National Aluminum Co. (up 3.71%), Hindalco Industries (up 3.26%), Hindustan Copper (up 2.83%), Hindustan Zinc (up 1.97%), SAIL (up 1.44%), JSW Steel (up 1.24%), APL Apollo Tubes (up 1.11%), Tata Steel (up 1.04%), MOIL (up 1%), Coal India (up 0.80%), Jindal Steel&Power (up 0.48%) and Ratnamani Metals Tubes (up 0.05%) advanced.
NMDC (down 0.85%) and Vedanta (down 0.09%) declined.
Earnings impact:
Skipper hit an upper circuit of 20% at Rs 47.15 after consolidated net profit jumped 58.4% to Rs 28.12 crore on 1.3% rise in net sales to Rs 438.85 crore in Q4 March 2020 over Q4 March 2019.
The company reported a consolidated pre-tax loss of Rs 1.31 crore in Q4 March 2020 as against pre-tax profit of Rs 22.34 crore in Q4 March 2019. The company received a total tax rebate of Rs 29.43 crore in Q4 March 2020, which aided the net profit. Total tax expense in Q4 March 2019 stood at Rs 4.49 crore.
The company reported a forex loss of Rs 19.45 crore in Q4 March 2020 due to sharp depreciation of rupee, which impacted the profitability. The company stated that this impact is largely notional. Skipper's order book as on 31 March 2020 stood at Rs 2011 crore, which constituted 30% exports and 70% domestics orders.
AIA Engineering fell 1.78% to Rs 1582 as it extended losses for second day. The high chromium consumable wear parts manufacturer's consolidated net profit fell 9.1% to Rs 141.62 crore on 3.7% decline in net sales to Rs 830.31 crore in Q4 FY20 over Q4 FY19.
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