Benchmark indices came off sharply to hit fresh intraday low in afternoon trade. Profit booking emerged at higher level. The Nifty was trading below 10,800 while the Sensex was below 36,700 level.
At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 76.39 points or 0.21% at 36,670.53. The Nifty 50 index added 29.5 points or 0.27% at 10,797.55.
The broader market traded near the flat line. The S&P BSE Mid-Cap index was up 0.01% while the S&P BSE Small-Cap index lost 0.13%.
The market breadth was negative. On the BSE, 1064 shares rose and 1478 shares fell. A total of 184 shares were unchanged. In Nifty 50 index the breadth was positive with 35 stocks advancing and 15 stocks declining.
Economic data:
The ministry of statistics and programme implementation on Friday released quick estimates of the Index of Industrial Production (IIP) which showed the index value at 88.4 in May against 53.6 in April, indicating a graded pickup in industrial activity. The index stood at 135.4 in May 2019. IIP for May 2020 declined by 34.7% but at a slower pace compared to April 2020, where the index had contracted by 57.6%.
More From This Section
Gainers & Losers:
Tech Mahindra (up 4.12%), HCL Technologies (up 3.13%), Hindalco Industries (up 2.87%) and Vedanta (up 2.67%) were top gainers in Nifty 50 index.
HDFC Bank (down 2.74%), Bajaj Finance (down 1.9%), HDFC (down 1.67%) and Power Grid Corporation of India (down 1.56%) were top losers in Nifty 50 index.
Stocks in Spotlight:
Reliance Industries (RIL) gained 2.47%. The scrip surged 3.64% to hit an all time high of Rs 1947 in trade today. RIL said that Qualcomm Ventures has committed to invest upto Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Biocon was up 1.22%. The company said that it has received the Drugs Controller General of India's (DCGI) approval to market Itolizumab injection for emergency use in India for the treatment of cytokine release syndrome (CRS) in moderate to severe ARDS (acute respiratory distress syndrome) patients due to COVID-19.
Avenue Supermarts fell 3.88% after the company's consolidated net profit slumped 85.22% to Rs 49.56 crore on 32.94% fall in total income to Rs 3,884.57 crore in Q1 June 2020 over Q1 June 2019.
Indian Railway Catering and Tourism Corporation (IRCTC) was up 0.2%. The company reported a 79.4% jump in net profit to Rs 150.61 crore on a 17.9% rise in net sales to Rs 586.89 crore in Q4 March 2020 over Q4 March 2019.
Steel Authority of India (Sail) fell 1.35%. The company's consolidated net profit surged 382.9% to Rs 2,647.52 crore on 12.5% decline in net sales to Rs 16,171.83 crore in Q4 March 2020 over Q4 March 2019. In FY20, Sail made a turnover of Rs 61,024.88 crore. EBITDA per tonne of saleable steel improved to Rs 7,869 from Rs 7,284 in FY19. The company's EBITDA/turnover figure stood at 18.35% compared to 15.52%. Sail also achieved its best ever 14.23 million tonnes (MT) annual sales during FY20.
COVID-19 Update:
India reported 3,01,609 active cases of COVID-19 infection and 23,174 deaths while 5,53,470 patients have been cured, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 12,910,357 with 569,128 deaths so far, according to data from Johns Hopkins University.
Global Markets:
European market were trading higher while shares in Asia traded with gains across the board on Monday buoyed by hopes of a coronavirus vaccine, though a spike in infections around the world capped gains.
Investors remained watchful of the corporate earnings as that would reveal how companies fared during the second quarter of the fiscal year 2020-21, the period during which when nationwide lockdowns were imposed in most of the countries around the globe.
The US stock market settled session higher after recouping early losses on Friday, 10 July 2020, as a positive update from Gilead's antiviral drug to treat COVID-19 brushed off worries about a fresh wave of coronavirus infections and its impact on the economic recovery.
Gilead Sciences said on Friday that an analysis of clinical-trial data for its remdesivir drug found a 62% reduction in mortality risk among severely ill COVID-19 patients compared with standard care.
Powered by Capital Market - Live News