Key equity indices came off early highs in morning trade as profit booking emerged at higher levels. The Nifty slipped below 11,450 mark. Buying in index heavyweight Reliance Industries supported the indices.
At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 152.60 points or 0.4% at 38,680.92. The Nifty 50 index gained 43.4 points or 0.38% at 11,428.35.
The broader market traded with decent gains. The S&P BSE Mid-Cap index was up 0.87% while the S&P BSE Small-Cap index was up 0.83%.
The market breadth was strong. On the BSE, 1502 shares rose and 710 shares fell. A total of 115 shares were unchanged.
Investors will keep eyes on minutes from the US Federal Reserve's recent meeting due today, which may provide some insight into how the central bank sees the recovery playing out. The Fed has cut rates to near zero to bolster business through the pandemic.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,134.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 379.38 crore in the Indian equity market on 18 August, provisional data showed.
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COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 22,059,933 with 7,79,557 deaths. India reported 6,76,514 active cases of COVID-19 infection and 52,889 deaths while 20,37,870 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Earnings Today:
CSB Bank (up 3.04%), Muthoot Finance (up 2.03%), Ruchi Soya (up 0.84%) and Tide Water Oil (up 0.71%) are some of the companies that will announce their quarterly earnings today.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.74%. RIL announced that its subsidiary Reliance Retail Ventures (RRVL) has acquired a majority equity stake in Vitalic Health (Vitalic) and its subsidiaries (collectively known as 'Netmeds') for approximately Rs 620 crore. This investment represents 60% holding in the equity share capital of Vitalic and 100% direct equity ownership of its subsidiaries, viz: Tresara Health, Netmeds Market Place and Dadha Pharma Distribution. Speaking on this strategic investment, Isha Ambani, Director, RRVL, said, the addition of Netmeds enhances Reliance Retail's ability to provide good quality and affordable health care products and services, and also broadens its digital commerce proposition to include most daily essential needs of consumers.
Uflex jumped 7.54% to Rs 363 after the company's consolidated net profit surged 116.6% to Rs 196.45 crore in Q1 June 2020 from Rs 90.68 crore in Q1 June 2019. Net sales during the quarter, however, remained flat at Rs 1,949.87 crore. Total expenditure was at Rs 1,576.43 crore (down 7.6% YoY) while the interest costs were at Rs 53.95 crore (down 6.9% YoY) in Q1 June 2020. Profit before tax (PBT) in Q1 FY21 stood at Rs 262.67 crore, a 123.2% spurt over Rs 117.68 crore in Q1 FY20.
Dilip Buildcon rose 3.29% to Rs 392.70 after the company's joint venture with the engineering firm HCC (HCC-DBL) received letter of acceptance (LOA) on 18 August 2020 from Rail Vikas Nigam for a construction project in Uttarakhand. The construction project involves construction of bridges, tunnels, yard and formation work in connection with the new 125-km long new broad gauge rail line between Rishikesh and Karanprayag in Uttarakhand. The project, having a length of 7.955 km with a bid cost of Rs 1334.95 crore, is to be completed within a 50-month period (equivalent to four years and two months).
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