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Market breadth turns negative; Nifty holds 10,400

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Capital Market
Last Updated : Jun 24 2020 | 2:51 PM IST
Key barometers hit a fresh intraday low in mid-afternoon trade. Selling was broad based with banks and pharma shares losing the most. At 14:23 IST, the barometer index, the S&P BSE Sensex fell 201.42 points or 0.57% at 35,229.72. The Nifty 50 index slipped 51.8 points or 0.59% at 10,409.55.

Profit selling emerged as the Sensex and the Nifty jumped almost 6% in the past four sessions.

The broader market declined. The S&P BSE Mid-Cap index fell 0.02% while the S&P BSE Small-Cap index lost 0.64%.

The market breadth turned negative. On the BSE, shares 1307 rose and 1352 shares fell. A total of 132 shares were unchanged. In Nifty 50 index, 13 stocks advanced while 37 stocks declined.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 5.918% compared with previous closing of 5.903% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.72 compared with its previous closing 75.66.

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In the commodities market, Brent crude for August 2020 settlement fell 45 cents to $42.18 a barrel. The contract declined 1% to settle at $42.63 a barrel in the previous trading session.

MCX Gold futures for 5 August 2020 settlement rose 0.42% to Rs 48,435.

Buzzing Index:

The Nifty Metal index declined 0.89% to 2,067.30, ending its two days winning run.

National Aluminium Company (down 2.53%), JSW Steel (down 1.98%), Hindalco Industries (down 1.74%), Steel Authority of India (down 1.54%), Coal India (down 1.49%), Vedanta (down 0.86%), Tata Steel (down 0.45%) and NMDC (down 0.34%) were top losers in metal segment.

Stocks in Spotlight:

Cadila Healthcare fell 0.03%. The pharmaceutical company in a regulatory filing on Wednesday announced that Zydus Cadila has received final approval from the US Food and Drug Administration (USFDA) to market Meclizine Hydrochloride tablets in the strengths of 12.5 mg and 25 mg. Meclizine is an antihistamine that is used to prevent and treat nausea, vomiting, and dizziness caused by motion sickness. It may also be used to reduce dizziness and loss of balance (vertigo) caused by inner ear problems. The drug will be manufactured at the group's manufacturing facility at SEZ, Ahmedabad.

Steel Strip Wheel rose 0.79% after the company bagged exports orders for over 20,000 wheels for US & Europe caravan trailer market to be executed from July until November from the company's Chennai plant. Additional orders are expected n coming weeks from several other regular customers as the market begins to recover. This will support further ramping up of production at Chennai steel wheels plant.

India Cements declined 1.14% to Rs 130.20 after the company reported a consolidated net loss of Rs 11.76 crore in Q4 March 2020 as against net profit of Rs 32.57 crore in Q4 March 2019. Revenue from operations in the fourth fell 26.6% to Rs 1176.40 from Rs 1603.36 in the same period last fiscal. Pre-tax loss in Q4 FY20 stood at Rs 68.75 crore as against pre-tax profit of Rs 47.19 crore in Q4 FY19. Exceptional items for the quarter ended 31 March 2020 includes impairment provision of Rs 13.78 crore relating to certain receivables from supplies, based on the overall assessment of recoverable value considering increased uncertainty prevailing across sectors on account of COVID-19 outbreak.

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First Published: Jun 24 2020 | 2:23 PM IST

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