Local stocks cut some losses after gap-down opening following weak global cues. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 270.74 points or 0.7% at 38,344.05. The Nifty 50 index was down 78.95 points or 0.69% at 11,329.45.
The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.43%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 997 shares rose and 887 shares fell. A total of 97 shares were unchanged.
Stocks in news:
L&T Finance Holdings rose 1.27%. The Committee of Directors of the company approved the offer and issuance of up to 2,000 Unsecured, Redeemable, Non-Convertible Debentures (NCDs) of face value of Rs 10,00,000 at par aggregating to nominal amount of up to Rs 200 crore on a private placement basis at the coupon/ interest rate of 8% per annum payable annually.
Ruchi Soya Industries dropped 2.34%. The company reported consolidated net profit of Rs 58.54 crore in Q1 June 2020 as against net loss of Rs 5.62 crore in Q1 June 2019. Total income dropped 1.59% to Rs 3,124.62 crore.
More From This Section
Cosmo Films rose 0.92% after the company reported 69.15% rise in consolidated net profit to Rs 46.99 crore on 10.55% fall in total income to Rs 487.03 crore in Q1 June 2020 over Q1 June 2019.
PNB Housing Finance gained 2.85%. The board of directors of PNB Housing Finance has approved to raise equity capital aggregating upto Rs 1800 crore through preferential issue / rights issue.
Kennametal India fell 1.8% after the company reported consolidated net loss of Rs 9.50 crore in Q4 June 2020 as against net profit of Rs 17.60 crore in Q4 June 2019. Total income dropped 55.93% to Rs 104.50 crore.
IIFL Wealth Management rose 3.88%. The board of directors of IIFL Wealth Management has declared a one time special interim dividend of Rs 40 per equity share of the face value of Rs 2 each. The record date for this purpose is 27 August 2020.
Global Markets:
Asian stocks are trading lower as China kept its benchmark lending rate on hold. Markets in Indonesia and Malaysia are closed on Thursday for a holiday.
China on Thursday announced no changes to its benchmark lending rate, with the one-year loan prime rate (LPR) kept at 3.85%, while the five-year LPR was on hold at 4.65%.
In US, Wall Street finished lower on Wednesday after the Federal Reserve raised concerns that the US economic recovery from the devastating effects of the pandemic faced a highly uncertain path.
Apple became the first US-listed company to reach a $2 trillion market capitalisation on August 19, doubling in valuation in just over two years. The tech giant's shares have gained nearly 60% this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.
Federal Open Market Committee members agreed at their latest meeting in late July that the ongoing situation surrounding the coronavirus pandemic could weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term, according to the meeting minutes. The U.S. central bank kept rates unchanged last month.
Back home, key equity barometers advanced for third straight session on Wednesday. Sentiment was boosted by hopes that the government will spend more to support economy. The barometer index, the S&P BSE Sensex rose 86.47 points or 0.22% at 38,614.79. The Nifty 50 index added 23.05 points or 0.2% at 11,408.40.
Foreign portfolio investors (FPIs) bought shares worth Rs 459.01 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 97.13 crore in the Indian equity market on 19 August, provisional data showed.
Powered by Capital Market - Live News