Barometers were trading near day's high with modest gains in morning trade. The Nifty ascended towards the crucial 11,200 mark. At 10:28 IST, the barometer index, the S&P BSE Sensex, surged 242.48 points or 0.64% at 37,905.46. The Nifty 50 index was up 76.9 points or 0.69% at 11,178.80.
All eyes are on RBI MPC's stance on policy rates. The Monetary Policy Committee (MPC) of the Reserve Bank of India is expected to keep its policy stance accommodative when it announces the decisions of the panel at 12 noon today. Investors will also see if RBI extends moratorium beyond August 2020.
In broader market, the S&P BSE Mid-Cap index added 0.71% while the S&P BSE Small-Cap index rallied 0.92%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1403 shares rose and 646 shares fell. A total of 123 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 60.18 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 425.98 crore in the Indian equity market on 5 August, provisional data showed.
COVID-19 Update:
Also Read
Total COVID-19 confirmed cases worldwide stood at 18,752,917 with 706,761 deaths. India reported 5,95,501 active cases of COVID-19 infection and 40,699 deaths while 13,28,336 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Earnings Today:
HPCL (up 2.5%), Vodafone Idea (up 0.96%), Adani Enterprises (up 1.31%), Adani Power (up 0.85%), Lupin (up 0.91%), Pidilite Inds (down 0.36%), Deepak Nitrite (down 0.05%), Whirlpool of India (up 0.55%), Blue Star (down 0.13%), Torrent Power (up 0.49%), Can Fin Homes (up 0.47%), Dalmia Bharat (up 1.12%), Jamna Auto (up 8.46%), JK Tyre (down 0.73%), KEI Industries (down 0.46%) and Indian Hotels (up 1.61%) are some of the companies that will announce their quarterly earnings today.
Earnings Impact:
Canara Bank gained 1.55% to Rs 104.75 after net profit rose 23.5% to Rs 406.24 crore on 47% rise in total income to Rs 20,685.91 crore in Q1 June 2020 over Q1 June 2019. The bank's net-interest income grew by 21.11% to Rs 6096 crore in Q1 June 2020 from Q1 June 2019. On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 57,525.52 crore as on 30 June 2020 as against Rs 37,041.15 crore as on 31 March 2020 and Rs 39,399.02 crore as on 30 June 2019. The ratio of gross NPAs to gross advances stood at 8.84% as on 30 June 2020 as against 8.21% as on 31 March 2020 and 8.77% as on 30 June 2019. The bank's provisions and contingencies surged 101% to Rs 3826.34 crore in Q1 June 2020 from Rs 1899.13 crore in Q1 June 2019. With respect to COVID-19 provisioning, during June 2020, Canara Bank made additional provisions of Rs 746.36 crore in Q1 June 2020. Total COVID-19 provision stands at Rs 1038.37 crore in Q1 June 2020. The bank said 1,22,388 accounts or 22.67% of its total accounts have availed moratorium as of Q1 June 2020.
DLF was up 0.74%. The realty major reported a consolidated net loss of Rs 70.65 crore in Q1 FY21 as against a net profit of Rs 414.72 crore in Q1 FY20. Revenue from operations in the June quarter declined 58.8% to Rs 548.63 crore as compared to the same period last year. EBITDA fell 78% to Rs 99 crore in Q1 June 2020 from Rs 449 crore crore in Q1 June 2019. The company reported a pre-tax loss of Rs 179.48 crore in Q1 FY21 compared with pre-tax profit of Rs 158.86 crore in Q1 FY20. With respect to outlook, DLF said that the company remains optimistic about the business and its growth returning to levels of normalcy.
JK Lakshmi Cement shed 3.44% to Rs 287.55 after consolidated net profit fell 5.8% to Rs 50.63 crore on 19.8% decline in net sales to Rs 911.54 crore in Q1 June 2020 over Q1 June 2019. Sales volume was severely impacted by lockdown restrictions during most part of the quarter Q1 June 2020 resulting into sales volume plunging by 18% Y-o-Y (year-on-year) in April-June 2020 over April-June 2019. EBITDA skid 14% Y-o-Y to Rs 151.51 crore in April - June 2020 as against Rs 175.93 crore in April - June 2019. Continuing cost savings, improving product mix & reduction in logistic costs enabled the company to marginally improve its operating margins to 17%.
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