The equity benchmarks further extended gains and hit fresh intraday high in early afternoon trade. At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 362 points or 1.06% at 34,570.05. The Nifty 50 index added 101.70 points or 1.01% at 10,193.35.
In the broader market, the S&P BSE Mid-Cap index rose 1.21% while the S&P BSE Small-Cap index gained 1.31%. Both these indices outperformed the Sensex.
The market breadth was strong. On the BSE, 1730 shares rose and 670 shares fell. A total of 136 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 366.57 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,131.27 crore in the Indian equity market on 18 June, provisional data showed.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.17% to 30.77. The Nifty June 2020 futures were trading at 10,180.35, a discount of 13 points compared with the spot at 10,193.35.
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On the options front, the Nifty option chain for 25 June 2020 expiry showed maximum call open interest (OI) of 30.87 lakh contracts at the 10,500 strike price. Maximum put OI of 49.53 lakh contracts was seen at 9,000 strike price.
Covid-19 Update:
India reported 1,63,248 active cases of COVID-19 infection and 12,573 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 84,89,675 far with 4,54,023 deaths, according to data from Johns Hopkins University.
Buzzing Index:
The Nifty IT index shed 0.22% to 14,519.05. The index rose 0.5% on Thursday.
MphasiS (down 1.33%), Infosys (down 1.14%), HCL Technologies (down 1.1%), Oracle Financial Services Software (down 0.8%), Wipro (down 0.62%), Persistent Systems (down 0.58%) and MindTree (down 0.09%) edged lower.
TCS (up 0.55%), Hexaware Technologies (up 0.08%) and Tech Mahindra (up 0.07%) edged higher.
Earnings impact:
Bajaj Consumer Care slumped 4.23% to Rs 145.90 after consolidated net profit fell 61% to Rs 23.29 crore on 28.3% decline in net sales to Rs 172 crore in Q4 March 2020 over Q4 March 2019. The company said Q4 March 2020 performance was hugely impacted due to disruption in sales in the month of March led by lockdown to contain the outbreak of COVID-19.
The firm said the macroeconomic situation has been challenging throughout 2019-20 with the hair oil category facing significant headwinds with tepid growth. The impact on industry has worsened since lockdown in March due to COVID 19 pandemic. The company said it has been aggressive in managing cost across the organization reviewing each cost item and conserving cash on balance sheet.
Suven Pharmaceuticals surged 7.37% to Rs 370.20. The company's consolidated net profit slipped 0.9% to Rs 74.18 crore on 26.4% drop in net sales to Rs 184.76 crore in Q4 March 2020 over Q4 March 2019.
MOIL fell 3.75% to Rs 152.60 after consolidated net profit slumped 90.4% to Rs 13.47 crore on 43% drop in net sales to Rs 248.66 crore in the fourth quarter as compared to the corresponding period last year.
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