Key equity barometers reversed trend and hit day's high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 29.89 points or 0.07% at 39,952.35. The Nifty 50 index rose marginally by 0.45 point at 11,730.05.
The broader market was trading lower. The S&P BSE Mid-Cap index fell 0.23% while the S&P BSE Small-Cap index slipped 0.50%.
The market breadth was weak. On the BSE, 789 shares rose and 1,450 shares fell. A total of 154 shares were unchanged.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 4,44,82,501 with 11,74,031 deaths. India reported 6,03,687 active cases of COVID-19 infection and 1,20,527 deaths while 73,15,989 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.83% to 23.94. The Nifty October 2020 futures were trading at 11,693.65, at a discount of 11.25 points compared with the spot at 11,704.90.
The Nifty option chain for 29 October 2020 expiry showed maximum Call OI of 79.86 lakh contracts at the 11,800 strike price. Maximum Put OI of 73.26 lakh contracts was seen at 11,500 strike price.
Buzzing Index:
The Nifty FMCG index declined 0.51% to 29,794.90. The index has lost 1.22% in two trading days.
Hindustan Unilever (down 1.51%), United Spirits (down 1.01%), Varun Beverages (down 0.87%), Britannia Industries (down 0.52%) and United Breweries (down 0.26%) were major losers.
Stocks in Spotlight:
Ajanta Pharma advanced 3.72% after the company said its board will consider share buyback on Tuesday, 3 November 2020.
Cummins India fell 1.45% after the company reported 20.6% fall in net profit to Rs 145.55 crore on 11.2% decline in net sales to Rs 1,141.33 crore in Q2 FY21 over Q2 FY20. While domestic sales declined by 22% year-on-year (YoY) to Rs 743 crore, exports improved by 18% YoY to Rs 398 crore during the quarter.
Profit before tax in Q2 September 2020 stood at Rs 188.68 crore, down by 10.2% from Rs 210.22 crore in Q2 September 2019. Current tax expense surged 108.3% to Rs 47.08 crore in the second quarter from Rs 22.60 crore in the same period last year.
Glaxosmithkline Pharmaceuticals slipped 1.30% after the company reported 84.8% fall in consolidated net profit to Rs 76.47 crore on a 0.3% decline in net sales to Rs 879.32 crore in Q2 FY21 over Q2 FY20. The company incurred an exception expenditure of Rs 64.13 crore during the quarter, which mainly comprised of the impact following the decision to initiate a global voluntary recall (pharmacy/retail level) of ranitidine products including Zinetac in India by the ultimate holding company.
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