Barometers pared losses in mid-afternoon trade, supported by firmness in State Bank of India and ICICI Bank. However, the weakness in index heavyweight Reliance Industries continued to put pressure on the indices.
At 14:22 IST, the barometer index, the S&P BSE Sensex was down 89 points or 0.24% at 37,646.75. The Nifty 50 index lost 28.05 points or 0.25% at 11,074.50.
The broader market was positive. The S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index added 0.62%.
Sellers outnumbered buyers. On the BSE, 1,060 shares rose and 1,496 shares fell. A total of 166 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 207.30 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 387.24 crore in the Indian equity market on 30 July, provisional data showed.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 1,73,03,253 with 6,73,284 deaths. India reported 5,45,318 active cases of COVID-19 infection and 35,747 deaths while 10,57,805 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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The yield on 10-year benchmark federal paper rose to 5.837% compared with previous closing of 5.825% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher to 74.81 compared with its previous closing 74.845.
In the commodities market, Brent crude for September 2020 settlement rose 25 cents to $43.19 a barrel. The contract rose 1.85% to end at $42.94 in the previous trading session.
MCX Gold futures for 5 August 2020 settlement rose 0.91% to Rs 53,620.
Stocks in Spotlight:
Punjab National Bank was up 0.79%. The bank on Friday (31 July) announced that it has decided to infuse upto Rs 600 crore in PNB Housing Finance. The bank said it will infuse the proposed amount in PNB Housing Finance (PNBHFL) through preferential issue/rights issue etc. subject to regulatory approval as and when PNBHFL decides to raise capital
Reliance Power was down 3.55%. The power generation firm and JERA Co. through their project company, are developing a new gas-fired power generation project in Bangladesh. The project company has now signed a loan agreement for full financing totaling $642 million with a group of banks that includes the Japan Bank for International Cooperation (JBIC). This project is to build, own, and operate a 745 MW (net output: 718 MW) natural gas combined-cycle power project in Meghnaghat, Naranganj, located approximately 40 km southeast of Dhaka. The electricity generated will be sold under a long-term power purchase agreement with the Bangladesh Power Development Board (BPDB) for a period of 22 years from the start of commercial operation.
Deepak Fertilisers & Petrochemcials jumped 6.39% after the company reported a consolidated net profit of Rs 121.14 crore in Q1 June 2020 as against Rs 10.7 crore posted in Q1 June 2019. Consolidated revenue from operations jumped 23.16% to Rs 1382.08 crore in Q1 June 2020 from Rs 1122 crore in Q1 June 2019.
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