Key indices traded near the day's high in mid-morning trade. Auto stocks extended losses for fifth session. At 11:24 IST, the S&P BSE Sensex, was up 258.59 points or 0.63% at 41,152.97. The Nifty 50 index was up 77.65 points or 0.65% at 12,070.15.
The broader market outperformed the benchmark. The S&P BSE Mid-Cap index was up 0.71% while the S&P BSE Small-Cap index was up 0.94%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1268 shares rose and 806 shares fell. A total of 123 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.
Buzzing Index:
The Nifty Auto index declined 1.06% to 7,611.05. The index has fallen 4.07% in five sessions.
Auto stocks continued to witness heavy selling pressure. Sentiment was weak after the Supreme Court (SC) on Friday 14 February, rejected Federation of Automobile Dealers Associations (FADA)'s application to extend 31 March 2020 deadline for BS-IV vehicle sales. In an internal message circulated to dealers, FADA President also advised dealers to plan liquidation of BS4 inventory as per 31 March 2020 deadline for sale and registration of BS-IV vehicles.
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Tata Motors (down 4.55%), Motherson Sumi (down 2.15%), Maruti Suzuki India (down 1.57%), Hero MotoCorp (down 0.65%), Bosch (down 0.6%), Ashok Leyland (down 0.5%) and Eicher Motors (down 0.04%) were top losers in auto segment.
Stocks in Spotlight:
Shares of Coal India (CIL) were up 1.54% at Rs 174.85. Union Minister of Coal and Mines, Pralhad Joshi said that India will stop importing thermal coal from Financial Year 2023-24. The Minister also said that various ways and means were discussed with key stakeholders to achieve 1 billion tonnes (BT) coal production target by CIL by Financial Year 2023-24. The Ministry of Coal will coordinate with Indian Railways and Shipping Ministry and enable CIL, Captive and Commercial Miners evacuate more coal by 2030. Stressing upon the diversification in the Indian Coal sector, the Minister said that ideas have also been mooted that CIL could think of coming up with the state of the art pithead thermal power plants to transform it into an integrated energy company. It was also proposed that CIL could generate 5 GW of solar power by FY 2023-24 and could diversify into coal gasification with a target of 50 Million Tonnes by 2030 enabling a sustainable energy mix for the country.
Shares of Oil India were trading 0.04% higher at Rs 131.85. Oil India will be stopped from trading in NSE's F&O segment with effect from 4 May 2020 after failing to meet the enhanced eligibility criteria of derivatives segment. NSE in a circular released yesterday said that the existing unexpired contracts of Oil India for expiry months of February 2020, March 2020 and April 2020 would continue to be available for trading till their respective expires. Accordingly, no contracts shall be available for trading in the above mentioned security with effect from May 04, 2020.
IDFC First Bank rose 1.82% to Rs 39.15 after CRISIL assigned its 'CRISIL AA rating with a stable outlook to its Rs 2,000 crore Tier II bonds (Under Basel III) of the bank. The credit rating agency said that ratings reflects the bank's healthy capitalisation, increased focus on retailisation of the loan book and expectation of improvement in earnings profile going forward. These strengths are partially offset by the relatively low, albeit increasing, proportion of current account and savings account (CASA) deposits in borrowings.
Global Markets:
Asian markets were trading higher on Wednesday as investors tried to shake off concerns over the coronavirus epidemic following a slight decline in the number of new cases.
In US, the Nasdaq Composite index eked out a record finish on Tuesday, even though other major stock benchmarks fell after Apple Inc. said its second-quarter earnings would take a hit from the viral outbreak in China, reigniting fears that the disease may disrupt manufacturing supply chains and have broad implications for the global economy and financial markets.
Apple said revenue in the current quarter won't reach its target range of between $63 billion and $67 billion due to the impact of the infectious disease.
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