Key barometers bounced back and hit fresh intraday high in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex rallied 146.56 points or 0.42% at 35,015.72. The Nifty 50 index was up 35.05 points or 0.34% at 10,340.35.
In the broader market, the S&P BSE Mid-Cap index gained 0.55% while the S&P BSE Small-Cap index was up 0.39%.
The market breadth was positive. On the BSE, shares 1,479 rose and 1,122 shares fell. A total of 132 shares were unchanged. In Nifty 50 index, 27 stocks advanced while 23 stocks declined.
Buzzing Index:
The Nifty Pharma index gained 0.91% to 10,202.60, reversing yesterday's 2.42% decline.
Piramal Enterprises (up 6.34%), Lupin (up 2.19%), Sun Pharmaceutical Industries (up 1.57%), Biocon (up 1.47%), Cipla (up 0.48%) and Cadila Healthcare (up 0.37%) advanced.
Stocks in Spotlight:
Steel Strips Wheels rose 1.72% after the company bagged exports orders of 130,000 euros for supplying over 13,000 wheels for EU Caravan Trailer & US Mobile Home Market. The company said that the order is to be executed in July from its Chennai plant.
Bharat Petroleum Corporation (BPCL) fell 1.25%. BPCL is planning to raise up to Rs 3,000 crore during the current financial year 2020-21 through private placement of unsecured non-convertible debentures subject to market conditions. The details of the issue viz., class of investors, issue price, tenor, interest rate etc. will depend on the market conditions which will be intimated on crystallization of the issue, BPCL said.
Metropolis Healthcare rose 1.87% to Rs 1425 after the company said that a member of the promoter group divested 30,54,545 equity shares of the company, constituting 6.03% equity, through a bulk deal on BSE at Rs 1,383.44 per equity share on Wednesday (24 June). Post this divestment, the promoter group holding in Metropolis Healthcare has reduced to 50.81% from 56.84% earlier. The proceeds from this divestment are intended to be used for substantial repayment of the loan availed by Metz Advisory. The reduction of pledge of equity shares is in the overall interests of all the stakeholders, the company said in a statement.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 5.892% compared with previous closing of 5.918% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher to 75.65 compared with its previous closing 75.72.
In the commodities market, Brent crude for August 2020 settlement fell 24 cents to $40.07 a barrel. The contract declined 5.4% to settle at $40.31 a barrel in the previous trading session.
MCX Gold futures for 5 August 2020 settlement rose 0.14% to Rs 48,065.
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