Key domestic indices hit fresh intraday high in early afternoon trade amid positive global cues. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 188.47 points or 0.49% at 38,498.96. The Nifty 50 index added 55.30 points or 0.49% at 11,355.75.
In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index gained 0.85%.
The market breadth was positive. On the BSE, 1469 shares rose and 1025 shares fell. A total of 135 shares were unchanged.
India's inflation, based on the Wholesale Price Index (WPI), declined 0.58% in July, against 1.81% drop in June, according to the government data.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.93% to 19.76. The Nifty August 2020 futures were trading at 11,376.90, at a premium of 21.15 points compared with the spot at 11,355.75.
The Nifty weekly option chain for 20 August 2020 expiry showed maximum Call OI 21.41 lakh contracts at the 11,400 strike price. Maximum Put OI of 23.13 lakh contracts was seen at 11,300 strike price.
The Nifty option chain for 27 August 2020 expiry showed maximum Call OI of 24.47 lakh contracts at the 11,500 strike price. Maximum Put OI of 34.41 lakh contracts was seen at 11,000 strike price.
Buzzing Index:
The Nifty Metal index rose 2.23% to 2,433.75. The index has added 3.4% in two sessions.
APL Apollo Tubes (up 5.24%), Tata Steel (up 3.15%), Jindal Steel & Power (up 2.93%), Coal India (up 2.56%) and JSW Steel (up 2.34%) were the top index gainers.
Hindustan Zinc (down 0.46%), Mishra Dhatu Nigam (down 0.44%), MOIL (down 0.10%), National Aluminum Co. (up 0.43%) and Hindustan Copper (up 0.90%) were the top index laggards.
Earnings Impact:
Trent shed 0.07% at Rs 574.80. The company reported a consolidated net loss of Rs 184.04 crore in Q1 June 2020 as against net profit of Rs 36.32 crore posted in Q1 June 2019.
Consolidated net sales for Q1 June 2020 stood at Rs 248.41 crore, nearly 69% lower than Rs 799.88 crore in Q1 June 2019. Revenues were impacted due to the Covid 19 related store closures for a major part of the quarter.
This led to loss from operations of Rs 171 crore as the firm continued to incur certain costs notwithstanding the temporary store closures. The company's food & grocery stores (other than for their home & fashion offerings) continued to operate during the first quarter with significant measures to ensure safety of customers and employees.
Balkrishna Industries slipped 3.23% at Rs 1,340.10. The tyre manufacturing company's consolidated net profit skid 25.6% to Rs 131.56 crore on 21.4% decrease in net sales to Rs 942.61 crore in Q1 June 2020 over Q1 June 2019.
The company said that Q1 FY21 has been a good quarter inspite of the impact of COVID-19. The pick up in sales volumes in May and June led to a total sales volume of 38,096 MT in Q1 FY21. EBITDA margin improved to 26.7% in Q1 June 2020 as compared to 24.3% in Q1 June 2019. The company's cash & cash equivalents stood at Rs 1,175 crore as on 30 June 2020.
City Union Bank surged 4.92% to Rs 122.55. The private sector lender's net profit slipped 17% to Rs 154.04 crore on a 1.5% rise in total income to Rs 1,209.95 crore in Q1 June 2020 over Q1 June 2019.
The bank's provisions and contingencies surged 35.63% to Rs 157 crore in Q1FY21 compared with Rs 115.75 crore in Q1FY20. Provision Coverage Ratio (PCR) stood at 68% at 30 June 2020. On the asset quality front, the ratio of gross NPAs to gross advances stood at 3.90% as on 30 June 2020 as against 4.09% as on 31 March 2020 and 3.34% as on 30 June 2019.
Engineers India rose 1.93% at Rs 68.75. The company reported a 60.6% decline in consolidated net profit to Rs 49.50 crore in Q1 June 2020 from Rs 125.73 crore in Q1 June 2019. Consolidated revenue from operations stood at Rs 474.50 crore in Q1 June 2020, falling 36% from Rs 742.6 crore in Q1 June 2019.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 20,907,410 with 759,582 deaths. India reported 6,61,595 active cases of COVID-19 infection and 48,040 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
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