Domestic equity barometers were trading near the flat line in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 2.93 points or 0.01% at 36,677.45. The Nifty 50 index added 6.80 points or 0.06% at 10,806.45. Traders booked profits after the Nifty jumped 4.8% in past five trading sessions.
In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 0.52%. Both these indices outperformed the Sensex.
The market breadth favored the buyers. On the BSE, 1303 shares rose and 1092 shares fell. A total of 113 shares were unchanged.
Buzzing Index:
The Nifty Auto index shed 0.61% to 7,155.30 on profit booking. The index rose 7.2% in the past four sessions.
Among the index constituents, TVS Motor Company (down 3.27%), Bosch (down 2.46%), Bharat Forge (down 1.88%), Maruti Suzuki (down 1.63%), Eicher Motors (down 1.31%), Tata Motors (down 0.87%), MRF (down 0.76%), Motherson Sumi Systems (down 0.66%) and Amara Raja Batteries (down 0.47%) declined.
Ashok Leyland (up 2.12%), Mahindra & Mahindra (up 0.71%), Exide Industries (up 0.68%), Apollo Tyres (up 0.72%), Hero MotoCorp (up 0.41%) and Bajaj Auto (up 0.06%) advanced.
Stocks in Spotlight :
Reliance Industries (RIL) shed 0.73% to Rs 1,810.70. Jio Platforms, a subsidiary of RIL, on Tuesday (7 July) received the subscription amount of Rs 43,574 crore from Jaadhu Holdings, LLC (a wholly owned subsidiary of Facebook Inc). Jio Platforms has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99% of the fully diluted equity share capital of Jio Platforms.
NCL Industries surged 4.90% to Rs 79.20 as it extended gains for third day. The stock has added 11.39% in three sessions.
The company's cement production fell 16% to 4,65,178 metric tonne (MT) in Q1 June 2020 from 5,56,759 MT in Q1 June 2019. Cement dispatches declined 12% to 4,84,376 MT in Q1 June 2020 from 5,51,080 MT in Q1 June 2019. Its physical performance in terms of production and dispatches were adversely affected due to impact of COVID-19.
Global Markets :
Most Asian stocks advanced on Wednesday as they shrug off concerns over rising coronavirus cases in some parts of the world that cast doubts over the pace of the global economic recovery.
The US stock market finished session sharply lower on Tuesday, 07 July 2020, with the S&P 500 snapping its 5-day win streak, as investors withdrew profit off the table amid concerns about sharp jump in new coronavirus cases nationwide coupled with gloomy economic forecasts that suggested uneven economic recovery.
Most of sectors declined, with bank stocks, whose performance is linked to the outlook for the economy, led losses. Airline and travel-related stocks, which were among the hardest hit during lockdowns, also fell.
Florida's greater Miami area became the latest U.S. coronavirus hot spot to roll back its reopening, while Texas registered an all-time high in the number of people hospitalized at any one moment with COVID-19 for an eighth straight day.
Federal Reserve Bank of Atlanta President Raphael Bostic said the renewed spread of coronavirus may threaten the pace of the recovery as businesses and consumers put plans on hold.
The Organisation for Economic Co-operation and Development factored in the risk of a second wave of COVID-19 in its bleak economic forecasts, adding that countries need to move quick to extend unemployment benefits.
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