Meanwhile, Maharashtra Chief Minister Uddhav Thackeray on Sunday (19 April) said industries in green zones and orange coronavirus zones will get permission to resume operations in a restricted manner. The green zones are those which have not reported any coronavirus case, while orange zones are the ones where only a few cases have been reported.
In the broader market, the S&P BSE Mid-Cap index was up 0.63% while the S&P BSE Small-Cap index was up 1.20%. Both these indices outperformed the Sensex.
The market breadth was positive. On the BSE, 1516 shares rose and 897 shares fell. A total of 169 shares were unchanged. In Nifty 50 index, the breadth was negative with 21 stocks advancing and 29 stocks declining.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged lower to 76.53 compared with its previous closing of 76.39.
The yield on 10-year benchmark federal paper fell to 6.215% as compared with 6.347% in the previous trading session.
MCX Gold futures for 5 June 2020 settlement fell 0.53% to Rs 45493.
In the commodities market, Brent crude for June 2020 settlement was down $1.03 to $27.05 a barrel. The contract rose 28 cents or 0.93% to settle at $28.08 a barrel in the previous trading session.
Buzzing Index:
The Nifty Auto index slipped 0.68% to 5,630.50, amid profit booking. The index added 6.29% in two sessions.
Eicher Motors (down 3.14%), Maruti Suzuki India (down 2.58%), Hero MotoCorp (down 1.73%), Mahindra & Mahindra (down 1.67%), Ashok Leyland (down 0.82%) and Bajaj Auto (down 0.04%) edged lower.
Tata Motors was up 6.12%. The auto major on Saturday (18 April 2020) said that Jaguar Land Rover (JLR) retail sales fell 12.1% to 508,659 vehicles in the fiscal year 2019-20 (FY20) over FY19.
TVS Motor Company was up 2.57%. The two-wheeler maker after market hours on Friday announced the acquisition of Britain's most iconic sporting motorcycle, Norton in an all-cash deal for a consideration of 16 million pounds.
Stocks in Spotlight:
Adani Power (up 13.11%), Bank Of India (up 10.56%), Canara Bank (up 7.20%), Bharat Electronics (up 6.87%) and Apollo Hospitals Enterprise (up 6.41%) were the top mid-cap gainers.
KEC International (up 7.40%), Century Plyboards (India) (up 6.60%), IRB Infrastructure Developers (up 5.79%), Arvind Fashions (up 5.87%) and Equitas Holdings (up 5.30%) were the top small-cap gainers.
Strides Pharma Science shed 0.96% to Rs 341.25. The company announced that its step-down wholly-owned subsidiary, Strides Pharma Global, Singapore, has received approval for Flucytosine capsules USP, 250 mg and 500 mg from the US drug regulator. Flucytosine Capsule is indicated only in the treatment of serious infections caused by susceptible strains of Candida (septicemia, endocarditis and urinary system infections) and/or Cryptococcus (meningitis and pulmonary infections). According to IOVIA MAT data, the US market for Flucytosine capsules USP, 250 mg and 500 mg is approximately $45 million. The product will be manufactured at the company's flagship facility at Bangalore and will be marketed by Strides Pharma Inc. in the US market.
Alembic Pharmaceuticals gained 0.32% to Rs 620. The company said that it has received tentative approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Alcaftadine Ophthalmic Solution, 0.25%. Alcaftadine Ophthalmic Solution is an H1 histamine receptor antagonist indicated for the prevention of itching associated with allergic conjunctivitis. The solution has an estimated market size of $7 million for twelve months ending December 2019 according to IQVIA.
ABB Power Products and Systems gained 1.07% to Rs 807 after the company announced that it has been awarded a project worth Rs 165 crore by state-owned refiner Indian Oil Corporation. The scope of the project is to ensure reliable grid connection at its Barauni refinery in Bihar.
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