The benchmark indices hit fresh intraday high in early afternoon trade, supported by firm Asian cues. The sentiment was upbeat as more businesses resumed operations after coronavirus lockdowns, although gains were limited amid rising domestic COVID-19 cases.
At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 328.23 points or 0.85% at 38,762.95. The Nifty 50 index added 95.05 points or 0.84% at 11,466.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.58% while the S&P BSE Small-Cap index gained 1.67%. Both these indices outperformed the Sensex.
The market breadth was strong. On the BSE, 1626 shares rose and 1027 shares fell. A total of 155 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.59% to 19.62. The Nifty August 2020 futures were trading at 11,477.50, at a premium of 10.85 points compared with the spot at 11,466.65.
The Nifty option chain for 27 August 2020 expiry showed maximum Call OI of 41.42 lakh contracts at the 11,500 strike price. Maximum Put OI of 41.34 lakh contracts was seen at 11,000 strike price.
Stocks in Spotlight:
Panacea Biotech rose 2.67% to Rs 194.10. The company said it has terminated memorandum of understanding with Refana for development, manufacture and supply of COVID-19 vaccine. The termination is due to delays in project timelines and difficulty in moving ahead with the joint venture, it said.
Earlier in June, Panacea Biotec had announced its memorandum of understanding with Refana Inc, a Delaware corporation, for global development, manufacture and distribution of a COVID-19 vaccine, through a 50:50 joint venture company.
Indiabulls Housing Finance was up 0.44% to Rs 204. The housing finance company's consolidated net profit tumbled 65.5% to Rs 272.84 crore on 33.7% drop in total income to Rs 2,578.23 crore in Q1 June 2020 over Q1 June 2019.
Loan book grew marginally by 0.08% to Rs 73129 in Q1 FY21 from Rs 73065 crore in Q1 FY20. The financer said that the phase of reduction in loan book and Asset under Management (AUM) is over. Loan book will start growing from here on as per the company's business plan that blends co-origination with banks for retail loans and with funds for developer loans as two important pillars going forward. AUM will see significant growth from H2 of current fiscal onwards.
Blue Star rose 1.75% to Rs 565 after the air conditioning and commercial refrigeration major said it received three patents by the Office of the Controller General of Patents, Designs & Trade Marks.
Minda Industries declined 2.97% to Rs 331.35 after the company reported consolidated net loss of Rs 118.74 crore in Q1 June 2020 compared with net profit of Rs 56.43 crore in Q1 June 2019. Net sales slumped 71% to Rs 417.11 crore in Q1 June 2020 over Q1 June 2019. The decline was primarily on account of extended lock down and low scale operations permitted for the first half of Q1 FY21. All the facilities are now operational across the globe and production levels have witnessed month on month improvement in utilization levels.
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