The equity barometers declined once again and hit fresh intraday low in mid-afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 88.75 points or 0.23% at 38,710.33. The Nifty 50 index lost 33.35 points or 0.29% at 11,433.10.
In the broader market, the S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index shed 0.25%.
The market breadth was negative. On the BSE, 1243 shares rose and 1515 shares fell. A total of 131 shares were unchanged.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 6.149% compared with previous closing of 6.221% in the previous trading session.
Bond yields cooled today after advancing 3.68% in the past two sessions. This was in reaction to the special open market operations (OMOs) announced by the Reserve Bank of India (RBI) on Tuesday for an aggregate amount of Rs 20,000 crore. These auctions will be done in two tranches of Rs 10,000 crore each. The auctions would be conducted on 27 August 2020 and 3 September 2020.
In the foreign exchange market, the partially convertible rupee edged higher to 74.33 compared with its previous closing 74.32.
In the commodities market, Brent crude for October 2020 settlement rose 12 cents to $45.25 a barrel. The contract rose 1.76% or 78 cents to end at $ 44.35 in the previous trading session.
MCX Gold futures for 5 October 2020 settlement was trading flat at Rs 51,270.
Buzzing Segment:
Bharat Petroleum Corporation (up 1.34%) and Hindustan Petroleum Corporation (up 0.50%) advanced while Indian Oil Corporation (down 0.74%) declined.
Petrol prices rose for the sixth consecutive day on Tuesday, while diesel held on to its price line that it has maintained since 30 July 2020. PSU OMCs increased the price of petrol by 11 paisa per litre in Delhi, Mumbai and Kolkata on Tuesday while the price rose by nine paisa in Chennai.
Meanwhile, Fitch Ratings believes that Indian oil marketing companies' gross refining margins (GRMs) will take longer than previously expected to recover, which increases the downside risks to the standalone credit profiles (SCPs) of HPCL and BPCL, while headroom for IOC's SCP remains limited. It further added that the three companies' continued capex and demand for dividends from their main shareholder, the Indian state, will also put pressure on their financial profiles.
Stocks in Spotlight:
Future Retail rose 3.89% to Rs 118.70. The company has paid the interest amount of $14 million due on the 5.60% senior secured notes due 2025 (dollar notes) after a grace period of 30 days, Future Retail said in the filing on Monday. It had informed the bourses on 22 July 2020 that it had missed the payment of interest on the dollar notes on account of liquidity crunch. The terms of issuance of the dollar Notes provides for an additional period of 30 days for payment of interest from the due date, in case same could not have been paid on the original due date.
Ruchira Papers tumbled 4.47% to Rs 64.15. The company reported a net loss of Rs 4.53 crore in Q1 FY21 as against a net profit of Rs 9.12 crore in Q1 FY20. Revenue from operations declined 55.5% YoY to Rs 58.12 crore during the quarter.
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