Key equity barometers were trading near the day's low in mid-morning trade. The Nifty slipped below the 11,950 mark. At 11:21 IST, the barometer index, the S&P BSE Sensex, was down 170.05 points or 0.42% at 40,624.69. The Nifty 50 index lost 40.05 points or 0.33% at 11,931.
Profit booking emerged after the Sensex jumped 7.43% and the Nifty climbed 6.67% in the past ten days.
The broader market was positive. The S&P BSE Mid-Cap index rose 0.20% while the S&P BSE Small-Cap index added 0.34%.
The market breadth was strong. On the BSE, 1216 shares rose and 1001 shares fell. A total of 159 shares were unchanged.
Coronavirus Update:
India reported 812,390 active cases of COVID-19 infection and 111,266 deaths while 6,383,441 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 38,442,524 with 1,091,464 deaths, according to data from Johns Hopkins University.
Buzzing Index:
The Nifty FMCG index rose 0.43% to 30,089.30. The index has added 0.54% in two sessions.
Emami (up 1.63%), Marico (up 1.49%), Dabur India (up 1.42%), Jubilant Foodworks (up 1.34%) and Britannia Industries (up 0.90%) advanced.
Concurrently, ITC (down 0.63%) and Procter & Gamble Hygiene & Health Care (down 0.28%) declined.
Earnings today:
Hathway Cable (down 1.62%), Mindtree (down 5.03%), Rane Brake (up 0.72%), South Indian Bank (up 0.44%) and Trident (up 1.89%) will announce quarterly result today.
Earnings Impact:
Goa Carbon jumped 4.96% to Rs 224.20. The company reported net loss of Rs 5.03 crore in Q2 September 2020, lower than net loss of Rs 13.77 crore in Q2 September 2019. Net sales slipped 13.3% to Rs 87.93 crore in Q2 September 2020 over Q2 September 2019.
Tata Steel BSL shed 0.44% to Rs 22.80. The company posted a consolidated net profit of Rs 341.71 crore in Q2 September 2020, compared with net loss of Rs 243.97 crore in Q2 September 2019. It posted revenue of Rs 5187.30 crore in Q2 September 2020, a 20.31% increase over Rs 4,311.67 crore in Q2 September 2019.
Global Markets:
Asia shares declined on Thursday as hopes of US fiscal stimulus before the presidential election faded. Meanwhile, rising coronavirus infections in parts of Europe propelled investors toward safe havens such as gold.
The US stock market finished session firmly into negative territory on Wednesday, 14 October 2020, as US Treasury Secretary Steven Mnuchin down played the chances of striking a stimulus deal before the election.
Treasury Secretary Steven Mnuchin said that getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues. He also noted, however, that Democrats and Republicans are making progress in some areas.
Downbeat comments from Treasury Secretary Steven Mnuchin that deal would not likely be made before the vote added to fragile sentiment following a mixed bag of quarterly earnings reports from major Wall Street lenders.
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