The benchmark indices were trading near the day's high early afternoon trade. At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 200.68 points or 0.6% to 33,708.60. The Nifty 50 index added 74.40 points or 0.75% to 9,955.55.
Sentiment got a boost after Prime Minister Narendra Modi on Thursday kicked-off the auction process of coal blocks for commercial mining with an aim to achieve self-sufficiency in meeting energy needs and boost industrial development. The process is open for domestic as well as global firms under the 100% FDI (foreign direct investment) route.
In the broader market, the S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 1.27%.
The market breadth was strong. On the BSE, 1623 shares rose and 704 shares fell. A total of 128 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 4.56% to 31.83. The Nifty June 2020 futures were trading at 9,951.65, a discount of 3.9 points compared with the spot at 9,955.55.
On the options front, the Nifty option chain for 25 June 2020 expiry showed maximum call open interest (OI) of 27.18 lakh contracts at the 10,500 strike price. Maximum put OI of 40.37 lakh contracts was seen at 9,000 strike price.
Buzzing Index:
The Nifty Auto index skid 0.16% to 6,492.80. Maruti Suzuki India (down 1.31%), Hero MotoCorp (down 0.58%), Escorts (down 0.5%) and Bajaj Auto (down 0.46%) declined.
TVS Motor Company (up 0.81%), Tata Motors (up 0.58%), Mahindra & Mahindra (up 0.48%), Eicher Motors (up 0.4%) and Ashok Leyland (up 0.2%) advanced.
Earnings impact:
REC shed 0.57% to Rs 105.40 after the company reported 62.16% fall in consolidated net profit to Rs 473.99 crore on 18.45% rise in total income to Rs 7,905.34 crore in Q4 March 2020 over Q4 March 2019.
The company's board has approved incorporation of two project specific special purpose vehicles (SPVs), as wholly owned subsidiary companies of REC Transmission Projects Company for development of intra-state transmission work in Madhya Pradesh, through tariff based competitive bidding, allocated by Government of Madhya Pradesh.
Prataap Snacks gained 0.97% to Rs 605.45 packaged food manufacturer reported a 44% jump in consolidated net profit to Rs 19.76 crore in Q4 March 2020 as against a net profit of Rs 13.71 crore posted in Q4 March 2019. Net sales stood at Rs 312.73 crore in Q4 March 2020, rising 2.6% from Rs 304.74 crore posted in Q4 March 2019.
Amit Kumat, managing director Prataap Snacks said, While we begin FY21 on a cautious note, we see the current economic challenges due to COVID19 as a temporary phase and expect the business to ramp up in coming quarters as normalcy returns. We are confident of higher volumes across our products on the back of our four pillar growth strategy.
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