The benchmark indices further extended gains and hit fresh intraday high in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was up 255.96 points or 0.68% at 38,127.48. The Nifty 50 index added 83.55 points or 0.75% at 11,216.15.
In the broader market, the S&P BSE Mid-Cap index rose 1.02% while the S&P BSE Small-Cap index gained 0.82%. Both these indices outperformed the Sensex.
The market breadth was strong. On the BSE, 1402 shares rose and 989 shares fell. A total of 146 shares were unchanged.
Coronavirus Update:
India reported 4,26,167 active cases of COVID-19 infection and 29,861 deaths while 7,82,606 patients have been cured, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 14,951,347 with 616,550 deaths so far, according to data from Johns Hopkins University.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.69% to 24.2150. The Nifty July 2020 futures were trading at 11,209.15, at a discount of 7 points compared with the spot at 11,216.15.
On the monthly index options front, the Nifty option chain for 30 July 2020 expiry showed maximum Call OI of 30.79 lakh contracts at the 11,500 strike price. Maximum Put OI of 37.86 lakh contracts was seen at 10,000 strike price.
Buzzing Index:
The Nifty Auto index rose 1.13% to 7,285.20. The index lost 1.26% yesterday.
Eicher Motors (up 3.73%), TVS Motor Company (up 1.55%), Bharat Forge (up 1.51%), Mahindra & Mahindra (up 1.28%) and Ashok Leyland (up 1.16%) edged higher.
Stocks in Spotlight:
Heidelbergcement India fell 2.67% to Rs 176.50 after standalone net profit tumbled 38.1% to Rs 48.94 crore on 30.2% decline in net sales to Rs 406.27 crore in Q1 June 2020 over Q1 June 2019. Lower current tax expenses arrested the decline in the company's overall profitability. EBITDA margin stood at 26.7% in Q1 FY21 as against 27.1% in Q1 FY20. Sales volume slipped 31.9% to 857 kilo tonne (KT) in Q1 FY21 as against 1,258 kilo tonne (KT) in Q1 FY20, primarily driven by the suspension of operations in April 2020. On a per tonne basis, gross realization increased by 2.4% whereas total operating cost (incl. freight) were higher by 1.8% resulting in EBITDA of Rs 1,264 per tonne as compared to Rs 1,253 per tonne in Q1 FY20.
Future Retail hit a lower circuit of 5% at Rs 100.60 after the company missed a repayment of interest on 5.60% senior secured USD notes due 2025. Due to the nationwide lockdown imposed to restrict the spread of COVID-19 pandemic, and consequent restricted business operations of the company the liquidity position has been affected, Future Retail said in a statement Wednesday. The company said it is in the process of ensuring that payment of the interest is made within a 30-day grace period.
Dilip Buildcon soared 8.5% to Rs 306 after the company's joint venture with HCC received letter of acceptance (LOA) for a new EPC project in Gujarat. The project entails construction of Bhadbhut Barrage, flood protection embankments and associated works across River Narmada Near Bharuch district in Gujarat. The bid project cost is Rs 4167.70 crore and the completion period is 48 months. The maintenance period is 10 years.
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