Domestic equity benchmarks were trading in a narrow range near the day's high in mid-afternoon trade. Positive global cues boosted sentiment. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 305.16 points or 0.80% at 38,487.24. The Nifty 50 index added 74.15 points or 0.66% at 11,344.30.
The broader indices underperformed the benchmarks. The S&P BSE Mid-Cap index was down 0.16% while the S&P BSE Small-Cap index rose 0.04%.
The market breadth was positive. On the BSE, 1546 shares rose and 1122 shares fell. A total of 170 shares were unchanged.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 5.901% compared with previous closing of 5.893% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher to 74.78 compared with its previous closing 74.90.
In the commodities market, Brent crude for October 2020 settlement gained 40 cents to $45.39 a barrel. The contract rose 1.33% or 59 cents to end at $44.99 in the previous trading session.
MCX Gold futures for 5 August 2020 settlement fell 2.47% to Rs 53,591.
Buzzing Index:
The Nifty Private Bank index rose 1.07% to 12,114.30. The index has added 5.4% in six sessions while the Nifty Bank index and Nifty 50 index have gained 5.2% and 4.3% during the same period.
Among the index constituents, IDFC First Bank (up 5.81%), Axis Bank (up 3.28%), RBL Bank (up 1.57%), HDFC Bank (up 1.30%) and IndusInd Bank (up 1.09%) advanced.
ICICI Bank rose 0.98% to Rs 367.15. The private lender on Monday (10 August) announced qualified institutional placement (QIP) of equity shares. The bank has set floor price of QIP at Rs 351.36 per share. The bank's board will meet on 14 August to decide QIP issue price. The bank may offer a discount of upto 5% on the floor price.
Earnings Impact:
Motherson Sumi Systems (MSSL) shed 0.52% to Rs 104.35 after a consolidated net loss of Rs 1,191.65 crore in Q1 June 2020 as compared with net profit of Rs 360.64 crore in Q1 June 2019. Net sales slumped 49.36% to Rs 8,503.89 crore in Q1 FY21 over Q1 FY20.
The company's Q1 FY21 results were severely impacted by COVID-19 pandemic. There is gradual ramp up in plants globally with 84% of Motherson Sumi Systems' (MSSL) plants running at more than 50% capacity. The company expects strong demand in second quarter encouraged by consistent improvement at greenfields plants of SMP. The firm has a strong liquidity position and is currently focusing on conserving cash.
Quick Heal soared 10.29% to Rs 140.45 after the company's consolidated net profit spurted 110% to Rs 24.96 crore on 27.5% rise in net sales to Rs 73.46 crore in Q1 June 2020 from Rs 11.9 crore in Q1 June 2019. EBITDA margin improved to 43.75% in quarter ending June 2020 from 22.26% in quarter ending June 2019.
Retail segment revenue at Rs 66.80 crore compared with Rs 45.70 crore in the corresponding period of the previous year. Covid-19 and the lockdown that followed had reduced the overall buying from enterprises. Despite this headwind, the enterprise and government segment registered revenue of Rs 10.40 crore compared with Rs 14.60 crore in the corresponding period previous year.
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