Key benchmarks wiped off all gains and slipped into negative terrain in mid-afternoon trade. Realty stocks bucked trend on value buying. The Nifty tumbled below 10,300 mark. Rising coronavirus cases across the globe spooked investors. Meanwhile, investors keenly awaited PM Narendra Modi's address to the nation at 4 pm.
At 14:31 IST, the barometer index, the S&P BSE Sensex was down 138.85 points or 0.40% at 34,822.67. The Nifty 50 index lost 20.75 points or 0.20% at 10,291.65.
Th broader market traded with losses. The S&P BSE Mid-Cap index fell 0.30% while the S&P BSE Small-Cap index declined 0.77%.
The market breadth turned negative. On the BSE, 1203 shares rose and 1490 shares fell. A total of 130 shares were unchanged.
India on Monday banned 59 Chinese mobile applications amid border stand-off with the neighbouring country. The government has cited national security for banning these apps. The ban covers some of the most popular apps in India like TikTok, SHAREiT, UC Browser and WeChat.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 5.883% compared with previous closing of 5.903% in the previous trading session. Indian bond yields have fallen to over one-week low after special open market operations (OMO) announcement. The Reserve Bank of India (RBI) has decided to conduct simultaneous purchase and sale of government securities under OMO for Rs 10,000 crore each on July 2.
In the foreign exchange market, the partially convertible rupee edged higher to 75.51 compared with its previous closing 75.58.
In the commodities market, Brent crude for August 2020 settlement fell 31 cents to $41.4 a barrel. The contract rose 1.68% to settle at $41.71 a barrel in the previous trading session.
MCX Gold futures for 5 August 2020 settlement fell 0.02% to Rs 48,295.
Buzzing Index:
The Nifty Realty index gained 0.76% to 205.25. The index slumped nearly 8% in the past four trading sessions.
Godrej Properties (up 3.72%), Sobha (up 3.72%), Sunteck Realty (up 3.32%), Oberoi Realty (up 1.99%) and Brigade Enterprises (up 1.52%) were top gainers in realty segment.
Stocks in Spotlight:
Axis Bank rose 1% to Rs 408.85 after the bank informed that a board meeting has been scheduled on 2 July 2020 to explore the option of raising funds through various options. Axis Bank further added the option of raising funds by issue of equity shares/ depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) program, preferential allotment or such other permissible mode or combinations thereof as may be decided.
Mayur Uniquoters was locked in an upper circuit of 20% at Rs 207.90 after the company's net profit rose 16.85% to Rs 24.83 crore in the quarter ended March 2020 as against Rs 21.25 crore during the previous quarter ended March 2019. Sales rose 2.62% to Rs 131.11 crore in the quarter ended March 2020 as against Rs 127.76 crore during the previous quarter ended March 2019.
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